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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 7th, 2021

By:
Bob Mason
Updated: Jun 7, 2021, 00:41 UTC

It's a mixed start to the day. Following yesterday's final hour moves, a move through early highs from this morning would support a breakout for the majors.

Cryptocurrency Ethereum with One Dollar Bill as financial concept.

Ethereum

Ethereum rose by 3.10% on Sunday. Reversing a 2.28% fall from Saturday, Ethereum ended the week up by 13.54% to $2,710.97.

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,615.00 before making a move.

Steering clear of the first major support level at $2,516, Ethereum rose to a late morning intraday high $2,745.36.

While falling short of the first major resistance level at $2,780, Ethereum tested resistance at the 38.2% FIB of $2,740 before easing back.

The pullback saw Ethereum fall back to $2,650 levels before finding support.

Ethereum retested resistance at the 38.2% FIB before falling back to end the day at sub-$2,710 levels.

At the time of writing, Ethereum was down by 0.56% to $2,695.74. A mixed start to the day saw Ethereum rise to an early morning high $2,729.27 before falling to a low $2,694.14.

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

ETHUSD 070621 Hourly Chart

For the day ahead

Ethereum would need to avoid the $2,690 pivot to bring 38.2% FIB and the first major resistance level at $2,766 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the 38.2% FIB of $2,740.

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 $3,000. The second major resistance level sits at $2,821 and the third major resistance level at $2,951.

A fall through the $2,690 pivot would bring the first major support level at $2,636 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,500 levels. The second major support level at $2,560 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,636

Pivot Level: $2,690

First Major Resistance Level: $2,766

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 1.95% on Sunday. Partially reversing a 3.14% fall from Saturday, Litecoin ended the week up by 3.32% to $176.38.

A mixed start to the day saw Litecoin fall to an early morning intraday low $171.82 before making a move.

Steering clear of the first major support level at $165, Litecoin rose to a late morning intraday high $180.06.

While falling short of the first major resistance level at $183, Litecoin broke through the 62% FIB of $174.

Late in the day, Litecoin briefly fell back through the 62% FIB before ending the day at $176 levels.

At the time of writing, Litecoin was down by 0.45% to $175.58. A mixed start to the day saw Litecoin rise to an early morning high $177.19 before falling to a low $175.54.

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

LTCUSD 070621 Hourly Chart

For the day ahead

Litecoin would need to move back 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 Sunday’s high $180.06 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 $184.

Failure to move back through the $176 pivot would bring the 38.2% 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-$165 levels. The second major support level at $168 should limit the downside.

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: $172

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 rose by 2.55% on Sunday. Partially reversing a 5.02% slide from Saturday, Ripple’s XRP ended the week up by 4.51% to $0.94602.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.91819 before making a move.

Steering clear of the first major support level at $0.8780, Ripple’s XRP rose to a midday intraday high $0.94932.

Falling short of the first major resistance level at $0.9821, Ripple’s XRP fell back to $0.92 levels and into the red.

Finding late support, however, Ripple’s XRP moved back through to $0.94 levels to end the day in the green.

At the time of writing, Ripple’s XRP was up by 0.25% to $0.94840. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.94602 to a high $0.96342.

Ripple’s XRP broke through the first major resistance level at $0.9575 early on.

XRPUSD 070621 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid the $0.9378 pivot to bring the first major resistance level at $0.9575 back into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.95 levels.

Barring an extended crypto rally, the second major resistance level and morning high $0.96342 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the third major resistance level at $1.001.

A fall through the $0.9378 pivot would bring the first major support level at $0.9264 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.90 levels. The second major support level at $0.9067 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: $0.9264

Pivot Level: $0.9378

First Major resistance Level: $0.9575

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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