Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 9th, 2021

Ethereum

Ethereum fell by 3.22% on Tuesday. Following a 4.37% loss on Monday, Ethereum ended the day at $2,509.11.

A bullish start to the day saw Ethereum rise to an early morning intraday high $2,621.91 before hitting reverse.

Falling short of the first major resistance level at $2,769, Ethereum tumbled to a mid-afternoon intraday low $2,308.75.

Ethereum fell through the first major support level at $2,495 and the second major support level at $2,398.

Finding late support, Ethereum broke back through the major support levels to end the day at $2,500 levels.

At the time of writing, Ethereum was down by 2.79% to $2,439.09. A mixed start to the day saw Ethereum rise to an early morning high $2,525.00 before falling to a low $2,425.26.

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

For the day ahead

Ethereum would need to move back through the $2,480 pivot to bring the first major resistance level at $2,651 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,600 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $2,621.91 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 $2,793.

Failure to move back through the $2,480 pivot would bring the first major support level at $2,338 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level at $2,167 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,338

Pivot Level: $2,480

First Major Resistance Level: $2,651

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 0.75% on Tuesday. Following an 8.16% slide on Monday, Litecoin ended the day at $160.76.

A mixed start to the day saw Litecoin rise to an early morning intraday high $164.58 before hitting reverse.

Falling short of the 62% FIB of $174 and the first major resistance level at $176, Litecoin slid to a mid-afternoon intraday low $145.20.

Litecoin fell through the first major support level at $154 and the second major support level at $146.

Finding late support, however, Litecoin broke back through the support levels to end the day at $160 levels.

At the time of writing, Litecoin was down by 3.02% to $155.91. A mixed start to the day saw Litecoin rise to an early morning high $161.55 before falling to a low $154.84.

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

For the day ahead

Litecoin would need to move back through the $157 pivot to bring the first major resistance level at $169 into play.

Support from the broader market would be needed, however, for Litecoin to out from Tuesday’s high $164.58.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at the 62% FIB of $174 and the second major resistance level at $176.

Failure to move back through the $157 pivot would bring the first major support level at $149 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$140 levels. The second major support level sits at $138.

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: $149

Pivot Level: $157

First Major Resistance Level: $169

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 1.45% on Tuesday. Partially reversing an 8.77% slide from Monday, Ripple’s XRP ended the day at $0.87457.

A choppy start to the day saw Ripple’s XRP fall to a mid-afternoon intraday low $0.78324 before finding support.

Ripple’s XRP fell through the 62% FIB of $0.8573 and the first major support level at $0.8109 before finding support.

Late in the day, Ripple’s XRP broke back through the 62% FIB to strike a late intraday high $0.8856.

Falling short of the first major resistance level at $0.9450, however, Ripple’s XRP eased back to end the day at sub-$0.88 levels.

At the time of writing, Ripple’s XRP was down by 3.31% to $0.84564. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.87611 before falling to a low $0.83982.

While leaving the major support and resistance levels untested, Ripple’s XRP fell back through the 62% FIB of $0.8573.

For the day ahead

Ripple’s XRP will need to move back through the $0.8478 pivot and the 62% FIB to bring the first major resistance level at $0.9124 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 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.9502.

Failure to move back through the $0.8478 pivot would bring the first major support level at $0.8100 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear the second major support level at $0.7454.

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: $0.8100

Pivot Level: $0.8478

First Major resistance Level: $0.9124

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