Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 8th, 2021
Ethereum
Ethereum fell by 4.37% on Monday. Following a 3.1% gain on Sunday, Ethereum ended the day at $2,592.47.
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A bullish start to the day saw Ethereum rise to an early afternoon intraday high $2,849.15 before hitting reverse.
Ethereum broke through the first major resistance level at $2,766 and the second major resistance level at $2,821.
More significantly, Ethereum also broke back through the 38.2% FIB of $2,740 before sliding to a late intraday low $2,575.01.
The reversal saw Ethereum fall through the 38.2% FIB and the first major support level at $2,636 to end the day at sub-$2,600 levels.
At the time of writing, Ethereum was up by 0.44% to $2,603.81. A mixed start to the day saw Ethereum fall to an early low $2,575.00 before rising to a high $2,615.00.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $2,672 pivot and the 38.2% FIB to bring the first major resistance level at $2,769 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $2,700 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $2,849.15 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 $2,946.
Failure to move through the $2,672 pivot would bring the first major support level at $2,495 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,300 levels. The second major support level at $2,398 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $2,495
Pivot Level: $2,672
First Major Resistance Level: $2,769
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin slid by 8.16% on Monday. Partially reversing a 1.95% gain from Sunday, Litecoin ended the day at $161.98.
A mixed start to the day saw Litecoin rise to mid-day intraday high $182.25 before hitting reverse.
Finding early support at the 62% FIB of $174, Litecoin broke through the first major resistance level at $180.
Coming up against resistance at Sunday’s high $182.25, Litecoin slid to a late intraday low $160.25.
The extended sell-off saw Litecoin fall back through the 62% FIB. Litecoin also fell through the first major support level at $172 and the second major support level at $168 to end the day at $161 levels.
At the time of writing, Litecoin was up by 0.25% to $162.39. A mixed start to the day saw Litecoin fall to an early low $160.82 before rising to a high $162.81.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $168 pivot to bring the 62% FIB of $174 and the first major resistance level at $176 into play.
Support from the broader market would be needed, however, for Litecoin to out from the 62% FIB.
Barring an extended crypto rally, the first major resistance level and resistance at $180 would likely cap any upside.
In the event of an extended breakout, Litecoin could test the second major resistance level at $190.
Failure to move through the $168 pivot would bring the first major support level at $154 into play.
Barring another extended sell-off, however, Litecoin should steer clear of sub-$150 levels. The second major support level sits at $146.
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: $154
Pivot Level: $168
First Major Resistance Level: $176
23.6% FIB Retracement Level: $322
38.2% FIB Retracement Level: $265
62% FIB Retracement Level: $174
Ripple’s XRP
Ripple’s XRP slid by 8.77% on Monday. Reversing a 2.55% gain from Sunday, Ripple’s XRP ended the day at $0.86301.
A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.97494 before hitting reverse.
Ripple’s XRP broke through the first major resistance level at $0.9575 and the second major resistance level at $0.9690.
The reversal, however, saw Ripple’s XRP slide to a late intraday low $0.84087.
Ripple’s XRP fell through the day’s major support levels and the 62% FIB of $0.8573.
Finding late support, however, Ripple’s XRP broke back through the 62% FIB to end the day at $0.86 levels.
At the time of writing, Ripple’s XRP was down by 0.40% to $0.85958. A mixed start to the day saw Ripple’s XRP fall to a low $0.85841 before rising to a high $0.86722.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move through the $0.8929 pivot to bring the first major resistance level at $0.9450 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.90 levels.
Barring an extended crypto rally, the second major resistance level and Monday’s high $0.97494 would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $1.00. The second major resistance level sits at $1.0270.
Failure to move through the $0.8929 pivot would bring the 62% FIB of $0.8573 and the first major support level at $0.8109 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear the second major support level at $0.7589.
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: $0.8109
Pivot Level: $0.8929
First Major resistance Level: $0.9450
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