Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 1st, 2021

Ethereum

Ethereum rallied by 13.38% on Monday. Following a 4.69% gain on Sunday, Ethereum ended the month down by 2.50% to $2,707.12.

A bearish start to the day saw Ethereum fall to an early morning intraday low $2,275.22 before making a move.

Steering clear of the first major support level at $2,220, Ethereum rallied to a late intraday high $2,719.49.

Ethereum broke through first major resistance level at $2,518 and the second major resistance level at $2,649.

While coming up short of the 38.2% FIB of $2,740, Ethereum ended the day at $2,700 levels.

At the time of writing, Ethereum was up by 0.51% to $2,721.01. A mixed start to the day saw Ethereum fall to an early morning low $2,691.32 before rising to a high $2,731.07.

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

For the day ahead

Ethereum would need to avoid the $2,567 pivot to bring the 38.2% FIB of $2,740 and the first major resistance level at $2,859 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,800 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 $3,100. The second major resistance level sits at $3,012.

A fall through the $2,567 pivot would bring the first major support level at $2,415 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,200 levels. The second major support level sits at $2,123.

Looking at the Technical Indicators

First Major Support Level: $2,415

Pivot Level: $2,567

First Major Resistance Level: $2,859

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rallied by 10.21% on Monday. Following a 4.00% gain on Sunday, Litecoin ended the month down by 30.76% to $188.05.

A bearish start to the day saw Litecoin fall to an early morning intraday low $163.70 before making a move.

Steering clear of the first major support level at $157, Litecoin rallied to a late intraday high $188.50.

Litecoin broke through the 62% FIB of $174 and the first major resistance level at $183 to end the day at $188 levels.

At the time of writing, Litecoin was up by 1.04% to $190.00. A mixed start to the day saw Litecoin fall to an early morning low $187.02 before rising to a high $190.00.

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

For the day ahead

Litecoin would need to avoid a fall through the $180 pivot to bring the first major resistance level at $197 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $195 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $200 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $210. The second major resistance level sits at $205.

A fall through the $180 pivot would bring the 62% FIB of $174 and the first major support level at $172 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$170. The second major support level sits at $155.

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: $172

Pivot Level: $180

First Major Resistance Level: $197

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP jumped by 15.12% on Monday. Following on from a 9.01% rally on Sunday, Ripple’s XRP ended the month down by 34.94% to $1.04118.

A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $0.88080 before making a move.

Steering clear of the 62% FIB of $0.8573 and the first major support level at $0.8254, Ripple’s XRP rallied to a late intraday high $1.05080.

Ripple’s XRP broke through the first major resistance level at $0.9590 and the second major resistance level at $1.0127 to end the day at $1.04 levels.

At the time of writing, Ripple’s XRP was up by 1.75% to $1.05937. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.03300 before rising to a high $1.06284.

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

For the day ahead

Ripple’s XRP will need to avoid the $0.9909 pivot to bring the first major resistance level at $1.0110 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $1.06284.

Barring an extended crypto rally, the first major resistance level and resistance at $1.10 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $1.20. The second major resistance level sits at $1.1609.

A fall through the $0.9909 pivot would bring the first major support level at $0.9311 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the 62% FIB of $0.8573. The second major support level sits at $0.8209.

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: $0.9311

Pivot Level: $0.9909

First Major resistance Level: $1.1011

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