Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 8th, 2020

Ethereum

Ethereum rose by 0.26% on Wednesday. Following a 3.69% slide on Tuesday, Ethereum ended the day at $341.68.

A bearish start to the day saw Ethereum slide to an early morning intraday low $332.87 before making a move.

Ethereum fell through the first major support level at $333.23 before rising to a mid-afternoon intraday high of $342.83.

Falling well short of the first major resistance level at $351.83, Ethereum fell back to $336 levels before finding support.

A late move back through to $341 levels reversed losses from the day.

At the time of writing, Ethereum was down by 0.20% to $340.98. A mixed start to the day saw Ethereum rise to an early morning high of $342.36 before falling to a low $340.70.

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

For the day ahead

Ethereum would need to avoid a fall through the $339.13 pivot to support a run at the first major resistance level at $345.38.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $342.83.

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

Failure to avoid a fall through the $345.38 pivot would bring the first major support level at $335.42 into play.

Barring another extended sell-off, however, Ethereum should continue to avoid sub-$330 levels. The second major support level sits at $329.17.

Looking at the Technical Indicators

First Major Support Level: $335.42

Pivot Level: $339.13

First Major Resistance Level: $345.38

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 1.22% on Wednesday. Reversing a 0.73% fall from Tuesday, Litecoin ended the day at $46.58.

It was a mixed start to the day. Litecoin slid to an early morning intraday low $45.03 before making a move.

Steering clear of the first major support level at $44.97, Litecoin rallied to a late intraday high $46.92.

Falling short of the first major resistance level at $47.64, Litecoin slipped back to end the day at $46.5 levels.

At the time of writing, Litecoin was down by 0.19% to $46.48. A mixed start to the day saw Litecoin rise to an early morning high of $46.64 before falling to a low $46.46.

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

For the day ahead

Litecoin would need to avoid a fall through the $46.18 pivot to support a run at the first major resistance level at $47.32.

Support from the broader market would be needed, however, for Litecoin to break back through to $47 levels.

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

In the event of another breakout, Litecoin could test resistance at $48 before any pullback. The second major resistance level sits at $48.07.

Failure to avoid a fall through the $46.18 pivot level would bring the first major support level at $45.43 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$44 levels. The second major support level at $44.29 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $45.43

Pivot Level: $46.18

First Major Resistance Level: $47.32

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 1.31% on Wednesday. Partially reversing a 2.12% decline from Tuesday, Ripple’s XRP ended the day at $0.24882.

It was also a mixed start to the day. Ripple’s XRP fell to an early morning intraday low $0.24105 before making a move.

Steering clear of the first major support level at $0.2377, Ripple’s XRP rose to a late afternoon intraday high $0.25127.

Falling short of the first major resistance level at $0.2565, Ripple’s XRP fell back to end the day at sub-$0.25 levels.

At the time of writing, Ripple’s XRP was down by 0.28% to $0.24813. A mixed start to the day saw Ripple’s XRP rise to an early morning high of $0.24905 before falling to a low $0.24813.

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 $0.2470 pivot to support a run at the first major resistance level at $0.2530.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.25127.

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

In the event of an extended rally, the second major resistance level at $0.2573 would likely come into play. Resistance at $0.26 would likely pin Ripple’s XRP back, however.

Failure to avoid a fall through the $0.2470 pivot would bring the first major support level at $0.2428 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.24 levels. The second major support level sits at $0.2368.

Looking at the Technical Indicators

First Major Support Level: $0.2428

Pivot Level: $0.2470

First Major Resistance Level: $0.2530

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