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

By:
Bob Mason

It's been a mixed start to the day for the majors. Failure to move back through early highs would leave support levels in play.

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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.

ETHUSD 110621 Hourly Chart

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.

LTCUSD 110621 Hourly Chart

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 10th 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.

XRPUSD 110621 Hourly Chart

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 14th 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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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