Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 23rd, 2020

Ethereum

Ethereum rose by 1.40% on Sunday. Following an 8.32% rally from Saturday, Ethereum ended the week up by 25.02% to $560.82.

It was another mixed start to the day. Ethereum rose to an early morning high $562.61 before hitting reverse.

Falling short of the first major resistance level at $570.63, Ethereum slid to a late morning intraday low $511.16.

Ethereum fell through the first major support level at $519.17 before finding support. Through the 2^nd half of the day, Ethereum rallied to a late intraday high and a new swing hi $581.80.

The afternoon rally saw Ethereum break through the first major resistance level at $570.63. A late pullback, however, saw Ethereum fall back through the first major resistance level to end the day at sub-$570.

At the time of writing, Ethereum was up by 0.79% to $565.25. A bullish start to the day saw Ethereum rise from an early morning low $560.70 to a high $565.72

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 $551.26 to support a run at the first major resistance level at $591.36.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $581.80.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $610 before any pullback. The second major resistance level sits at $621.90.

Failure to avoid a fall through the $551.26 pivot would bring the first major support level at $520.72 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$500 levels. The second major support level sits at $480.62.

Looking at the Technical Indicators

First Major Support Level: $520.72

Pivot Level: $551.26

First Major Resistance Level: $591.36

23.6% FIB Retracement Level: $

38.2% FIB Retracement Level: $

62% FIB Retracement Level: $

Litecoin

Litecoin slid by 4.90% on Sunday. Partially reversing a 5.43% gain from Saturday, Litecoin ended the week up by 33.10% to $82.96.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $88.00 before hitting reverse.

Falling short of the first major resistance level at $90.28, Litecoin slid to a late morning intraday low $78.00.

Litecoin fell through the first major support level at $82.26 before recovering to $85 levels.

A bearish end to the day, however, saw Litecoin slide back to end the day at sub-$83 levels.

At the time of writing, Litecoin was up by 0.83% to $83.65. A mixed start to the day saw Litecoin fall to an early morning low $82.74 before rising to a high $83.65.

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

For the day ahead

Litecoin would need to avoid a fall back through the $82.99 pivot to support a run at the first major resistance level at $87.97.

Support from the broader market would be needed, however, for Litecoin to break out from $85 levels.

Barring another extended crypto rally, the first major resistance level and Sunday’s high $88.00 would likely cap any upside.

In the event of another extended breakout, Litecoin would likely test the second major resistance level at $92.99.

Failure to avoid a fall back through the $82.99 pivot level would bring the first major support level at $77.97 into play.

Barring an extended sell-off on the day, however, Litecoin should steer well clear of the second major support level at $72.99.

Looking at the Technical Indicators

First Major Support Level: $77.97

Pivot Level: $82.99

First Major Resistance Level: $87.97

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP fell by 3.56% on Sunday. Following Saturday’s 40.04% surge, Ripple’s XRP ended the week up by 65.9% to $0.44669.

It was a mixed start to the day. Ripple’s XRP rallied to an early morning intraday high $0.4980 before hitting reverse.

Falling short of the first major resistance level at $0.5122, Ripple’s XRP slid to an early morning intraday low $0.40401.

While steering clear of the first major support level at $0.3713, Ripple’s XRP fell through the 38.2% FIB of $0.4392. In the late morning, Ripple’s XRP revisited $0.475 levels before a late morning pullback.

The pullback saw Ripple’s XRP fall back through the 38.2% FIB to $0.4080 levels before finding support. Through the 2^nd half of the day, Ripple’s XRP broke back through the 38.2% FIB to revisit $0.48 levels.

A bearish final hour, however, saw Ripple’s XRP fall back to sub-$0.45 and end the day in the deep red.

At the time of writing, Ripple’s XRP was up by 0.80% to $0.45027. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.44603 to a high $0.45320.

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 back through the $0.4496 pivot level to support a run at the first major resistance level at $0.4951.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.49 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.4980 would likely cap any upside.

In the event of another extended rally, Ripple’s XRP could test resistance at $0.55 before any pullback. The second major resistance level sits at $0.5436.

Failure to avoid a fall back through the $0.4496 pivot would bring the 38.2% FIB and the first major support level at $0.4011 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer well clear of sub-$0.40 levels. The second major support level sits at $0.3556.

Looking at the Technical Indicators

First Major Support Level: $0.4011

Pivot Level: $0.4496

First Major Resistance Level: $0.4951

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