Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 1st, 2020
In This Article:
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.