Yahoo Finance Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 12th, 2021
Ethereum
Ethereum fell by 4.71% on Friday. Following on from a 5.35% decline on Thursday, Ethereum ended the day at $2,355.27.
A mixed start to the day saw Ethereum rise to an early morning intraday high $2,499.34 before hitting reverse.
Falling short of the first major resistance level at $2,588, Ethereum slid to a late intraday low $2,322.16.
The reversal saw Ethereum fall through the first major support level at $2,392 before steadying to end the day at $2,350 levels.
At the time of writing, Ethereum was down by 0.32% to $2,347.83. A mixed start to the day saw Ethereum rise to an early morning high $2,359.53 before falling to a low $2,338.12.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $2,392 pivot to bring the first major resistance level at $2,462 into play.
Support from the broader market would be needed, however, for Ethereum to break out from $2,450 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $2,499.34 would likely cap any upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at $2,600 before any pullback. The second major resistance level sits at $2,569.
Failure to move through the $2,392 pivot would bring the first major support level at $2,285 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $2,215.
Looking at the Technical Indicators
First Major Support Level: $2,285
Pivot Level: $2,392
First Major Resistance Level: $2,462
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin fell by 3.23% on Friday. Following on from a 2.69% decline on Thursday, Litecoin ended the day at $162.90.
A mixed start to the day saw Litecoin rise to an early morning intraday high $173.76 before hitting reverse.
While falling short of the first major resistance level at $180, Litecoin tested resistance at the 62% FIB of $174.
The reversal saw Litecoin slide to a late intraday low $160.58.
Litecoin fell through the first major support level at $162 before ending the day at $162 levels.
At the time of writing, Litecoin was down by 1.09% to $161.12. A mixed start to the day saw Litecoin rise to an early morning high $163.04 before falling to a low $161.11.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $166 pivot to bring the first major resistance level at $171 and the 62% FIB of $174 into play.
Support from the broader market would be needed, however, for Litecoin to break out from $165 levels.
Barring an extended crypto rally, the first major resistance level and the 62% FIB would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $190. The second major resistance level sits at $179.
Failure to move through the $166 pivot would bring the first major support level at $158 into play.
Barring another extended sell-off, however, Litecoin should steer clear of sub-$150 levels. The second major support level at $153 should limit the downside.
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: $158
Pivot Level: $166
First Major Resistance Level: $171
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 2.85% on Friday. Following on from a 5.80% slide on Thursday, Ripple’s XRP ended the day at $0.84400.
After a mixed start to the day, Ripple’s XRP rose to an early afternoon intraday high $0.87937 before hitting reverse.
Falling short of the first major resistance level at $0.9149, Ripple’s XRP slid to a late intraday low $0.83459.
Ripple’s XRP fell through the 62% FIB of $0.8573 and the first major support level at $0.8374.
Finding late support, however, Ripple’s XRP broke back through the first major support level to end the day at $0.84 levels.
At the time of writing, Ripple’s XRP was down by 0.25% to 0.84188. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.84672 to a low $0.84188.
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 $0.8527 pivot and the 62% FIB of $0.8573 to bring the first major resistance level at $0.8707 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 62% FIB.
Barring an extended crypto rally, the first major resistance level and Friday’s high $0.87937 would likely cap any upside.
In the event of another extended rally, Ripple’s XRP could test resistance at $0.90. The second major resistance level sits at $0.8974.
Failure to move through the $0.8527 pivot and the 62% FIB would bring the first major support level at $0.8259 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level at $0.8079 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: $0.8259
Pivot Level: $0.8527
First Major resistance Level: $0.8707
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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