Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 2nd, 2020

Ethereum

Ethereum rose by 2.63% on Sunday. Following on from a 1.04% gain on Saturday, Ethereum ended the week down by 2.32% to $396.91.

It was a mixed start to the day. Ethereum rose to an early morning high $390.77 before hitting reverse.

Falling short of the first major resistance level at $393.57, Ethereum fell to an early morning intraday low $385.09.

Steering clear of the first major support level at $380.33, Ethereum rallied to a late intraday high $397.65.

Ethereum broke through the first major resistance level at $393.57 to deliver the upside on the day.

At the time of writing, Ethereum was up by 1.53% to $402.99. A bullish start to the day saw Ethereum rise from an early morning low $396.90 to a high $404.49.

Ethereum broke through the first major resistance level at $401.34 early on.

For the day ahead

Ethereum would need to avoid a fall back through to sub-$400 levels to support another run at the second major resistance level at $405.78.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $404.49.

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

In the event of a further breakout, Ethereum could test resistance at $410 before any pullback. The third major resistance level sits at $418.34.

A fall back through to sub-$400 levels and the $393.22 pivot would bring the first major support level at $388.78 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$380 levels. The second major support level at $380.66 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $388.78

Pivot Level: $393.22

First Major Resistance Level: $401.34

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin fell by 0.23% on Sunday. Partially reversing a 3.18% rally from Saturday, Litecoin ended the week down by 5.49% to $55.65

It was a bullish start to the day. Litecoin rose to an early morning intraday high $56.20 before hitting reverse.

Falling well short of the first major resistance level at $57.00, however, Litecoin fell to a late morning intraday low $54.11.

Finding support at the 23.6% FIB of $54 and the first major support level at $54.15, Litecoin revisited $56 levels before easing back into the red.

At the time of writing, Litecoin was up by 1.01% to $56.21. A bullish start to the day saw Litecoin rise from an early morning low $55.67 to a high $56.85.

Litecoin broke through the first major resistance level at $56.53 early on.

http://finance.yahoo.com/

For the day ahead

Litecoin would need to avoid a fall through the $55.32 pivot to support another run at the first major resistance level at $56.53.

Support from the broader market would be needed, however, for Litecoin to break back through to $56.50 levels.

Barring an extended crypto rally, the first major resistance level and the morning high $56.85 would likely cap any upside.

In the event of an extended breakout, Litecoin would likely test the second major resistance level at $57.41 before any pullback.

Failure to avoid a fall through the $55.32 pivot level would bring the first major support level at $54.44 and the 23.6% FIB of $54 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$54 levels. The second major support level sits at $53.23.

Looking at the Technical Indicators

First Major Support Level: $54.44

Pivot Level: $55.32

First Major Resistance Level: $56.53

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 0.14% on Sunday. Following on from a 0.29% gain on Saturday, Ripple’s XRP ended the week down by 5.21% to $0.24009.

It was another mixed start to the day. Ripple’s XRP rose to an early morning high $0.24148 before hitting reverse.

Falling short of the first major resistance level at $0.2432, Ripple’s XRP slid to a mid-day intraday low $0.23689.

Ripple’s XRP fell through the first major support level at $0.2373 before revisiting $0.2414 levels.

A late pullback, however, left Ripple’s XRP at sub-$0.2410 levels at the day end.

At the time of writing, Ripple’s XRP was up by 1.09% to $0.24270. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.24060 to a high $0.24330.

Ripple’s XRP broke through the first major resistance level at $0.2421 early on.

http://finance.yahoo.com/

For the day ahead

Ripple’s XRP will need to avoid a fall through the first major resistance level at $0.2421 to support another run at the second major resistance level at $0.2441.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.24330.

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

In the event of an extended rally, Ripple’s XRP could test resistance at $0.25 before any pullback. The third major resistance level sits at $0.2487.

A fall through the first major resistance level and the $0.2395 pivot would bring the first major support level at $0.2375 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.2350 levels. The second major support level sits at $0.2349.

Looking at the Technical Indicators

First Major Support Level: $0.2375

Pivot Level: $0.2395

First Major Resistance Level: $0.2421

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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