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

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

Ethereum

Ethereum stock is down 4.37% on Monday. After posting a 3.1% gain on Sunday, Ethereum ended the day at $2,592.47.

A bullish start to the day saw Ethereum climb to an early afternoon high of $2,849.15 before bouncing back in the opposite direction.

Ethereum has breached the first major resistance level at $2,766 and the second major resistance level at $2,821.

More importantly, Ethereum also breached the 38.2% FIB of $2,740 before slipping to the intraday low of $2,575.01.

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

At the time of writing, Ethereum is up 0.44% to $2,603.81. A mixed start to the day saw Ethereum drop to an early low of $2,575.00 before rallying to $2,615.00.

Ethereum left key support and resistance levels untested early on.

for the next day

Ethereum will need to move across the $2,672 pivot and 38.2% FIB to bring the first major resistance level at $2,769.

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

Barring the cryptocurrency’s extended rally, the first major resistance level and Monday’s high are likely to be capped at $2,849.15 for any upside move.

In the event of a broad rally in the cryptocurrency, Ethereum could test the $3,000 resistance. The second major resistance level is located at $2,946.

A failure to move across the $2,672 pivot will trigger the first major support level at $2,495.

However, barring another extended sell off, Ethereum should move away from levels below $2,300. The second major support level at $2,398 should limit the downside.

Looking at 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 is down 8.16% on Monday. Partially reversing the 1.95% gains from Sunday, Litecoin ended the day at $161.98.

A mixed start to the day saw Litecoin climb to an intraday mid-day high of $182.25 before bouncing back in the opposite direction.

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

Against the resistance at Sunday’s high of $182.25, Litecoin slipped to an intraday low of $160.25.

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

At the time of writing, Litecoin is up 0.25% in value to $162.39. A mixed start to the day saw Litecoin drop to $160.82 per barrel before rising to $162.81.

Litecoin left key support and resistance levels untested early on.

for the next day

Litecoin will need to move across the $168 pivot to fetch the 62% Fib of $174 and the first major resistance level at $176.

However, support from the broader market will be needed to exit Litecoin from 62% FIB.

Barring an extended rally for the cryptocurrency, the first major resistance and resistance level is likely to be capped at $180 for any upside move.

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

A failure to move across the $168 pivot will trigger the activation of the first major support level at $154.

Barring another extended sell off, Litecoin should move away from levels below $150. The second major support level is at $146.

Continued decline through 62% FIB of $174 would form a downtrend near 10y May’s swing is $413.91.

Looking at 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 XRP

Ripple’s XRP is down 8.77% on Monday. Ripple’s XRP reversed the 2.55% gain from Sunday, to end the day at $0.86301.

A bullish start to the day saw Ripple’s XRP surge to an early morning intraday high 0.97494 before bouncing back in the opposite direction.

Ripple’s XRP has breached the first major resistance at $0.9575 and the second major resistance at $0.9690.

However, the reversal saw Ripple XRP slide to an intraday low of $0.84087.

Ripple’s XRP is down through today’s key support levels and 62% FIB at $0.8573.

However, after finding late support, Ripple’s XRP again broke through 62% FIB to end the day at $0.86 levels.

At the time of writing, XRP is down 0.40% to $0.85958. A mixed start to the day saw Ripple XRP drop to as low as $0.85841 before rising to $0.86722.

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

for the next day

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

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

Barring an extended rally for the cryptocurrency, the second major resistance level and Monday’s high at $0.97494 are likely to cap an upside move.

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

A failure to move across the $0.8929 pivot will trigger the 62% Fibonacci level at $0.8573 and the first major support level at $0.8109.

Barring another extended sell-off, XRP should direct XRP to the second major support level at $0.7589.

A continued drop through the 62% Fibonacci level at $0.8573 would form a downtrend near 14y April swing high $1,96598.

Looking at technical indicators

First major support level: $0.8109

Pivot level: $0.8929

First major resistance level: $0.9450

23.6% Fibonacci Retracement Level: $1.5426

38.2% Fib Retracement Level: $1.2807

62% Fibonacci Retracement Level: $0.8573

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Thanks bob

This article was originally published on FX Empire

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