Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 28th, 2020
Ethereum
Ethereum rose by 3.22% on Tuesday. Reversing a 3.25% slide from Monday, Ethereum ended the day at $405.74.
It was a relatively range-bound start to the day. Ethereum fell to a late morning intraday low $390.35 before making a move.
Steering clear of the first major support level at $379.73, Ethereum rallied to a late intraday high $411.77.
Ethereum broke through the first major resistance level at $408.99, before easing back to $405 levels.
At the time of writing, Ethereum was down by 0.18% to $405.00. A bearish start to the day saw Ethereum fall from an early morning high $405.76 to a low $404.55.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall through the $402.62 pivot to support a run at the first major resistance level at $414.89.
Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $411.77.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a breakout, Ethereum could test the second major resistance level at $424.04.
Failure to avoid a fall through the $402.62 pivot would bring the first major support level at $393.47 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $381.20.
Looking at the Technical Indicators
First Major Support Level: $393.47
Pivot Level: $402.62
First Major Resistance Level: $414.89
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Litecoin
Litecoin rose by 2.20% on Tuesday. Partially reversing a 3.38% slide from Monday, Litecoin ended the day a $58.14.
It was a mixed start to the day. Litecoin fell to an early morning intraday low $56.51 before making a move.
Steering clear of the first major support level at $54.81, Litecoin rose to a late afternoon intraday high $59.10.
Coming up against the first major resistance level at $59.16, Litecoin fell back to end the day at sub-$59 levels.
At the time of writing, Litecoin was down by 0.46% to $57.87. A bearish start to the day saw Litecoin fall from an early morning high $58.24 to a low $57.06.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move back through the $57.92 pivot to support a run at the first major resistance level at $59.32.
Support from the broader market would be needed, however, for Litecoin to break out from Tuesday’s high $59.10.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a breakout, Litecoin would likely test the second major resistance level at $60.51.
Failure to move back through the $57.92 pivot level would bring the first major support level at $56.73 into play.
Barring an extended sell-off on the day, however, Litecoin should steer well clear of sub-$55 levels. The second major support level at $55.33 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $56.73
Pivot Level: $57.92
First Major Resistance Level: $59.32
23.6% FIB Retracement Level: $45.30
38.2% FIB Retracement Level: $71
62% FIB Retracement Level: $100
Ripple’s XRP
Ripple’s XRP rose by 1.72% on Tuesday. Reversing a 1.87% fall from Monday, Ripple’s XRP ended the day at $0.25277.
It was a mixed start to the day. Ripple’s XRP fell to an early morning intraday low $0.24796 before making a move.
Steering clear of the first major support level at $0.2420, Ripple’s XRP rose to a late afternoon intraday high $0.25420.
Falling short of the first major resistance level at $0.2570, Ripple’s XRP fell back to end the day at $0.2520 levels.
At the time of writing, Ripple’s XRP was down by 0.12% to $0.25246. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.25279 to a low $0.25246.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid a fall through the $0.2516 pivot to support a run at the first major resistance level at $0.2553.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s high $0.25420.
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 $0.26 before any pullback. The second major resistance level sits at $0.2579.
Failure to avoid a fall through the $0.2516 pivot would bring the first major support level at $0.2491 into play.
Barring another extended crypto sell-off, Ripple’s XRP should steer clear of the second major support level at $0.2454.
Looking at the Technical Indicators
First Major Support Level: $0.2491
Pivot Level: $0.2516
First Major Resistance Level: $0.2553
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
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