Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – June 1st, 2021
In This Article:
Ethereum
Ethereum rallied by 13.38% on Monday. Following a 4.69% gain on Sunday, Ethereum ended the month down by 2.50% to $2,707.12.
A bearish start to the day saw Ethereum fall to an early morning intraday low $2,275.22 before making a move.
Steering clear of the first major support level at $2,220, Ethereum rallied to a late intraday high $2,719.49.
Ethereum broke through first major resistance level at $2,518 and the second major resistance level at $2,649.
While coming up short of the 38.2% FIB of $2,740, Ethereum ended the day at $2,700 levels.
At the time of writing, Ethereum was up by 0.51% to $2,721.01. A mixed start to the day saw Ethereum fall to an early morning low $2,691.32 before rising to a high $2,731.07.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid the $2,567 pivot to bring the 38.2% FIB of $2,740 and the first major resistance level at $2,859 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $2,800 levels.
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 $3,100. The second major resistance level sits at $3,012.
A fall through the $2,567 pivot would bring the first major support level at $2,415 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,200 levels. The second major support level sits at $2,123.
Looking at the Technical Indicators
First Major Support Level: $2,415
Pivot Level: $2,567
First Major Resistance Level: $2,859
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin rallied by 10.21% on Monday. Following a 4.00% gain on Sunday, Litecoin ended the month down by 30.76% to $188.05.
A bearish start to the day saw Litecoin fall to an early morning intraday low $163.70 before making a move.
Steering clear of the first major support level at $157, Litecoin rallied to a late intraday high $188.50.
Litecoin broke through the 62% FIB of $174 and the first major resistance level at $183 to end the day at $188 levels.
At the time of writing, Litecoin was up by 1.04% to $190.00. A mixed start to the day saw Litecoin fall to an early morning low $187.02 before rising to a high $190.00.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid a fall through the $180 pivot to bring the first major resistance level at $197 into play.