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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 10th, 2021

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·5 min read
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Ethereum

Ethereum rose by 4.07% on Wednesday. Reversing a 3.22% fall from Tuesday, Ethereum ended the day at $2,611.27.

A bearish start to the day saw Ethereum fall to an early morning intraday low $2,406.33 before making a move.

Steering clear of the first major support level at $2,338, Ethereum rallied to a late afternoon intraday high $2,628.16.

Coming within range of the first major resistance level at $2,651, Ethereum eased back to end the day at $2,611 levels.

At the time of writing, Ethereum was up by 0.03% to $2,611.98. A mixed start to the day saw Ethereum fall to an early morning low $2,598.67 before striking a high $2,625.00.

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

For the day ahead

Ethereum would need to avoid the $2,549 pivot to bring the first major resistance level at $2,691 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $2,628.16.

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 the 38.2% FIB of $2,740 and the second major resistance level at $2,770.

A fall through the $2,549 pivot would bring the first major support level at $2,469 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $2,327.

Looking at the Technical Indicators

First Major Support Level: $2,469

Pivot Level: $2,549

First Major Resistance Level: $2,691

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rallied by 7.37% on Wednesday. Reversing a 0.75% loss from Tuesday, Litecoin ended the day at $172.57.

A mixed start to the day saw Litecoin fall to an early morning intraday low $152.46 before making a move.

Steering clear of the first major support level at $149, Litecoin rallied to a late afternoon intraday high $173.33.

Litecoin broke through the first major resistance level at $169 to test resistance at the 62% FIB of $174 before easing back.

The first major resistance level delivered support late in the day.

At the time of writing, Litecoin was up by 0.76% to $173.89. A mixed start to the day saw Litecoin fall to an early morning low $171.96 before striking a high $174.41.

While leaving the major support and resistance levels untested early on, Litecoin tested resistance at the 62% FIB of $174.

For the day ahead

Litecoin would need to avoid the $166 pivot to bring the 62% FIB and the first major resistance level at $180 back into play.

Support from the broader market would be needed, however, for Litecoin to break out from the 62% FIB of $174.

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 $200. The second major resistance level sits at $187.

A fall through the $166 pivot would bring the first major support level at $159 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$150 levels. The second major support level sits at $145.

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: $159

Pivot Level: $166

First Major Resistance Level: $180

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 5.58% on Wednesday. Following a 1.45% gain on Tuesday, Ripple’s XRP ended the day at $0.92205.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.83125 before finding support.

While steering clear of the first major support level at $0.8100, Ripple’s XRP fell through the 62% FIB of $0.8573.

The recovery, however, saw Ripple’s XRP break back through the 62% FIB to hit a final hour intraday high $0.92205.

Ripple’s XRP also broke through the first major resistance level at $0.9124 to wrap up the day at $0.92 levels.

At the time of writing, Ripple’s XRP was up by 0.78% to $0.92924. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.91691 before rising to a high $0.92924.

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

For the day ahead

Ripple’s XRP will need to avoid the $0.8918 pivot to bring the first major resistance level at $0.9523 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.95 levels.

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

In the event of another extended rally, Ripple’s XRP could test resistance at $1.00. The second major resistance level sits at $0.0926.

A fall through the $0.8918 pivot would bring the first major support level at $0.8615 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear the second major support level at $0.8010. The 62% FIB of $0.8573 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: $0.8615

Pivot Level: $0.8918

First Major resistance Level: $0.9523

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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