Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 27th, 2020

Ethereum

Ethereum slid by 3.25% on Monday. Following on from a 1.48% fall on Sunday, Ethereum ended the day at $393.12.

A bullish start to the day saw Ethereum rise to an early morning intraday high $411.7 before hitting reverse.

Falling short of the first major resistance level at $415.24, Ethereum slid to a late afternoon intraday low $382.21.

Ethereum fell through the first major support level at $400.30 and the second major support level at $394.14.

Steering clear of sub-$380 levels, Ethereum broke back through the second major support level before wrapping up the day at $393 levels.

At the time of writing, Ethereum was up by 0.16% to $393.75. A mixed start to the day saw Ethereum fall to an early morning low $392.91 before rising to a high $393.78.

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

For the day ahead

Ethereum would need to move through the $395.60 pivot to support a run at the first major resistance level at $408.99.

Support from the broader market would be needed, however, for Ethereum to break back through to $400 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 $410 before any pullback. The second major resistance level sits at $424.86.

Failure to move through the $395.60 pivot would bring the first major support level at $379.73 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the 38.2% FIB of $367. The second major support level sits at $366.34.

Looking at the Technical Indicators

First Major Support Level: $379.73

Pivot Level: $395.60

First Major Resistance Level: $408.99

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin slid by 3.38% on Monday. Following on from a 0.62% decline on Sunday, Litecoin ended the day a $56.89.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $59.35 before hitting reverse.

Falling short of the first major resistance level at $60.39, Litecoin slid to a late afternoon intraday low $55.00.

The sell-off saw Litecoin fall through the first major support level at $56.96. Finding support at the second major support level at $55.04, Litecoin revisited $57 levels before easing back to sub-$57 levels.

The partial recovery saw Litecoin briefly move back through the first major support level at $56.96.

At the time of writing, Litecoin was up by 0.21% to $57.01. A mixed start to the day saw Litecoin fall to an early morning low $56.83 before rising to a high $57.08.

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

For the day ahead

Litecoin would need to move through the $57.08 pivot to support a run at the first major resistance level at $59.16.

Support from the broader market would be needed, however, for Litecoin to break out from $58 levels.

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 $61.43.

Failure to move through the $57.08 pivot level would bring the first major support level at $54.81 and the 23.6% FIB of $54 into play.

Barring another extended sell-off on the day, however, Litecoin should steer well clear of sub-$50 levels. The second major support level at $52.73 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $54.81

Pivot Level: $57.08

First Major Resistance Level: $59.16

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 1.87% on Monday. Following on from a 1.20% loss on Sunday, Ripple’s XRP ended the day at $0.24854.

It was a bullish start to the day. Ripple’s XRP rose to an early morning intraday high $0.25900 before hitting reverse.

The early rally saw Ripple’s XRP break through the first major resistance level at $0.2566.

Coming within range of the second major resistance level at $0.2599, however, Ripple’s XRP slid to a late afternoon intraday low $0.2440.

Ripple’s XRP fell through the first major support level at $0.2507 and the second major support level at $0.2482.

Finding late support, however, Ripple’s XRP moved back through the second major support level to end the day at $0.2485 levels.

At the time of writing, Ripple’s XRP was down by 0.15% to $0.24817. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.24849 to a low $0.24817.

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 $0.2505 pivot to support a run at the first major resistance level at $0.2570.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.25 levels.

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 $0.2655.

Failure to move through the $0.2505 pivot would bring the first major support level at $0.2420 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of the second major support level at $0.2355.

Looking at the Technical Indicators

First Major Support Level: $0.2420

Pivot Level: $0.2505

First Major Resistance Level: $0.2570

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