Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 30th, 2020
Ethereum
Ethereum rose by 1.76% on Tuesday. Reversing a 1.01% gain from Monday, Ethereum ended the day at $359.90
It was a choppy day on Tuesday. Ethereum fell to a mid-morning intraday low $350.19 before making a move.
Steering clear of the first major support level at $347.69, Ethereum struck an early afternoon high $359.68.
Coming up short of the major resistance levels, Ethereum slid back to a low $350.35 and into the red.
Finding late support, however, Ethereum bounced back to a final hour intraday high $360.59.
Coming up short of the first major resistance level at $364.33, Ethereum slipped back to end the day at sub-$360 levels.
At the time of writing, Ethereum was down by 0.33% to $358.71. A mixed start to the day saw Ethereum rise to an early morning high $360.10 before falling to a low $358.53.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall through the $356.89 pivot to support a run at the first major resistance level at $363.60.
Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $360.59.
Barring an extended crypto rally, the first major resistance level and 38.2% FIB of $367 would likely cap any upside.
Failure to avoid a fall through the $356.89 pivot would bring the first major support level at $353.20 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $346.49.
Looking at the Technical Indicators
First Major Support Level: $353.20
Pivot Level: $356.89
First Major Resistance Level: $363.60
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Litecoin
Litecoin rose by 1.08% on Tuesday. Partially reversing a 1.89% loss from Monday, Litecoin ended the day at $45.69.
It was also a bullish start to the day. Litecoin rallied to a mid-morning intraday high $45.82 before falling back.
Falling short of the first major resistance level at $46.63, Litecoin fell to a late afternoon intraday low $44.95.
Steering clear of the first major support level at $44.30, Litecoin found late support to wrap up the day in the green.
At the time of writing, Litecoin was down by 0.28% to $45.56. A bearish start to the day saw Litecoin fall from an early morning high $45.69 to a low $45.54.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid a fall through the $45.49 pivot to support a run at the first major resistance level at $46.02.
Support from the broader market would be needed, however, for Litecoin to break back through to $46 levels.
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 $46.36 could come into play.
Failure to avoid a fall through the $45.49 pivot level would bring the first major support level at $45.15 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 $44.62 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $45.15
Pivot Level: $45.49
First Major Resistance Level: $46.02
23.6% FIB Retracement Level: $45.30
38.2% FIB Retracement Level: $71
62% FIB Retracement Level: $100
Ripple’s XRP
Ripple’s XRP rose by 0.83% on Tuesday. Partially reversing a 1.06% fall from Monday, Ripple’s XRP ended the day at $0.24273.
A bullish start to the day saw Ripple’s XRP rally to a late morning intraday high $0.24655 before hitting reverse.
Falling short of the first major resistance level at $0.2507, Ripple’s XRP slid to a late afternoon intraday low $0.23831.
Steering clear of the first major support level at $0.2353, Ripple’s XRP broke back through to $0.2427 levels.
The late recovery delivered the upside for the day.
At the time of writing, Ripple’s XRP was down by 0.49% to $0.24155. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.24253 to a low $0.24100.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move back through the $0.2425 pivot to support a run at the first major resistance level at $0.2468.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s high $0.24655.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
Failure to move back through the $0.2425 pivot would bring the first major support level at $0.2385 into play.
Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.23 levels. The second major support level at $0.2343 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $0.2385
Pivot Level: $0.2425
First Major Resistance Level: $0.2468
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
