Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 3rd, 2021

Ethereum

Ethereum rose by 2.74% on Wednesday. Reversing a 2.71% fall from Tuesday, Ethereum ended the day at $2,706.64.

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,552.28 before making a move.

Steering clear of the first major support level at $2,525, Ethereum rallied to a late afternoon intraday high $2,803.00.

Ethereum broke through the 38.2% FIB of $2,740 and the first major resistance level at $2,746.

A late pullback, however, saw Ethereum fall back through the first major resistance level and 38.2% FIB to end the day at sub-$2,710 levels.

At the time of writing, Ethereum was down by 0.49% to $2,693.42. A mixed start to the day saw Ethereum rise to an early morning high $2,728.00 before falling to a low $2,686.05.

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 $2,687 pivot to bring the 38.2% FIB of $2,740 and the first major resistance level at $2,822 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 $3,000. The second major resistance level sits at $2,938.

A fall back through the $2,687 pivot would bring the first major support level at $2,572 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$2,400 levels. The second major support level at $2,437 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,572

Pivot Level: $2,687

First Major Resistance Level: $2,822

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 2.33% on Wednesday. Partially reversing a 2.70% fall from Tuesday, Litecoin ended the day at $187.27.

Story continues

A bearish start to the day saw Litecoin fall to an early morning intraday low $178.37 before making a move.

Steering clear of the first major support level at $175, Litecoin rallied to a late afternoon intraday high $191.27.

Litecoin came within range of the first major resistance level at $192 before falling back to sub-$190 levels.

At the time of writing, Litecoin was down by 0.80% to $185.77. A mixed start to the day saw Litecoin rise to an early morning high $188.54 before falling to a low $185.48.

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

For the day ahead

Litecoin would need to move back through the $186 pivot to bring the first major resistance level at $193 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 resistance at $195 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 $199.

Failure to move back through the $186 pivot would bring the first major support level at $180 and the 62% FIB of $174 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$170. The second major support level at $173 should limit the downside.

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: $180

Pivot Level: $186

First Major Resistance Level: $193

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 1.43% on Wednesday. Partially reversing a 2.91% fall from Tuesday, Ripple’s XRP ended the day at $1.02688.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.98064 before making a move.

Steering clear of the first major support level at $0.9561, Ripple’s XRP rallied to a mid-afternoon intraday high $1.04883.

Falling short of the first major resistance level at $1.0824, Ripple’s XRP fell back to sub-$1.02 levels before finding support.

A move back through to $1.02 levels delivered the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.57% to $1.02104. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.03351 before falling to a low $1.01799.

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 $1.0188 pivot to bring the first major resistance level at $1.0569 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $1.04883.

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

In the event of an extended rally, Ripple’s XRP could test resistance at $1.10. The second major resistance level sits at $1.0870.

A fall back through the $1.0188 pivot would bring the first major support level at $0.9887 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 $0.9506 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: $0.9887

Pivot Level: $1.0188

First Major resistance Level: $1.0569

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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