Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 24th, 2020

Bob Mason
·5-min read

Ethereum

Ethereum fell by 1.23% on Friday. Partially reversing a 5.96% rally from Thursday, Ethereum ended the day at $409.52.

It was a mixed start to the day. Ethereum rose to a late morning intraday high $419.48 before hitting reverse.

Falling short of the first major resistance level at $427.00, Ethereum slid to a late afternoon intraday low $401.51.

Steering clear of the first major support level at $396.86, Ethereum recovered to $410 levels before easing back.

At the time of writing, Ethereum was down by 0.22% to $408.60. A mixed start to the day saw Ethereum rise to an early morning high $410.09 before falling to a low $407.78.

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

For the day ahead

Ethereum would need to move through the $410.17 pivot to support a run at the first major resistance level at $418.83.

Support from the broader market would be needed, however, for Ethereum to break out from $415 levels.

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

In the event of a breakout, Ethereum could test resistance at $425 before any pullback. The second major resistance level sits at $428.14.

Failure to move through the $410.17 pivot would bring the first major support level at $400.86 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$390 levels. The second major support level at $392.20 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $400.86

Pivot Level: $410.17

First Major Resistance Level: $418.83

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 1.87% on Friday. Following on from a 2.54% gain on Thursday, Litecoin ended the day at $55.46.

It was a mixed start to the day. Litecoin fell to an early morning intraday low $53.16 before making a move.

While steering clear of the first major support level at $52.91, Litecoin fell through the 23.6% FIB of $54.00.

An early morning rebound, however, saw Litecoin strike an intraday high $57.04 before hitting reverse.

Litecoin broke back through the 23.6% FIB and broke through the first major resistance level at $56.14.

The reversal saw Litecoin fall back to an afternoon low $53.57 before recovering.

Litecoin fell back through the 23.6% FIB before wrapping up the day at $55 levels.

At the time of writing, Litecoin was down by 0.76% to $55.04. A bearish start to the day saw Litecoin fall from an early morning high $55.53 to a low $55.03.

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

For the day ahead

Litecoin would need to move back through the $55.22 pivot to support a run at the first major resistance level at $57.27.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $57.04.

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

In the event of another breakout, Litecoin would likely test the second major resistance level at $59.10.

Failure to move back through the $55.22 pivot level would bring the 23.6% FIB and the first major support level at $53.40 into play.

Barring an extended sell-off on the day, however, Litecoin should steer well clear of the second major support level at $51.34.

Looking at the Technical Indicators

First Major Support Level: $53.40

Pivot Level: $55.22

First Major Resistance Level: $57.28

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 0.92% on Friday. Partially reversing a 2.39% gain from Thursday, Ripple’s XRP ended the day at $0.25499.

It was a mixed start to the day. Ripple’s XRP rose to an early morning intraday high $0.2596 before hitting reverse.

Falling short of the first major resistance level at $0.2639, Ripple’s XRP fell to a late afternoon intraday low $0.25050.

Finding support at the first major support level at $0.2511, Ripple’s XRP revisited $0.255 levels before easing back.

At the time of writing, Ripple’s XRP was down by 0.05% to $0.25486. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.25495 to a low $0.25486.

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 $0.2550 pivot to support a run at the first major resistance level at $0.2596.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2590 levels.

Barring another extended crypto rally, the first major resistance level and Friday’s high $0.2596 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.2641 would likely come into play.

Failure to move through the $0.2550 pivot would bring the first major support level at $0.2505 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.2450 levels. The second major support level at $0.2459 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2505

Pivot Level: $0.2550

First Major Resistance Level: $0.2596

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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