Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 16th, 2020

Ethereum

Ethereum fell by 2.74% on Sunday. Following on from a 3.35% slide on Saturday, Ethereum ended the week down by 1.33% to $448.58.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $463.24 before hitting reverse.

Falling short of the first major resistance level at $475.38, Ethereum fell to a late intraday low $439.77.

The sell-off saw Ethereum fall through the first major support level at $449.55. Finding late support, Ethereum partially recovered to end the day at $448 levels.

At the time of writing, Ethereum was down by 0.27% to $447.36. A bearish start to the day saw Ethereum fall from an early morning high $448.80 to a low $447.13.

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 $450.53 to support a run at the first major resistance level at $461.29.

Support from the broader market would be needed, however, for Ethereum to break back through to $460 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 $470 before any pullback. The second major resistance level sits at $474.00.

Failure to move through the $450.53 pivot would bring the first major support level at $437.82 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$430 levels. The second major support level sits at $427.06.

Looking at the Technical Indicators

First Major Support Level: $437.82

Pivot Level: $450.53

First Major Resistance Level: $461.29

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin fell by 2.38% on Sunday. Following on from a 3.27% slide on Saturday, Litecoin ended the week up by 2.26% to $62.37.

It was also a mixed start to the day. Litecoin rose to an early morning intraday high $64.50 before hitting reverse.

Falling short of the first major resistance level at $66.21, Litecoin fell to a late intraday low $61.08.

Litecoin fell through the first major support level at $61.61 before a move back through to $62 levels.

At the time of writing, Litecoin was down by 0.21% to $62.24. A bearish start to the day saw Litecoin fall from an early morning high $62.37 to a low $62.16.

Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to move through the $62.65 pivot to support a run at the first major resistance level at $64.22.

Support from the broader market would be needed, however, for Litecoin to break back through to $64 levels.

Barring another extended crypto rally, the first major resistance level and Sunday’s high $64.5 would likely cap any upside.

In the event of an extended breakout, Litecoin would likely test resistance at $66 before any pullback. The second major resistance level sits at $66.07.

Failure to move through the $62.65 pivot level would bring the first major support level at $60.80 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$60. The second major support level sits at $59.23.

Looking at the Technical Indicators

First Major Support Level: $60.80

Pivot Level: $62.65

First Major Resistance Level: $64.22

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 0.38% on Sunday. Following on from a 0.98% gain on Saturday, Ripple’s XRP  ended the week up by 6.29% to $0.26964.

It was a bullish start to the day. Ripple’s XRP rallied to an early morning intraday high $0.27705 before easing back.

Coming up against the first major resistance level at $0.2770, Ripple’s XRP fell back to $0.2710 levels going into the afternoon.

Through the 2^nd half of the day, Ripple’s XRP briefly revisited $0.273 levels before sliding to a late intraday low $0.26429.

Steering clear of the first major support level at $0.2606, Ripple’s XRP recovered to $0.269 levels to end the day in the green.

At the time of writing, Ripple’s XRP was down by 0.35% to $0.26869. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.26926 to a low $0.26863.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will need to move through the $0.2703 pivot level to support a run at the first major resistance level at $0.2764.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2750 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.27705 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.2831.

Failure to move through the $0.2703 pivot would bring the first major support level at $0.2636 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.26 levels. The second major support level sits at $0.2576.

Looking at the Technical Indicators

First Major Support Level: $0.2636

Pivot Level: $0.2703

First Major Resistance Level: $0.2764

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