Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 30th, 2020
Ethereum
Ethereum fell by 0.25% on Thursday. Following a 4.22% slide on Wednesday, Ethereum ended the day at $387.60.
It was a mixed start to the day. Ethereum rose to an early morning high $392.51 before hitting reverse.
Falling short of the first major resistance level at $405.27, Ethereum fell to a mid-day intraday low $380.75.
Steering clear of the first major support level at $376.25, Ethereum rose to a late afternoon intraday high $394.00.
Falling well short of the first major resistance level at $405.27, Ethereum fell back to sub-$388 levels and into the red.
At the time of writing, Ethereum was down by 0.31% to $386.39. A mixed start to the day saw Ethereum rise to an early morning high $387.67 before falling to a low $386.39.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $387.45 pivot to support a run at the first major resistance level at $394.15.
Support from the broader market would be needed, however, for Ethereum to break back through to $390 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $394.00 would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $400 before any pullback. The second major resistance level sits at $400.70.
Failure to move through the $387.45 pivot would bring the first major support level at $380.90 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$370 levels. The second major support level at $374.20 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $380.90
Pivot Level: $387.45
First Major Resistance Level: $394.15
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Litecoin
Litecoin fell by 1.56% on Thursday. Following on from a 4.02% slide on Wednesday, Litecoin ended the day a $54.97.
It was a bullish start to the day. Litecoin rose to a late morning intraday high $56.55 before hitting reverse.
Falling well short of the first major resistance level at $59.59, however, Litecoin fell to a mid-day intraday low $53.44.
Finding support at the first major support level at $53.40 Litecoin briefly revisited $56 levels before sliding back into the red.
At the time of writing, Litecoin was down by 0.51% to $54.69. A bearish start to the day saw Litecoin fall from an early morning $54.94 to a low $54.69.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $54.99 pivot to support a run at the first major resistance level at $56.53.
Support from the broader market would be needed, however, for Litecoin to break back through to $56 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a breakout, Litecoin would likely test resistance the second major resistance level at $58.10 before any pullback.
Failure to move through the $54.99 pivot level would bring the 23.6% FIB of $54 and the first major support level at $53.42 into play.
Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$50 levels. The second major support level at $51.88 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $53.42
Pivot Level: $54.99
First Major Resistance Level: $56.53
23.6% FIB Retracement Level: $45.30
38.2% FIB Retracement Level: $71
62% FIB Retracement Level: $100
Ripple’s XRP
Ripple’s XRP fell by 1.29% on Thursday. Following on from a 2.84% decline on Wednesday, Ripple’s XRP ended the day at $0.24239.
It was a mixed start to the day. Ripple’s XRP rose to an early morning high $0.24707 before hitting reverse.
Falling well short of the first major resistance level at $0.2534 Ripple’s XRP slid to a mid-day intraday low $0.2400.
Finding support at the first major support level at $0.2411, Ripple’s XRP struck a late afternoon intraday high $0.24725.
Coming up short of the first major resistance level at $0.2534, Ripple’s XRP fell back to sub-$0.2450 levels and into the red.
At the time of writing, Ripple’s XRP was down by 0.03% to $0.24232. A range-bound start to the day saw Ripple’s XRP fall from an early morning high $0.24259 to a low $0.24232.
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 $0.2432 pivot to support a run at the first major resistance level at $0.2464.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2450 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.24725 would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $0.25 before any pullback. The second major resistance level sits at $0.2505.
Failure to move through the $0.2432 pivot would bring the first major support level at $0.2392 into play.
Barring another extended crypto sell-off, Ripple’s XRP should steer clear of the second major support level at $0.2360.
Looking at the Technical Indicators
First Major Support Level: $0.2392
Pivot Level: $0.2432
First Major Resistance Level: $0.2464
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
