Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 17th, 2020
Ethereum
Ethereum slid by 3.26% Friday. Following on from a 0.28% decline on Thursday, Ethereum ended the day at $365.57.
It was another mixed start to the day. Ethereum rose to an early morning intraday high $380.0 before hitting reverse.
Falling short of the first major resistance level at $383.27, Ethereum fell to a late morning intraday low $361.38.
The pullback saw Ethereum fall through the first major support level at $371.34 and the second major support level at $364.73.
More significantly, Ethereum fell through the 38.2% FIB of $367.
Finding support in the 2nd half of the day, Ethereum revisited $371 levels before falling back through the 38.2% FIB. The first major support level at $371.34 pinned Ethereum back.
At the time of writing, Ethereum was down by 0.21% to $364.80. A mixed start to the day saw Ethereum rise to an early morning high $365.89 before falling to a low $364.80.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the 38.2% FIB and the $368.98 pivot to support a run at the first major resistance level at $376.59.
Support from the broader market would be needed, however, for Ethereum to break back through to $370 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a breakout, Ethereum could visit $380 levels before any pullback. Ethereum would likely come up short of the second major resistance level at $387.60, however.
Failure to move through the 38.2% FIB and the $368.98 pivot would bring the first major support level at $357.97 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$350 levels. The second major support level at $350.36 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $357.97
Pivot Level: $368.98
First Major Resistance Level: $376.59
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Litecoin
Litecoin slid by 3.87% on Friday. Following on from a 0.46% fall on Thursday, Litecoin ended the day at $47.63.
A relatively bullish start to the day saw Litecoin rise to an early morning intraday high $49.9 before hitting reverse.
Falling short of the first major resistance level at $50.27, Litecoin slid to an early morning intraday low $45.64.
Litecoin fell through the day’s major support levels before a move back through to $47 levels.
The partial recovery saw Litecoin move back through the third major support level at $46.81.
At the time of writing, Litecoin was down by 0.31% to $47.48. A bearish start to the day saw Litecoin fall from an early morning high $47.67 to a low $47.48.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $47.72 pivot to support a run at the first major resistance level at $49.81.
Support from the broader market would be needed, however, for Litecoin to break back through to $49 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $49.9 would likely cap any upside.
In the event of another breakout, Litecoin would likely test resistance at $51 before any pullback. The second major resistance level sits at $51.98.
Failure to move through the $47.72 pivot level would bring the first major support level at $45.55 into play.
Barring another extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $43.46.
Looking at the Technical Indicators
First Major Support Level: $45.55
Pivot Level: $47.72
First Major Resistance Level: $49.81
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 2.31% on Friday. Following on from a 1.23% decline on Thursday, Ripple’s XRP ended the day at $0.24017.
Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.24797 before hitting reverse.
Falling short of the first major resistance level at $0.2499, Ripple’s XRP slid to a late morning intraday low $0.23783.
Ripple’s XRP fell through the first major support level at $0.2425 and the second major support level at $0.2391.
Finding support in the late morning, Ripple’s XRP briefly revisited $0.2426 levels before falling back.
The first major support level at $0.2425 pinned Ripple’s XRP back on the day.
At the time of writing, Ripple’s XRP was flat at $0.24024, with no movement at the start of the day.
For the day ahead
Ripple’s XRP will need to move through the $0.2420 pivot to support a run at the first major resistance level at $0.2462.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2450 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $0.24797 would likely cap any upside.
In the event of an extended rally, the second major resistance level at $0.2521 would likely come into play.
Failure to move through the $0.2420 pivot would bring the first major support level at $0.2360 into play.
Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.23 levels. The second major support level at $0.2319 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $0.2360
Pivot Level: $0.2420
First Major Resistance Level: $0.2462
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
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Thanks, Bob
This article was originally posted on FX Empire