Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 29th, 2020

Ethereum

Ethereum fell by 1.01% on Monday. Reversing a 1.06% gain from Sunday, Ethereum ended the day at $353.91

It was a bullish start to the day. Ethereum rallied to a midday intraday high $368.52 before hitting reverse.

The early rally saw Ethereum break through the first major resistance level at $364.74 and the 38.2% FIB of $367.

The reversal saw Ethereum slide to a final hour intraday low $351.88. While falling back through the 38.2% FIB and the first major resistance level, Ethereum steered clear of the major support levels.

At the time of writing, Ethereum was up by 0.25% to $354.79. A mixed start to the day saw Ethereum fall to an early morning low $351.65 before rising to a high $355.34.

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

For the day ahead

Ethereum would need to move through the $358.10 pivot to support a run at the first major resistance level at $364.33.

Support from the broader market would be needed, however, for Ethereum to break back through to $360 levels.

Barring an extended crypto rally, the first major resistance level and 38.2% FIB of $367 would likely cap any upside.

Failure to move through the $358.10 pivot would bring the first major support level at $347.69 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$340 levels. The second major support level at $341.46 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $347.69

Pivot Level: $358.10

First Major Resistance Level: $364.33

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin fell by 1.89% on Monday. Reversing a 0.04% gain from Sunday, Litecoin ended the day at $45.21.

It was also a bullish start to the day. Litecoin rallied to an early morning intraday high $47.13 before falling back.

The early rally saw Litecoin break through the first major resistance level at $46.94 before falling to a low $46.02.

Another rally in the late morning saw Litecoin break back through the first major resistance level before hitting reverse.

The reversal saw Litecoin slide to a final hour intraday low $44.80 before wrapping up the day at $45 levels.

The first major support level at $44.91 limited the downside on the day.

At the time of writing, Litecoin was up by 0.51% to $45.44. A mixed start to the day saw Litecoin fall to an early morning low $45.08 before rising to a high $45.46.

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

For the day ahead

Litecoin would need to move through the $45.71 pivot to support a run at the first major resistance level at $46.63.

Support from the broader market would be needed, however, for Litecoin to break back through to $46 levels.

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

In the event of another breakout, the second major resistance level at $48.04 could come into play.

Failure to move through the $45.71 pivot level would bring the first major support level at $44.30 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $43.38.

Looking at the Technical Indicators

First Major Support Level: $44.30

Pivot Level: $45.71

First Major Resistance Level: $46.63

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 1.06% on Monday. Reversing a 0.69% gain from Sunday, Ripple’s XRP ended the day at $0.24079.

A bullish start to the day saw Ripple’s XRP rally to a late afternoon intraday high $0.2550 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2463 and the second major resistance level at $0.2492.

The reversal saw Ripple’s XRP slide to a final hour intraday low $0.2396.

While falling back through the resistance levels, Ripple’s XRP avoided the first major support level at $0.2389.

At the time of writing, Ripple’s XRP was up by 0.25% to $0.24138. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.24001 before rising to a high $0.24185.

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 $0.2451 pivot to support a run at the first major resistance level at $0.2507.

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.

Failure to move through the $0.2451 pivot would bring the first major support level at $0.2353 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.23 levels. The second major support level sits at $0.2297.

Looking at the Technical Indicators

First Major Support Level: $0.2353

Pivot Level: $0.2451

First Major Resistance Level: $0.2507

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