Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – July 6th, 2021
Ethereum
Ethereum fell by 5.42% on Monday. Partially reversing a 4.30% gain from Sunday, Ethereum ended the day at $2,197.34.
A mixed start to the day saw Ethereum rise to an early morning intraday high $2,324.44 before hitting reverse.
Falling short of the first major resistance level at $2,412, Ethereum slid to a late intraday low $2,160.00.
Ethereum fell through the first major support level at $2,213 before a briefly revisiting $2,200 levels.
At the time of writing, Ethereum was up by 1.30% to $2,226.00. A mixed start to the day saw Ethereum fall to an early morning low $2,195.02 before rising to a high $2,227.71
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through the $2,227 pivot to bring the first major resistance level at $2,295 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $2,290 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $2,324.44 would likely cap any upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at $2,500. The second major resistance level sits at $2,392.
Failure to move back through the $2,227 pivot would bring the first major support level at $2,130 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,000 levels. The second major support level at $2,063 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $2,130
Pivot Level: $2,227
First Major Resistance Level: $2,295
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin fell by 4.95% on Monday. Reversing a 3.37% gain from Sunday, Litecoin ended the day at $137.82.
Bearish from the start to the day, Litecoin fell from an early intraday high $145.00 to a late morning intraday low $134.17.
Litecoin fell through the first major support level at $139 before a revisiting $140 levels.
A bearish end to the day, however, saw Litecoin fall back through the first major support level to end the day at $137 levels.
At the time of writing, Litecoin was up by 0.62% to $138.68. A mixed start to the day saw Litecoin fall to an early morning low $137.50 before rising to a high $138.69.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $139 pivot to bring the first major resistance level at $144 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $140 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $145.00 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $155. The second major resistance level sits at $150.
Failure to move through the $139 pivot would bring the first major support level at $133 into play.
Barring another extended sell-off, however, Litecoin should steer clear of sub-$130 levels. The second major support level sits at $128.
Looking at the Technical Indicators
First Major Support Level: $133
Pivot Level: $139
First Major Resistance Level: $144
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP
Ripple’s XRP slid by 6.23% on Monday. Reversing a 3.58% gain from Sunday, Ripple’s XRP ended the day at $0.65214.
A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.69592 before hitting reverse.
Falling short of the first major resistance level at $0.7149, Ripple’s XRP slid to a late morning intraday low $0.64476.
Ripple’s XRP fell through the first major support level at $0.6714 and the second major support level at $0.6469.
Finding late support, however, Ripple’s XRP broke back through the second major support level to end the day at $0.65 levels.
At the time of writing, Ripple’s XRP was up by 0.41% to $0.65483. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.65201 before rising to a high $0.65645.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move through the $0.6643 pivot to bring the first major resistance level at $0.6838 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.68 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $0.69592 would likely cap any upside.
In the event of another breakout, Ripple’s XRP could test the second major resistance level at $0.7154.
Failure to move through the $0.6643 pivot would bring the first major support level at $0.6326 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.6131.
Looking at the Technical Indicators
First Major Support Level: $0.6326
Pivot Level: $0.6643
First Major resistance Level: $0.6838
23.6% FIB Retracement Level: $0.8533
38.2% FIB Retracement Level: $1.0659
62% FIB Retracement Level: $1.4096
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
