Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 15th, 2020

Ethereum

Ethereum fell by 0.63% on Wednesday. Following on from a 1.40% decline on Tuesday, Ethereum ended the day at $378.97.

It was another mixed start to the day. Ethereum rose to an early morning high $385.5 before falling to a late morning low $378.01.

Steering clear of the major support and resistance levels, Ethereum rose to an early afternoon intraday high $387.63.

Falling short of the first major resistance level at $388.07, Ethereum fell to a late afternoon intraday low $373.29.

Ethereum fell through the first major support level at $374.48 before a partial recovery to end the day at $378 levels.

At the time of writing, Ethereum was down by 0.02% to $378.90. A mixed start to the day saw Ethereum rise to an early morning high $379.09 before falling to a low $378.38.

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

For the day ahead

Ethereum would need to move through the $379.96 pivot to support a run at the first major resistance level at $386.64

Support from the broader market would be needed, however, for Ethereum to break back through to $385 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $387.63 would likely cap any upside.

In the event of a breakout, Ethereum could test the second major resistance level at $394.3. Resistance at $400 would likely pin Ethereum back, however.

Failure to move through the $379.96 pivot would bring the first major support level at $372.30 into play.

Barring another extended sell-off, however, Ethereum should avoid the 38.2% FIB and the second major support level at $365.62.

Looking at the Technical Indicators

First Major Support Level: $372.30

Pivot Level: $379.96

First Major Resistance Level: $386.64

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin fell by 0.24% on Wednesday. Following on from a 1.30% decline on Tuesday, Litecoin ended the day at $49.84.

A relatively bullish start to the day saw Litecoin rise to an early afternoon intraday high $51.04 before hitting reverse.

Litecoin broke through the first major resistance level at $50.82 before falling to a late afternoon intraday low $49.29.

Steering clear of the first major support level at $48.96 Litecoin recovered to end the day at $49.8 levels. Resistance at $50 pinned Litecoin back late in the day.

At the time of writing, Litecoin was down by 0.28% to $49.70. A bearish start to the day saw Litecoin fall from an early morning high $49.81 to a low $49.64.

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

http://finance.yahoo.com/

For the day ahead

Litecoin would need to move through the $50.06 pivot to support a run at the first major resistance level at $50.82.

Support from the broader market would be needed, however, for Litecoin to break out from $50.50 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $51.04 would likely cap any upside.

In the event of another breakout, Litecoin would likely test the second major resistance level at $51.81. Resistance at $52 would likely cap any upside, however.

Failure to move through the $50.06 pivot level would bring the first major support level at $49.07 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $48.31.

Looking at the Technical Indicators

First Major Support Level: $49.07

Pivot Level: $50.06

First Major Resistance Level: $50.82

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP slid by 2.83% on Wednesday. Reversing a 0.25% gain from Tuesday, Ripple’s XRP ended the day at $0.24937.

A mixed start to the day saw Ripple’s XRP rise to a late morning intraday high $0.25867 before hitting reverse.

Coming up against the first major resistance level at $0.2603, Ripple’s XRP slid to a late afternoon intraday low $0.24632.

Ripple’s XRP fell through the first major support level at $0.2529 and the second major support level at $0.2491.

A late move back through to $0.249 levels saw Ripple’s XRP move back through the second major support level.

At the time of writing, Ripple’s XRP was down by 0.20% to $0.24887. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.24911 to a low $0.24883.

Ripple’s XRP left the major support and resistance levels untested early on.

http://finance.yahoo.com/

For the day ahead

Ripple’s XRP will need to move through the $0.2515 pivot to support a run at the first major resistance level at $0.2566.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2550 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.25867 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.2638 would likely come into play.

Failure to move through the $0.2515 pivot would bring the first major support level at $0.2442 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 $0.2391.

Looking at the Technical Indicators

First Major Support Level: $0.2442

Pivot Level: $0.2515

First Major Resistance Level: $0.2566

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

This article was originally posted on FX Empire

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