Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 7th, 2021
Ethereum
Ethereum rose by 3.10% on Sunday. Reversing a 2.28% fall from Saturday, Ethereum ended the week up by 13.54% to $2,710.97.
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A mixed start to the day saw Ethereum fall to an early morning intraday low $2,615.00 before making a move.
Steering clear of the first major support level at $2,516, Ethereum rose to a late morning intraday high $2,745.36.
While falling short of the first major resistance level at $2,780, Ethereum tested resistance at the 38.2% FIB of $2,740 before easing back.
The pullback saw Ethereum fall back to $2,650 levels before finding support.
Ethereum retested resistance at the 38.2% FIB before falling back to end the day at sub-$2,710 levels.
At the time of writing, Ethereum was down by 0.56% to $2,695.74. A mixed start to the day saw Ethereum rise to an early morning high $2,729.27 before falling to a low $2,694.14.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid the $2,690 pivot to bring 38.2% FIB and the first major resistance level at $2,766 into play.
Support from the broader market would be needed, however, for Ethereum to break out from the 38.2% FIB of $2,740.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at $3,000. The second major resistance level sits at $2,821 and the third major resistance level at $2,951.
A fall through the $2,690 pivot would bring the first major support level at $2,636 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,500 levels. The second major support level at $2,560 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $2,636
Pivot Level: $2,690
First Major Resistance Level: $2,766
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin rose by 1.95% on Sunday. Partially reversing a 3.14% fall from Saturday, Litecoin ended the week up by 3.32% to $176.38.
A mixed start to the day saw Litecoin fall to an early morning intraday low $171.82 before making a move.
Steering clear of the first major support level at $165, Litecoin rose to a late morning intraday high $180.06.
While falling short of the first major resistance level at $183, Litecoin broke through the 62% FIB of $174.
Late in the day, Litecoin briefly fell back through the 62% FIB before ending the day at $176 levels.
At the time of writing, Litecoin was down by 0.45% to $175.58. A mixed start to the day saw Litecoin rise to an early morning high $177.19 before falling to a low $175.54.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move back through the $176 pivot to bring the first major resistance level at $180 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $180 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $180.06 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $190. The second major resistance level sits at $184.
Failure to move back through the $176 pivot would bring the 38.2% FIB of $174 and the first major support level at $172 into play.
Barring an extended sell-off, however, Litecoin should steer clear of sub-$165 levels. The second major support level at $168 should limit the downside.
A sustained fall through the 62% FIB of $174 would form a near-term bearish trend from 10th May’s swing hi $413.91.
Looking at the Technical Indicators
First Major Support Level: $172
Pivot Level: $176
First Major Resistance Level: $180
23.6% FIB Retracement Level: $322
38.2% FIB Retracement Level: $265
62% FIB Retracement Level: $174
Ripple’s XRP
Ripple’s XRP rose by 2.55% on Sunday. Partially reversing a 5.02% slide from Saturday, Ripple’s XRP ended the week up by 4.51% to $0.94602.
A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.91819 before making a move.
Steering clear of the first major support level at $0.8780, Ripple’s XRP rose to a midday intraday high $0.94932.
Falling short of the first major resistance level at $0.9821, Ripple’s XRP fell back to $0.92 levels and into the red.
Finding late support, however, Ripple’s XRP moved back through to $0.94 levels to end the day in the green.
At the time of writing, Ripple’s XRP was up by 0.25% to $0.94840. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.94602 to a high $0.96342.
Ripple’s XRP broke through the first major resistance level at $0.9575 early on.
For the day ahead
Ripple’s XRP will need to avoid the $0.9378 pivot to bring the first major resistance level at $0.9575 back into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.95 levels.
Barring an extended crypto rally, the second major resistance level and morning high $0.96342 would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test the third major resistance level at $1.001.
A fall through the $0.9378 pivot would bring the first major support level at $0.9264 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.90 levels. The second major support level at $0.9067 should limit the downside.
A sustained fall through the 62% FIB of $0.8573 would form a near-term bearish trend from 14th April’s swing hi $1.96598.
Looking at the Technical Indicators
First Major Support Level: $0.9264
Pivot Level: $0.9378
First Major resistance Level: $0.9575
23.6% FIB Retracement Level: $1.5426
38.2% FIB Retracement Level: $1.2807
62% FIB Retracement Level: $0.8573
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Thanks, Bob