Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 11th, 2021

Ethereum

Ethereum fell by 5.35% on Thursday. Reversing a 4.07% gain from Wednesday, Ethereum ended the day at $2,471.59.

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,625.00 before hitting reverse.

Falling short of the first major resistance level at $2,691, Ethereum slid to a late intraday low $2,428.16.

The reversal saw Ethereum fall through the first major support level at $2,469 before ending the day at $2,471 levels.

At the time of writing, Ethereum was up by 0.93% to $2,494.55. A mixed start to the day saw Ethereum fall to an early morning low $2,447.31 before striking a high $2,499.34.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to move through the $2,508 pivot to bring the first major resistance level at $2,588 into play.

Support from the broader market would be needed, however, for Ethereum to break out from $2,550 levels.

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 the 38.2% FIB of $2,740. The second major resistance level sits at $2,705.

Failure to move through the $2,508 pivot would bring the first major support level at $2,392 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,300 levels. The second major support level at $2,311 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,392

Pivot Level: $2,508

First Major Resistance Level: $2,588

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 2.69% on Thursday. Partially reversing a 7.37% rally from Wednesday, Litecoin ended the day at $168.05.

A mixed start to the day saw Litecoin rise to an early morning intraday high $174.69 before hitting reverse.

While falling short of the first major resistance level at $180, Litecoin tested resistance at the 62% FIB of $174.

The reversal saw Litecoin slide to a late intraday low $162.21.

Steering clear of the first major support level at $159, Litecoin found support to end the day at $168 levels.

At the time of writing, Litecoin was up by 0.90% to $169.56. A mixed start to the day saw Litecoin fall to an early morning low $166.25 before striking a high $170.20.

Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to avoid a fall back through the $168 pivot to bring the 62% FIB and the first major resistance level at $174 into play.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $170.20.

Barring an extended crypto rally, the first major resistance level and the 62% FIB 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 $181.

A fall back through the $168 pivot would bring the first major support level at $162 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$160 levels. The second major support level sits at $156.

A sustained fall through the 62% FIB of $174 would form a near-term bearish trend from 10^th May’s swing hi $413.91.

Looking at the Technical Indicators

First Major Support Level: $162

Pivot Level: $168

First Major Resistance Level: $174

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP fell by 5.80% on Thursday. Reversing a 5.58% gain from Wednesday, Ripple’s XRP ended the day at $0.86864.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.93000 before hitting reverse.

Falling short of the first major resistance level at $0.9523, Ripple’s XRP slid to a late intraday low $0.85253.

Ripple’s XRP fell through the first major support level at $0.8615 and the 62% FIB of $0.8573.

Finding late support, however, Ripple’s XRP broke back through the major support level and the 62% FIB to end the day at $0.868 levels.

At the time of writing, Ripple’s XRP was up by 0.19% to $0.87019. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.85683 before rising to a high $0.87394.

While leaving the major support and resistance levels untested early on, Ripple’s XRP tested support at the 62% FIB of $0.8573.

For the day ahead

Ripple’s XRP will need to move through the $0.8837 pivot to bring the first major resistance level at $0.9149 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 first major resistance level and Thursday’s high $0.93000 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $1.00. The second major resistance level sits at $0.9612.

Failure to move through the $0.8837 pivot would bring the 62% FIB of $0.8573 and the first major support level at $0.8374 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level at $0.8062 should limit the downside.

A sustained fall through the 62% FIB of $0.8573 would form a near-term bearish trend from 14^th April’s swing hi $1.96598.

Looking at the Technical Indicators

First Major Support Level: $0.8374

Pivot Level: $0.8837

First Major resistance Level: $0.9149

23.6% FIB Retracement Level: $1.5426

38.2% FIB Retracement Level: $1.2807

62% FIB Retracement Level: $0.8573

Please let us know what you think in the comments below.

Thanks, Bob