Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 1st, 2020

Ethereum

Ethereum fell by 0.01% on Wednesday. Following a 1.76% gain on Tuesday, Ethereum ended the month down by 17.05% to $359.89.

It was another choppy day on Wednesday. Ethereum rose to an early morning high $360.1 before hitting reverse.

Falling short of the first major resistance level at $363.60, Ethereum slid to a midday intraday low $351.38.

Ethereum fell through the first major support level at $353.20 before bouncing back to a final hour intraday high $361.51.

Coming up short of the major resistance levels once more, Ethereum slipped back to sub-$360 levels and into the red.

At the time of writing, Ethereum was up by 0.01% to $359.91. A bullish start to the day saw Ethereum rise to an early morning high $361.42 before falling to a low $359.91

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

For the day ahead

Ethereum would need to avoid a fall through the $357.59 pivot to support a run at the first major resistance level at $363.81.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $361.51.

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

Failure to avoid a fall through the $357.59 pivot would bring the first major support level at $353.68 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $347.46.

Looking at the Technical Indicators

First Major Support Level: $353.68

Pivot Level: $357.59

First Major Resistance Level: $363.81

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 1.29% on Wednesday. Following on from a 1.08% gain on Tuesday, Litecoin ended the month down by 24.08% to $46.26.

It was also a mixed start to the day. Litecoin slipped to an early morning intraday low $45.43 before making a move.

Steering clear of the first major support level at $45.15, Litecoin rallied to a late afternoon intraday high $46.69.

Litecoin broke through the first major resistance level at $46.02 and the second major resistance level at $46.36.

A late pullback saw Litecoin fall back through the resistance levels to sub-$46 before a late rally.

The late rally saw Litecoin break back through the first major resistance level to end the day at $46.2 levels. Late in the day, the second major resistance level pinned Litecoin back.

At the time of writing, Litecoin was up by 0.15% to $46.33. A bullish start to the day saw Litecoin rise from an early morning low $46.27 to a high $46.46.

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

For the day ahead

Litecoin would need to avoid a fall through the $46.13 pivot to support a run at the first major resistance level at $46.82.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $46.69.

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

In the event of another breakout, the second major resistance level at $47.39 could come into play.

Failure to avoid a fall through the $46.13 pivot level would bring the first major support level at $45.56 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$44 levels. The second major support level at $44.87 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $45.56

Pivot Level: $46.13

First Major Resistance Level: $46.82

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 0.28% on Wednesday. Partially reversing a 0.83% gain from Tuesday, Ripple’s XRP ended the month down by 14.06% to $0.24184.

It was a bearish start to the day. Ripple’s XRP fell from an early morning intraday high $0.24253 to a midday intraday low $0.23786.

Ripple’s XRP fell through the first major support level at $0.2385 before striking a final hour high $0.24236.

Failing to move back into positive territory, Ripple’s XRP fell back to wrap up the day at sub-$0.242 levels.

At the time of writing, Ripple’s XRP was up by 0.08% to $0.24204. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.24190 before rising to a high $0.24247.

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

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2407 pivot to support a run at the first major resistance level at $0.2436.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.24253.

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

Failure to avoid a fall through the $0.2407 pivot would bring the first major support level at $0.2390 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.2350 levels. The second major support level at $0.2361 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2390

Pivot Level: $0.2407

First Major Resistance Level: $0.2436

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

More From FXEMPIRE: