Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 19th, 2020

Ethereum

Ethereum rallied by 2.74% on Sunday. Following on from a 0.8% gain on Saturday, Ethereum ended the week up by 1.12% to $378.58

It was a bullish end to the week. Ethereum rallied from an early morning intraday low $367.31 to a final hour intraday high $378.69.

The day-long rally saw Ethereum break through the first major resistance level at $371.51 and the second major resistance level at $374.55.

At the time of writing, Ethereum was down by 0.11% to $378.16. A mixed start to the day saw Ethereum rise to an early morning high $379.94 before falling to a low $378.01.

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

For the day ahead

Ethereum would need to avoid a fall through the $374.86 pivot to support a run at the first major resistance level at $382.41.

Support from the broader market would be needed, however, for Ethereum to break 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 $386.24 before any pullback.

Failure to avoid a fall through the $374.86 pivot would bring the first major support level at $371.03 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 $363.48.

Looking at the Technical Indicators

First Major Support Level: $371.03

Pivot Level: $374.86

First Major Resistance Level: $382.41

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 1.39% on Sunday. Partially reversing a 1.49% loss from Saturday, Litecoin ended the week down by 5.73% to $47.58.

It was a relatively bullish start to the day. Litecoin rise from an early morning intraday low $46.81 to an early afternoon intraday high $47.98.

The morning rally saw Litecoin break through the first major resistance level at $47.62 before easing back.

Litecoin fell back to a 2nd half low $47.27 before wrapping up the day at $47.5 levels.

At the time of writing, Litecoin was down by 0.23% to $47.47. A mixed start to the day saw Litecoin rise to an early morning high $47.67 before falling to a low $47.47.

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

http://finance.yahoo.com/

For the day ahead

Litecoin would need to avoid a fall through the $47.46 pivot to support a run at the first major resistance level at $48.10.

Support from the broader market would be needed, however, for Litecoin to break back through to $48 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $47.98 would likely cap any upside.

In the event of another breakout, Litecoin would likely test resistance at $49 before any pullback. The second major resistance level sits at $48.63.

Failure to avoid a fall through the $47.46 pivot level would bring the first major support level at $46.93 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $46.29.

Looking at the Technical Indicators

First Major Support Level: $46.93

Pivot Level: $47.46

First Major Resistance Level: $48.1

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 0.63% on Sunday. Following on from a 0.17% gain on Saturday, Ripple’s XRP ended the week down by 5.21% to $0.24216.

A bullish start to the day saw Ripple’s XRP rise from an early morning intraday low $0.24040 to an early afternoon intraday high $0.24342.

Ripple’s XRP broke through the first major resistance level at $0.2428 before falling back to sub-$0.2425 levels.

At the time of writing, Ripple’s XRP was up by 0.27% to $0.24281. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.24229 to a high $0.24281.

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 avoid a fall through the $0.2420 pivot to support a run at the first major resistance level at $0.2436.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $0.24342.

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

In the event of an extended rally, the second major resistance level at $0.2450 would likely come into play.

Failure to avoid a fall through the $0.2420 pivot would bring the first major support level at $0.2406 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.2350 levels. The second major support level at $0.2390 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2406

Pivot Level: $0.2420

First Major Resistance Level: $0.2436

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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