Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 27th, 2020
Bob Mason
6 min read
Ethereum
Ethereum slid by 8.58% on Thursday. Following on from a 6.06% fall on Wednesday, Ethereum ended the day at $520.34.
A mixed start to the day saw Ethereum rise to an early morning intraday high $577.00 before hitting reverse.
Falling short of the first major resistance level at $598.85, Ethereum slumped to a late morning intraday low $480.08.
Ethereum fell through the first major support level at $546.36 and the second major support level at $523.94.
More significantly, Ethereum fell through the 23.6% FIB of $495.00.
Finding support at sub-$500 levels, however, Ethereum moved back through the 23.6% FIB to wrap up the day at $520 levels.
At the time of writing, Ethereum was down by 0.78% to $516.30. A mixed start to the day saw Ethereum rise to an early morning high $522.55 before falling to a low $515.68.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the pivot level at $525.81 to support a run at the first major resistance level at $571.53.
Support from the broader market would be needed, however, for Ethereum to break out from $550 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $600 before any pullback. The second major resistance level sits at $622.73.
Failure to move through the $525.81 pivot would bring the 23.6% FIB of $495 and the first major support level at $474.61 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$450 levels. The second major support level sits at $428.89.
Looking at the Technical Indicators
First Major Support Level: $474.61
Pivot Level: $525.81
First Major Resistance Level: $571.53
23.6% FIB Retracement Level: $495
38.2% FIB Retracement Level: $416
62% FIB Retracement Level: $288
Litecoin
Litecoin tumbled by 12.96% on Thursday. Following on from an 8.51% slide on Wednesday, Litecoin ended the day at $71.11.
It was a mixed start to the day. Litecoin rose to an early morning intraday high $83.26 before hitting reverse.
Falling short of the first major resistance level at $89.01, Litecoin slid to a late intraday low $64.30.
Litecoin fell through the first major support level at $76.22 and the second major support level at $70.69.
More significantly, the sell-off saw Litecoin fall through the 38.2% FIB of $71.00.
Late in the day, Litecoin recovered to $71 levels to reduce the losses from the day. The 38.2% FIB pinned Litecoin back late on.
At the time of writing, Litecoin was down by 1.27% to $70.21. A mixed start to the day saw Litecoin rise to an early morning high $71.50 before falling to a low $69.95.
Litecoin left the major support and resistance levels untested early on. Litecoin fell through the 38.2% FIB of $71, however.
For the day ahead
Litecoin would need to move through the 38.2% FIB and the $72.89 pivot to support a run at the first major resistance level at $81.48.
Support from the broader market would be needed, however, for Litecoin to break out from $75 levels.
Barring another extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended breakout, Litecoin would likely test resistance at $85 before any pullback. The second major resistance level sits at $91.85.
Failure to move through the $72.89 pivot level would bring the first major support level at $62.52 into play.
Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$60 levels. The second major support level sits at $53.93.
Looking at the Technical Indicators
First Major Support Level: $62.52
Pivot Level: $72.89
First Major Resistance Level: $81.48
23.6% FIB Retracement Level: $45.30
38.2% FIB Retracement Level: $71
62% FIB Retracement Level: $100
Ripple’s XRP
Ripple’s XRP slumped by 14.78% on Thursday. Following on from a 9.08% slide on Wednesday, Ripple’s XRP ended the day at $0.5370.
It was another mixed start to the day. Ripple’s XRP rose to an early morning intraday high $0.6518 before hitting reverse.
Falling short of the first major resistance level at $0.7093, Ripple’s XRP tumbled to a late intraday low $0.45501.
Ripple’s XRP fell through first major support level at $0.5665 and the second major support level at $0.5025. More significantly, however, Ripple’s XRP also slid through the 23.6% FIB of $0.6274 and the 38.2% FIB of $0.5285.
Finding support through the late morning, however, Ripple’s XRP moved back through the 38.2% FIB to wrap up the day at $0.53 levels.
At the time of writing, Ripple’s XRP was down by 1.96% to $0.52645. A bearish start to the day saw Ripple’s XRP slide from an early morning high $0.5370 to a low $0.5220.
While steering clear of the major support and resistance levels, Ripple’s XRP fell back through the 38.2% FIB of $0.5285.
For the day ahead
Ripple’s XRP will need to move through the 38.2% FIB and the $0.5479 pivot level to support a run at the first major resistance level at $0.6409.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through the 23.6% FIB of $0.6274.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $0.70 before any pullback. The second major resistance level sits at $0.7447.
Failure to move through the $0.5479 pivot would bring the first major support level at $0.4441 into play.
Barring another extended crypto sell-off, Ripple’s XRP should steer well clear of sub-$0.40 levels and the 62% FIB of $0.3687. The second major support level sits at $0.3511.
Looking at the Technical Indicators
First Major Support Level: $0.4441
Pivot Level: $0.5479
First Major Resistance Level: $0.6409
23.6% FIB Retracement Level: $0.6274
38.2% FIB Retracement Level: $0.5285
62% FIB Retracement Level: $0.3687
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