Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 20th, 2020

Bob Mason
·5-min read

Ethereum

Ethereum rose by 0.21% on Monday. Following on from a 2.74% rally on Sunday, Ethereum ended the day at $379.36.

It was a bearish start to the day. Ethereum fell to an early morning intraday low $372.89 before making a move.

Steering clear of the first major support level at $371.03, Ethereum rallied to a late afternoon intraday high $384.69.

Ethereum broke through the first major resistance level at $382.41 before a pullback to $376 levels and into the red.

Finding late support, however, Ethereum moved back through to $379 levels to end the day in the green.

At the time of writing, Ethereum was down by 0.09% to $379.00.  A mixed start to the day saw Ethereum rise to an early morning high $379.65 before falling to a low $379.00.

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

For the day ahead

Ethereum would need to avoid a fall through the $378.98 pivot to support a run at the first major resistance level at $385.07.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $384.69.

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

In the event of a breakout, Ethereum could test the second major resistance level at $390.78 before any pullback.

Failure to avoid a fall through the $378.98 pivot would bring the first major support level at $373.27 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the 38.2% FIB of $367 and the second major support level at $367.18.

Looking at the Technical Indicators

First Major Support Level: $373.27

Pivot Level: $378.98

First Major Resistance Level: $385.07

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 0.92% on Monday. Following on from a 1.39% gain on Sunday, Litecoin ended the day at $48.02.

Tracking the broader market, Litecoin slid to an early morning intraday low $46.60 before making a move.

The pullback saw Litecoin fall through the first major support level at $46.93 before striking a mid-afternoon intraday high $48.48.

Litecoin broke through the first major resistance level at $48.10 before easing back to sub-$48 levels.

Finding late support, however, Litecoin broke back through the first major resistance level before wrapping up the day at $48.02.

At the time of writing, Litecoin was down by 0.21% to $47.92. A bearish start to the day saw Litecoin fall from an early morning high $48.02 to a low $47.85.

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

For the day ahead

Litecoin would need to avoid a fall through the $47.70 pivot to support a run at the first major resistance level at $48.80.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $48.48.

Barring an extended crypto rally, the first major resistance level and resistance at $49 would likely cap any upside.

In the event of another breakout, Litecoin would likely test resistance at $50 before any pullback. The second major resistance level sits at $49.58.

Failure to avoid a fall through the $47.70 pivot level would bring the first major support level at $46.92 into play.

Barring an extended sell-off on the day, however, Litecoin should steer well clear of the second major support level at $45.82.

Looking at the Technical Indicators

First Major Support Level: $46.92

Pivot Level: $47.70

First Major Resistance Level: $48.80

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rallied by 1.42% on Monday. Following on from a 0.63% rise on Sunday, Ripple’s XRP ended the day at $0.24574.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.24035 before making a move.

Steering clear of the first major support level at $0.2406, Ripple’s XRP rallied to a late afternoon intraday high $0.24968.

Ripple’s XRP broke through the day’s major resistance levels before falling back to sub-$0.246 levels.

The pullback saw Ripple’s XRP fall back through the third major resistance level at $0.2480.

At the time of writing, Ripple’s XRP was down by 0.08% to $0.24555. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.24604 before falling to a low $0.24555.

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 $0.2453 pivot to support a run at the first major resistance level at $0.2502.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.24968.

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

In the event of an extended rally, the second major resistance level at $0.2546 would likely come into play. Resistance at $0.26 would likely cap any upside, however.

Failure to avoid a fall through the $0.2453 pivot would bring the first major support level at $0.24080 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.24 levels. The second major support level sits at $0.2359.

Looking at the Technical Indicators

First Major Support Level: $0.2408

Pivot Level: $0.2453

First Major Resistance Level: $0.2502

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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