Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 21st, 2020
Ethereum
Ethereum slid by 2.82% on Tuesday. Reversing a modest 0.21% gain from Monday, Ethereum ended the day at $368.81.
It was a mixed start to the day. Ethereum rose to an early morning intraday high $380.90 before hitting reverse.
Falling short of Monday’s high $384.69 and the first major resistance level at $385.07, Ethereum fell to a late intraday low $364.04.
Ethereum fell through the first major support level at $373.27 and the second major support level at $367.18.
More significantly, Ethereum also slid through the 38.2% FIB of $367 before a brief recovery to $370 levels.
At the time of writing, Ethereum was down by 0.07% to $368.56. A mixed start to the day saw Ethereum rise from to an early morning high $369.31 before falling to a low $368.06.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $371.25 pivot to support a run at the first major resistance level at $378.46.
Support from the broader market would be needed, however, for Ethereum to break out from $375 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $380.90 would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $385 before any pullback. The second major resistance level sits at $388.11.
Failure to move through the $371.25 pivot would bring the 38.2% FIB and the first major support level at $361.60 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$360 support levels. The second major support level sits at $354.39.
Looking at the Technical Indicators
First Major Support Level: $361.60
Pivot Level: $371.25
First Major Resistance Level: $378.46
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Litecoin
Litecoin fell by 2.21% on Tuesday. Reversing a 0.92% gain from Monday, Litecoin ended the day at $46.95.
Tracking the broader market, Litecoin rose to an early morning intraday high $48.46 before hitting reverse.
Falling short of the first major resistance level at $48.80, Litecoin slid to a late intraday low $46.45.
The pullback saw Litecoin fall through the first major support level at $46.92 before a brief recovery to $47 levels.
A fall back to sub-$47 levels saw Litecoin test the first major support level at the day end.
At the time of writing, Litecoin was up by 0.15% to $47.02. A mixed start to the day saw Litecoin fall to an early morning low $46.90 before rising to a high $47.03.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $47.29 pivot to support a run at the first major resistance level at $48.12.
Support from the broader market would be needed, however, for Litecoin to break back through to $48 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $48.46 would likely cap any upside.
In the event of another breakout, Litecoin would likely test resistance at $49 before any pullback. The second major resistance level sits at $49.30.
Failure to move through the $47.29 pivot level would bring the first major support level at $46.11 into play.
Barring another extended sell-off on the day, however, Litecoin should steer well clear of the second major support level at $45.28.
Looking at the Technical Indicators
First Major Support Level: $46.11
Pivot Level: $47.29
First Major Resistance Level: $48.12
23.6% FIB Retracement Level: $45.30
38.2% FIB Retracement Level: $71
62% FIB Retracement Level: $100
Ripple’s XRP
Ripple’s XRP slipped by 0.85% on Tuesday. Partially reversing a 1.42% rally from Monday, Ripple’s XRP ended the day at $0.2436.
A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.25034 before hitting reverse.
Ripple’s XRP broke through the first major resistance level at $0.2502 before sliding to an early afternoon intraday low $0.24159.
Steering clear of the first major support level at $0.2408, Ripple’s XRP briefly revisited $0.2459 levels.
A bearish end to the day, however, left Ripple’s XRP at sub-$0.245 levels and in the red.
At the time of writing, Ripple’s XRP was flat at $0.24359. A mixed start to the day Ripple’s XRP fall to an early morning low $0.24311 before rising to a high $0.24360.
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 $0.2452 pivot to support a run at the first major resistance level at $0.2488.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2480 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.25034 would likely cap any upside.
In the event of an extended rally, the second major resistance level at $0.2539 would likely come into play.
Failure to move through the $0.2452 pivot would bring the first major support level at $0.2400 into play.
Barring an extended crypto sell-off, Ripple’s XRP should steer clear of the second major support level at $0.2364.
Looking at the Technical Indicators
First Major Support Level: $0.2400
Pivot Level: $0.2452
First Major Resistance Level: $0.2488
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
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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