Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 16th, 2020

Ethereum

Ethereum declined by 0.28% on Thursday. Following on from a 0.63% fall on Wednesday, Ethereum ended the day at $377.94.

It was another mixed start to the day. Ethereum rose to a mid-morning high $381.14 before hitting reverse.

Falling short of the major resistance levels, Ethereum fell to a late morning intraday low $370.06.

The pullback saw Ethereum fall through the first major support level before striking a late intraday high $381.99.

Falling short of the first major resistance level at $386.64, Ethereum fell back to sub-$379 levels and into the red.

At the time of writing, Ethereum was down by 0.34% to $376.65. A Bearish start to the day saw Ethereum fall from an early morning high $377.94 to a low $376.65.

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

For the day ahead

Ethereum would need to move back through the $376.66 pivot to support a run at the first major resistance level at $383.27.

Support from the broader market would be needed, however, for Ethereum to break back through to $380 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 the second major resistance level at $388.59. Resistance at $390 would likely pin Ethereum back, however.

Failure to move back through the $376.66 pivot would bring the first major support level at $371.34 into play.

Barring another extended sell-off, however, Ethereum should continue to avoid the 38.2% FIB of $367. The second major support level sits at $364.73.

Looking at the Technical Indicators

First Major Support Level: $371.34

Pivot Level: $376.66

First Major Resistance Level: $383.27

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin fell by 0.46% on Thursday. Following on from a 0.24% loss on Wednesday, Litecoin ended the day at $49.58.

A relatively bullish start to the day saw Litecoin rise to a mid-morning intraday high $50.26 before hitting reverse.

Falling short of the first major resistance level at $50.82, Litecoin slid to a late morning intraday low $48.88.

Litecoin fell through the first major support level at $49.07 before revisiting $49.9 levels.

A bearish end to the day, however, saw Litecoin fall back to sub-$49.80 levels and into the red. Resistance at $50 had pinned Litecoin back late in the day.

At the time of writing, Litecoin was down by 0.42% to $49.37. A bearish start to the day saw Litecoin fall from an early morning high $49.55 to a low $49.37.

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 $49.57 pivot to support a run at the first major resistance level at $50.27.

Support from the broader market would be needed, however, for Litecoin to break back through to $50 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $50.26 would likely cap any upside.

In the event of another breakout, Litecoin would likely test the second major resistance level at $50.95. Resistance at $51 would likely cap any upside, however.

Failure to move through the $49.57 pivot level would bring the first major support level at $48.89 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $48.19.

Looking at the Technical Indicators

First Major Support Level: $48.89

Pivot Level: $49.57

First Major Resistance Level: $50.27

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 1.23% on Thursday. Following on from a 2.83% slide on Wednesday, Ripple’s XRP ended the day at $0.24604.

It was a choppy start to the day. Ripple’s XRP recovered from an early dip to strike a mid-morning intraday high $0.25032 before hitting reverse.

Falling well short of the first major resistance level at $0.2566, Ripple’s XRP slid to an early afternoon intraday low $0.24294.

Ripple’s XRP fell through the first major support level at $0.2442 before revisiting $0.2480 levels.

A bearish end to the day, however, left Ripple’s XRP down at $0.2460 levels and in the red.

At the time of writing, Ripple’s XRP was down by 0.28% to $0.24536. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.24586 to a low $0.24512.

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 $0.2464 pivot to support a run at the first major resistance level at $0.2499.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2490 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.25032 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.2538 would likely come into play.

Failure to move through the $0.2464 pivot would bring the first major support level at $0.2425 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: $0.2425

Pivot Level: $0.2464

First Major Resistance Level: $0.2499

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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