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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 17th, 2021

By:
Bob Mason
Updated: Jun 17, 2021, 01:13 UTC

It's been a relatively bullish start to the day for the majors. A move through the day's pivot levels would support a recovery of yesterday's losses...

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Ethereum

Ethereum slid by 6.91% on Wednesday. Following a 1.51% fall on Tuesday, Ethereum ended the day at $2,367.73.

A mixed start to the day saw Ethereum rise to a mid-morning intraday high $2,555.00 before hitting reverse.

Falling short of the first major resistance level at $2,620, Ethereum slid to a late intraday low $2,351.01.

Ethereum fell through the first major support level at $2,487 and the second major support level at $2,430 to end the day at sub-$2,400 levels.

At the time of writing, Ethereum was up by 0.64% to $2,382.95. A mixed start to the day saw Ethereum fall to an early morning low $2,358.60 before rising to a high $2,384.00.

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

ETHUSD 170621 Hourly Chart

For the day ahead

Ethereum would need to move through the $2,425 pivot to bring the first major resistance level at $2,498 into play.

Support from the broader market would be needed, however, for Ethereum to break out from $2,450 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $2,555.00 would likely cap any upside.

In the event of another broad-based crypto rally, Ethereum could test the second major resistance level at $2,629.

Failure to move through the $2,425 pivot would bring the first major support level at $2,294 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,200 levels. The second major support level at $2,221 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,294

Pivot Level: $2,425

First Major Resistance Level: $2,498

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 4.90% on Wednesday. Following a 2.68% loss on Tuesday, Litecoin ended the day at $166.61.

Tracking the broader market, Litecoin rose to a late morning intraday high $177.34 before hitting reverse.

Falling short of the first major resistance level at $180, Litecoin slid to a late intraday low $164.39.

Litecoin fell through the first major support level at $171 and the second major support level at $167.

More significantly, Litecoin also fell through the 62% FIB of $174 to end the day at $166 levels.

At the time of writing, Litecoin was up by 0.71% to $167.80. A mixed start to the day saw Litecoin fall to an early morning low $165.71 before rising to a high $168.04.

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

LTCUSD 170621 Hourly Chart

For the day ahead

Litecoin would need to move through the $170 pivot to bring the 62% FIB of $174 and the first major resistance level at $175 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $170 levels.

Barring an extended crypto rally, the 62% FIB and the first major resistance level would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $185. The second major resistance level sits at $182.

Failure to move through the $170 pivot would bring the first major support level at $162 into play.

Barring another extended sell-off, however, Litecoin should steer clear of the second major support level at $157.

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: $170

First Major Resistance Level: $175

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 3.95% on Wednesday. Following a 2.70% decline on Tuesday, Ripple’s XRP ended the day at $0.83189.

A choppy start to the day saw Ripple’s XRP rise to a late morning intraday high $0.87270 before hitting reverse.

Falling short of the first major resistance level at $0.8935, Ripple’s XRP slid to a mid-afternoon intraday low $0.82682.

Ripple’s XRP fell through the first major support level at $0.8483 and the second major support level at $0.8297.

More significantly, Ripple’s XRP also fell through the 62% FIB of $0.8573 before a partial recovery to $0.83 levels.

Ripple’s XRP broke back through the second major support level to reduce the deficit on the day.

At the time of writing, Ripple’s XRP was up by 0.67% to $0.83746. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.83177 before rising to a high $0.83746.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 170621 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.8438 pivot to bring the 62% FIB of $0.8573 and the first major resistance level at $0.8608 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 62% FIB.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.87270 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.90. The second major resistance level sits at $0.8898.

Failure to move through the $0.8438 pivot would bring the first major support level at $0.8148 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level sits at $0.7978.

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: $0.8148

Pivot Level: $0.8438

First Major resistance Level: $0.8608

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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