Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 4th, 2021

Ethereum

Ethereum rallied by 5.53% on Thursday. Following a 2.74% gain on Wednesday, Ethereum ended the day at $2,856.68.

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,663.02 before making a move.

Steering clear of the first major support level at $2,572, Ethereum rallied to a late morning intraday high $2,890.00.

Ethereum broke through the 38.2% FIB of $2,740 and the first major resistance level at $2,822 before easing back.

A late morning pullback saw Ethereum fall back through the first major resistance level before finding late support.

Late in the day, Ethereum broke back through the first major resistance level to end the day at $2,850 levels.

At the time of writing, Ethereum was down by 0.85% to $2,832.26. A mixed start to the day saw Ethereum rise to an early morning high $2,859.85 before falling to a low $2,823.31.

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

For the day ahead

Ethereum would need to avoid the $2,803 pivot to bring the first major resistance level at $2,944 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,900 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $3,000 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at $3,150. The second major resistance level sits at $3,030.

A fall through the $2,803 pivot would bring the 38.2% FIB of $2,740 and the first major support level at $2,717 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of the second major support level at $2,576.

Looking at the Technical Indicators

First Major Support Level: $2,717

Pivot Level: $2,803

First Major Resistance Level: $2,944

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 3.41% on Thursday. Following a 2.33% gain on Wednesday, Litecoin ended the day at $193.58.

Story continues

A bearish start to the day saw Litecoin fall to an early morning intraday low $182.03 before making a move.

Steering clear of the first major support level at $180, Litecoin rallied to a late morning intraday high $197.67.

Litecoin broke through the first major resistance level at $193 before falling back to sub-$190 levels.

Finding late support, however, Litecoin broke back through to $193 levels to deliver the upside on the day.

At the time of writing, Litecoin was down by 1.10% to $191.45. A mixed start to the day saw Litecoin rise to an early morning high $193.80 before falling to a low $191.45.

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

For the day ahead

Litecoin would need to avoid the $191 pivot to bring the first major resistance level at $200 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Thursday’s high $197.67.

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

In the event of an extended breakout, Litecoin could test resistance at $215. The second major resistance level sits at $207.

A fall through the $191 pivot would bring the first major support level at $185.

Barring an extended sell-off, however, Litecoin should steer clear of the second major support level at $176.

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: $185

Pivot Level: $191

First Major Resistance Level: $200

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 2.06% on Thursday. After a 1.43% gain on Wednesday, Ripple’s XRP ended the day at $1.04516.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $1.00794 before making a move.

Steering clear of the first major support level at $0.9887, Ripple’s XRP rallied to a late morning intraday high $1.07773.

Ripple’s XRP broke through the first major resistance level at $1.0569 before a slide back to $1.02 levels and into the red.

A late move back through to $1.04 levels, however, delivered the upside on the day.

At the time of writing, Ripple’s XRP was up by 0.45% to $1.04049. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.04382 before falling to a low $1.04049.

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

For the day ahead

Ripple’s XRP will need to move back through the $1.0436 pivot to bring the first major resistance level at $1.0793 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.07 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $1.07773 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 $1.1134.

Failure to move back through the $1.0436 pivot would bring the first major support level at $1.0095 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.95 levels. The second major support level at $0.9738 should limit the downside.

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: $1.0095

Pivot Level: $1.0436

First Major resistance Level: $1.0793

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

This article was originally posted on FX Empire

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