Advertisement
Advertisement

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 8th, 2021

By:
Bob Mason
Updated: Jun 8, 2021, 00:34 UTC

It's a mixed start to the day. Failure to move through the day's pivot levels would deliver another day of losses, however.

E-coins on tablet computer with charts on screen

Ethereum

Ethereum fell by 4.37% on Monday. Following a 3.1% gain on Sunday, Ethereum ended the day at $2,592.47.

A bullish start to the day saw Ethereum rise to an early afternoon intraday high $2,849.15 before hitting reverse.

Ethereum broke through the first major resistance level at $2,766 and the second major resistance level at $2,821.

More significantly, Ethereum also broke back through the 38.2% FIB of $2,740 before sliding to a late intraday low $2,575.01.

The reversal saw Ethereum fall through the 38.2% FIB and the first major support level at $2,636 to end the day at sub-$2,600 levels.

At the time of writing, Ethereum was up by 0.44% to $2,603.81. A mixed start to the day saw Ethereum fall to an early low $2,575.00 before rising to a high $2,615.00.

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

ETHUSD 080621 Hourly Chart

For the day ahead

Ethereum would need to move through the $2,672 pivot and the 38.2% FIB to bring the first major resistance level at $2,769 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,700 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $2,849.15 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 $2,946.

Failure to move through the $2,672 pivot would bring the first major support level at $2,495 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,300 levels. The second major support level at $2,398 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,495

Pivot Level: $2,672

First Major Resistance Level: $2,769

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin slid by 8.16% on Monday. Partially reversing a 1.95% gain from Sunday, Litecoin ended the day at $161.98.

A mixed start to the day saw Litecoin rise to mid-day intraday high $182.25 before hitting reverse.

Finding early support at the 62% FIB of $174, Litecoin broke through the first major resistance level at $180.

Coming up against resistance at Sunday’s high $182.25, Litecoin slid to a late intraday low $160.25.

The extended sell-off saw Litecoin fall back through the 62% FIB. Litecoin also fell through the first major support level at $172 and the second major support level at $168 to end the day at $161 levels.

At the time of writing, Litecoin was up by 0.25% to $162.39. A mixed start to the day saw Litecoin fall to an early low $160.82 before rising to a high $162.81.

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

LTCUSD 080621 Hourly Chart

For the day ahead

Litecoin would need to move through the $168 pivot to bring the 62% FIB of $174 and the first major resistance level at $176 into play.

Support from the broader market would be needed, however, for Litecoin to out from the 62% FIB.

Barring an extended crypto rally, the first major resistance level and resistance at $180 would likely cap any upside.

In the event of an extended breakout, Litecoin could test the second major resistance level at $190.

Failure to move through the $168 pivot would bring the first major support level at $154 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$150 levels. The second major support level sits at $146.

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: $154

Pivot Level: $168

First Major Resistance Level: $176

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 8.77% on Monday. Reversing a 2.55% gain from Sunday, Ripple’s XRP ended the day at $0.86301.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.97494 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.9575 and the second major resistance level at $0.9690.

The reversal, however, saw Ripple’s XRP slide to a late intraday low $0.84087.

Ripple’s XRP fell through the day’s major support levels and the 62% FIB of $0.8573.

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

At the time of writing, Ripple’s XRP was down by 0.40% to $0.85958. A mixed start to the day saw Ripple’s XRP fall to a low $0.85841 before rising to a high $0.86722.

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

XRPUSD 080621 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.8929 pivot to bring the first major resistance level at $0.9450 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.90 levels.

Barring an extended crypto rally, the second major resistance level and Monday’s high $0.97494 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $1.00. The second major resistance level sits at $1.0270.

Failure to move through the $0.8929 pivot would bring the 62% FIB of $0.8573 and the first major support level at $0.8109 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear the second major support level at $0.7589.

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: $0.8109

Pivot Level: $0.8929

First Major resistance Level: $0.9450

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.

Did you find this article useful?

Advertisement