Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 16th, 2021

Ethereum

Ethereum fell by 1.51% on Tuesday. Partially reversing a 2.89% gain from Monday, Ethereum ended the day at $2,543.58.

A bullish start to the day saw Ethereum rise to a mid-morning intraday high $2,640.00 before hitting reverse.

Coming up against the first major resistance level at $2,641, Ethereum slid to a late intraday low $2,506.23.

Steering clear of the first major support level at $2,493, Ethereum moved back through to $2,550 levels before easing back.

At the time of writing, Ethereum was down by 0.65% to $2,527.15. A bearish start to the day saw Ethereum fall from an early morning high $2,543.62 to a low $2,525.00.

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

For the day ahead

Ethereum would need to move through the $2,563 pivot to bring the first major resistance level at $2,620 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 $2,640.00 would likely cap any upside.

In the event of another broad-based crypto rally, Ethereum could test resistance at the 38.2% FIB of $2,740 before any pullback. The second major resistance level sits at $2,697.

Failure to move through the $2,563 pivot would bring the first major support level at $2,487 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,400 levels. The second major support level at $2,430 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,487

Pivot Level: $2,563

First Major Resistance Level: $2,620

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 2.68% on Tuesday. Partially reversing a 5.32% gain from Monday, Litecoin ended the day at $175.15.

Tracking the broader market, Litecoin rose to an early morning intraday high $181.26 before hitting reverse.

Falling short of the first major resistance level at $185, Litecoin slid to a late intraday low $172.18.

While steering clear of the first major support level at $161, Litecoin fell through the 62% FIB of $174 before finding support.

Late in the day, Litecoin broke back through the 62% FIB to end the day at $175 levels.

At the time of writing, Litecoin was down by 0.58% to $174.14. A bearish start to the day saw Litecoin fall from an early morning high $175.20 to a low $173.75.

While leaving the major support and resistance levels untested, Litecoin tested support at the 62% FIB of $174.

For the day ahead

Litecoin would need to move 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 Tuesday’s high $181.26 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 $185.

Failure to move through the $176 pivot would bring the 62% FIB of $174 and the first major support level at $171 back into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$170 levels. The second major support level sits at $167.

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: $171

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 fell by 2.70% on Tuesday. Reversing a 0.55% gain from Monday, Ripple’s XRP ended the day at $0.86683.

A choppy start to the day saw Ripple’s XRP rise to an early morning intraday high $0.90166 before hitting reverse.

Falling short of the first major resistance level at $0.9252, Ripple’s XRP slid to an early afternoon intraday low $0.85640.

Ripple’s XRP fell through the first major support level at $0.8598 and the 62% FIB of $0.8573.

Finding late support, however, Ripple’s XRP broke back through the 62% FIB and the first major support level to end the day at $0.86 levels.

At the time of writing, Ripple’s XRP was down by 0.43% to $0.86314. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.86607 to a low $0.86186.

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 $0.8750 pivot to bring the first major resistance level at $0.8935 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.89 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.90166 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.95. The second major resistance level sits at $0.9202.

Failure to move through the $0.8750 pivot would bring the 62% FIB of $0.8573 and the first major support level at $0.8483 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level at $0.8297 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: $0.8483

Pivot Level: $0.8750

First Major resistance Level: $0.8935

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