Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 24th, 2020
In This Article:
Ethereum
Ethereum fell by 1.23% on Friday. Partially reversing a 5.96% rally from Thursday, Ethereum ended the day at $409.52.
It was a mixed start to the day. Ethereum rose to a late morning intraday high $419.48 before hitting reverse.
Falling short of the first major resistance level at $427.00, Ethereum slid to a late afternoon intraday low $401.51.
Steering clear of the first major support level at $396.86, Ethereum recovered to $410 levels before easing back.
At the time of writing, Ethereum was down by 0.22% to $408.60. A mixed start to the day saw Ethereum rise to an early morning high $410.09 before falling to a low $407.78.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $410.17 pivot to support a run at the first major resistance level at $418.83.
Support from the broader market would be needed, however, for Ethereum to break out from $415 levels.
Barring another extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $425 before any pullback. The second major resistance level sits at $428.14.
Failure to move through the $410.17 pivot would bring the first major support level at $400.86 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$390 levels. The second major support level at $392.20 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $400.86
Pivot Level: $410.17
First Major Resistance Level: $418.83
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Litecoin
Litecoin rose by 1.87% on Friday. Following on from a 2.54% gain on Thursday, Litecoin ended the day at $55.46.
It was a mixed start to the day. Litecoin fell to an early morning intraday low $53.16 before making a move.
While steering clear of the first major support level at $52.91, Litecoin fell through the 23.6% FIB of $54.00.
An early morning rebound, however, saw Litecoin strike an intraday high $57.04 before hitting reverse.
Litecoin broke back through the 23.6% FIB and broke through the first major resistance level at $56.14.
The reversal saw Litecoin fall back to an afternoon low $53.57 before recovering.
Litecoin fell back through the 23.6% FIB before wrapping up the day at $55 levels.
At the time of writing, Litecoin was down by 0.76% to $55.04. A bearish start to the day saw Litecoin fall from an early morning high $55.53 to a low $55.03.
Litecoin left the major support and resistance levels untested early on.