Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 17th, 2020
In This Article:
Ethereum
Ethereum rose by 2.73% on Monday. Reversing a 2.74% fall from Sunday, Ethereum ended the day at $460.85.
It was a mixed start to the day. Ethereum fell to an early morning intraday low $445.91 before making a move.
Steering clear of the first major support level at $437.82, Ethereum rallied to a late intraday high $466.21.
Ethereum broke through the first major resistance level at $461.29 before a fall back to sub-$460 levels.
A bullish end to the day, however, saw Ethereum break back through the first major resistance level to end the day at $460 levels.
At the time of writing, Ethereum was up by 0.46% to $462.96. A mixed start to the day saw Ethereum fall to an early morning low $460.05 before striking a high $463.13.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall through the pivot level at $457.66 to support a run at the first major resistance level at $469.40.
Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $466.21.
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 $480 before any pullback. The second major resistance level sits at $477.96.
Failure to avoid a fall through the $457.66 pivot would bring the first major support level at $449.10 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$440 levels. The second major support level sits at $437.36.
Looking at the Technical Indicators
First Major Support Level: $449.10
Pivot Level: $457.66
First Major Resistance Level: $469.40
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Litecoin
Litecoin surged by 18.45% on Monday. Reversing a 2.38% loss from Sunday, Litecoin ended the day at $73.83.
It was a particularly bullish day. Litecoin rallied from an early morning intraday low $62.16 to a final hour intraday high $74.65.
The day-long rally saw Litecoin broke through the day’s major resistance levels at the 38.2% FIB of $71.00.
At the time of writing, Litecoin was up by 1.42% to $74.88. A mixed start to the day saw Litecoin fall to an early morning low $73.35 before rising to a high $74.88.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid a fall through the 38.2% FIB and the $70.21 pivot to support a run at the first major resistance level at $78.27.
Support from the broader market would be needed, however, for Litecoin to break out from $75 levels.