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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 2nd, 2021

Ethereum

Ethereum fell by 2.71% on Tuesday. Partially reversing a 13.38% rally from Monday, Ethereum ended the day at $2,634.42.

A bullish start to the day saw Ethereum rally to an early morning intraday high $2,748.00 before hitting reverse.

Coming up against the 38.2% FIB of $2,740, Ethereum slid to a late afternoon intraday low $2,527.88.

Steering clear of the first major support level at $2,415, Ethereum moved back through to $2,600 levels to limit the downside.

At the time of writing, Ethereum was down by 0.35% to $2,625.33. A mixed start to the day saw Ethereum rise to an early morning high $2,649.00 before falling to a low $2,625.33.

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

ETHUSD 020621 Hourly Chart

For the day ahead

Ethereum would need to move back through the $2,637 pivot to bring the 38.2% FIB of $2,740 and the first major resistance level at $2,746 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 38.2% FIB of $2,740 and 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 $2,857.

Failure to move back through the $2,637 pivot would bring the first major support level at $2,525 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,400 levels. The second major support level at $2,417 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2,525

Pivot Level: $2,637

First Major Resistance Level: $2,746

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 2.70% on Tuesday. Partially reversing a 10.21% gain from Monday, Litecoin ended the day at $182.98.

A bullish start to the day saw Litecoin strike an early morning intraday high $193.28 before hitting reverse.

Falling short of the first major resistance level at $197, Litecoin slid to an early afternoon intraday low $175.98.

Steering clear of the 62% FIB of $174 and the first major support level at $172, Litecoin revisited $185 levels before easing back.

At the time of writing, Litecoin was down by 0.37% to $182.31. A mixed start to the day saw Litecoin rise to an early morning high $184.12 before falling to a low $182.10.

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

LTCUSD 020621 Hourly Chart

For the day ahead

Litecoin would need to move through the $184 pivot to bring the first major resistance level at $192 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 $200 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 $201.

Failure to move through the $184 pivot would bring the first major support level at $175 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 sits at $167.

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: $175

Pivot Level: $184

First Major Resistance Level: $192

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP fell by 2.91% on Tuesday. Partially reversing Monday’s 15.12% rally, Ripple’s XRP ended the day at $1.01077.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $1.09942 before hitting reverse.

Coming up against the first major resistance level at $1.1011, Ripple’s XRP slid to a late intraday low $0.97312.

Steering clear of the first major support level at $0.9311, Ripple’s XRP moved back through to $1.00 levels to limit the downside.

At the time of writing, Ripple’s XRP was down by 0.53% to $1.00538. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.01888 before falling to a low $1.00433.

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

XRPUSD 020621 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $1.0278 pivot to bring the first major resistance level at $1.0824 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.05 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $1.10 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $1.20. The second major resistance level sits at $1.1541.

Failure to move through the $1.0278 pivot would bring the first major support level at $0.9561 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 $0.9015 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: $0.9561

Pivot Level: $1.0278

First Major resistance Level: $1.0824

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