Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 5th, 2021

Ethereum

Ethereum slid by 5.81% on Friday. Reversing a 5.53% gain from Thursday, Ethereum ended the day at $2,690.68.

A mixed start to the day saw Ethereum rise to an early morning intraday high $2,859.89 before hitting reverse.

Falling short of the first major resistance level at $2,944, Ethereum slid to a mid-day intraday low $2,555.01.

Ethereum fell through the first major support level at $2,717 and the second major support level at $2,576.

More significantly, Ethereum also fell through the 38.2% FIB of $2,740 before finding support.

Through the afternoon, Ethereum revisited $2,741 levels before easing back. The 38.2% FIB pinned Ethereum back late in the day.

At the time of writing, Ethereum was up by 1.05% to $2,719.05. A mixed start to the day saw Ethereum fall to an early morning low $2,674.76 before rising to a high $2,726.39.

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

For the day ahead

Ethereum would need to avoid a fall back through the $2,702 pivot to bring 38.2% FIB and the first major resistance level at $2,849 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 and Friday’s high $2,859.89 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 $3,007.

A fall back through the $2,702 pivot would bring the first major support level at $2,544 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $2,397.

Looking at the Technical Indicators

First Major Support Level: $2,544

Pivot Level: $2,702

First Major Resistance Level: $2,849

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 7.71% on Friday. Reversing a 3.41% gain from Thursday, Litecoin ended the day at $178.63.

A bearish start to the day saw Litecoin fall from an early intraday high $193.8 to a mid-day intraday low $169.18.

Litecoin fell through the first major support level at $185 and the second major support level at $176.

More significantly, Litecoin also fell through the 62% FIB of $174 before finding support.

Through the afternoon, Litecoin broke back through the 62% FIB and the second major support level to end the day at $178 levels.

At the time of writing, Litecoin was up by 1.73% to $181.72. A mixed start to the day saw Litecoin fall to an early morning low $177.50 before rising to a high $182.00.

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

For the day ahead

Litecoin would need to avoid a fall back through the $181 pivot to bring the first major resistance level at $192 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $193.80 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 back through the $181 pivot would bring the 38.2% FIB of $174 and the first major support level at $167 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 10^th May’s swing hi $413.91.

Looking at the Technical Indicators

First Major Support Level: $167

Pivot Level: $181

First Major Resistance Level: $192

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP slid by 7.09% on Friday. Reversing a 2.06% gain from Thursday. Ripple’s XRP ended the day at $0.96904.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.04382 before hitting reverse.

Falling short of the first major resistance level at $1.0793, Ripple’s XRP slid to a late morning intraday low $0.91692.

The sell-off saw Ripple’s XRP fall through the first major support level at $1.0095 and the second major support level at $0.9738.

Steering clear of the third major support level at $0.9040, Ripple’s XRP revisited $0.98 before a bearish end to the day.

Ripple’s XRP briefly broke back through the second major support level at $0.9738 before ending the day at sub-$0.97 levels.

At the time of writing, Ripple’s XRP was up by 0.86% to $0.97742. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.96370 before rising to a high $0.97742.

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

For the day ahead

Ripple’s XRP will need to avoid a fall back through the $0.9766 pivot to bring the first major resistance level at $1.0363 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.00 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $1.04382 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $1.15. The second major resistance level sits at $1.1035.

A fall back through the $0.9766 pivot would bring the first major support level at $0.9094 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 $0.8497.

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: $0.9094

Pivot Level: $0.9766

First Major resistance Level: $1.0363

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