Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 21st, 2020

Ethereum

Ethereum slid by 2.82% on Tuesday. Reversing a modest 0.21% gain from Monday, Ethereum ended the day at $368.81.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $380.90 before hitting reverse.

Falling short of Monday’s high $384.69 and the first major resistance level at $385.07, Ethereum fell to a late intraday low $364.04.

Ethereum fell through the first major support level at $373.27 and the second major support level at $367.18.

More significantly, Ethereum also slid through the 38.2% FIB of $367 before a brief recovery to $370 levels.

At the time of writing, Ethereum was down by 0.07% to $368.56. A mixed start to the day saw Ethereum rise from to an early morning high $369.31 before falling to a low $368.06.

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

For the day ahead

Ethereum would need to move through the $371.25 pivot to support a run at the first major resistance level at $378.46.

Support from the broader market would be needed, however, for Ethereum to break out from $375 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $380.90 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $385 before any pullback. The second major resistance level sits at $388.11.

Failure to move through the $371.25 pivot would bring the 38.2% FIB and the first major support level at $361.60 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$360 support levels. The second major support level sits at $354.39.

Looking at the Technical Indicators

First Major Support Level: $361.60

Pivot Level: $371.25

First Major Resistance Level: $378.46

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin fell by 2.21% on Tuesday. Reversing a 0.92% gain from Monday, Litecoin ended the day at $46.95.

Tracking the broader market, Litecoin rose to an early morning intraday high $48.46 before hitting reverse.

Falling short of the first major resistance level at $48.80, Litecoin slid to a late intraday low $46.45.

The pullback saw Litecoin fall through the first major support level at $46.92 before a brief recovery to $47 levels.

A fall back to sub-$47 levels saw Litecoin test the first major support level at the day end.

At the time of writing, Litecoin was up by 0.15% to $47.02. A mixed start to the day saw Litecoin fall to an early morning low $46.90 before rising to a high $47.03.

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

For the day ahead

Litecoin would need to move through the $47.29 pivot to support a run at the first major resistance level at $48.12.

Support from the broader market would be needed, however, for Litecoin to break back through to $48 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $48.46 would likely cap any upside.

In the event of another breakout, Litecoin would likely test resistance at $49 before any pullback. The second major resistance level sits at $49.30.

Failure to move through the $47.29 pivot level would bring the first major support level at $46.11 into play.

Barring another extended sell-off on the day, however, Litecoin should steer well clear of the second major support level at $45.28.

Looking at the Technical Indicators

First Major Support Level: $46.11

Pivot Level: $47.29

First Major Resistance Level: $48.12

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP slipped by 0.85% on Tuesday. Partially reversing a 1.42% rally from Monday, Ripple’s XRP ended the day at $0.2436.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.25034 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2502 before sliding to an early afternoon intraday low $0.24159.

Steering clear of the first major support level at $0.2408, Ripple’s XRP briefly revisited $0.2459 levels.

A bearish end to the day, however, left Ripple’s XRP at sub-$0.245 levels and in the red.

At the time of writing, Ripple’s XRP was flat at $0.24359. A mixed start to the day Ripple’s XRP fall to an early morning low $0.24311 before rising to a high $0.24360.

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 $0.2452 pivot to support a run at the first major resistance level at $0.2488.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2480 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.25034 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.2539 would likely come into play.

Failure to move through the $0.2452 pivot would bring the first major support level at $0.2400 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of the second major support level at $0.2364.

Looking at the Technical Indicators

First Major Support Level: $0.2400

Pivot Level: $0.2452

First Major Resistance Level: $0.2488

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