Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 4th, 2020

Ethereum

Ethereum rose by 1.30% on Tuesday. Partially reversing a 3.42% slide from Monday, Ethereum ended the day at $388.32.

It was a mixed start to the day. Ethereum rose to an early morning high $385.68 before hitting reverse.

Falling short of the first major resistance level at $399.15, Ethereum slid to an early morning intraday low $370.50.

The sell-off saw Ethereum fall through the first major support level at $372.94. Finding support at $370, Ethereum rallied to a late intraday high $390.35 before easing back.

In spite of the rally, Ethereum came up short of the first major resistance level at $399.15.

At the time of writing, Ethereum was down by 0.18% to $387.64. A mixed start to the day saw Ethereum rise to an early morning high $388.69 before falling to a low $387.35.

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

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $383.09 to support a run at the first major resistance level at $395.58.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $390.35.

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

In the event of a further breakout, Ethereum could test resistance at $400 before any pullback. The third major resistance level sits at $402.84.

Failure to avoid a fall through the $383.09 pivot would bring the first major support level at $375.83 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $363.34. The 38.2% FIB of $367 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $375.83

Pivot Level: $383.09

First Major Resistance Level: $395.58

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 0.26 on Tuesday. Following a 3.18% slide on Monday, Litecoin ended the day at $54.02.

A bullish start to the day saw Litecoin strike an early morning intraday high $54.40 before hitting reverse.

While falling short of the first major resistance level at $56.13, Litecoin broke through the 23.6% FIB of $54.00.

The reversal, however, saw Litecoin slide to an early morning intraday low $51.25.

Litecoin fell through 23.6% FIB and the first major support level at $52.40 before a recovery to $54 levels.

The recovery saw Litecoin break back through the first major support level and the 23.6% FIB.

At the time of writing, Litecoin was up by 0.56% to $54.32. A bullish start to the day saw Litecoin rise from an early morning low $54.02 to a high $54.53.

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 $53.22 pivot to support a run at the first major resistance level at $55.20.

Support from the broader market would be needed, however, for Litecoin to break back through to $55 levels.

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

In the event of an extended breakout, Litecoin would likely test resistance at $57 before any pullback. The second major resistance level sits at $56.37.

Failure to avoid a fall through the $53.22 pivot level would bring the first major support level at $52.05 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$50 levels. The second major support level at $50.07 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $52.05

Pivot Level: $53.22

First Major Resistance Level: $55.20

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 1.71% on Tuesday. Partially reversing a 2.12% fall from Monday, Ripple’s XRP ended the day at $0.23948.

It was also a mixed start to the day. Ripple’s XRP rose to an early morning high $0.23675 before hitting reverse.

Falling short of the major resistance levels, Ripple’s XRP slid to an early morning intraday low $0.22838.

Ripple’s XRP fell through the first major support level at $0.2307 before bouncing back to a late morning intraday high $0.24420.

The late morning rally saw Ripple’s XRP break through the first major resistance level at $0.2426 before easing back.

Ripple’s XRP fell back to sub-$0.2360 levels before finding late support to wrap up the day at $0.239 levels.

At the time of writing, Ripple’s XRP was up by 0.39% to $0.24041. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.23972 to a high $0.24052.

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 $0.2374 pivot level to support a run at the first major resistance level at $0.2463.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s high $0.2442.

Barring an extended crypto rally, the first 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 $0.2532.

Failure to avoid a fall through the $0.2374 pivot would bring the first major support level at $0.2305 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.22 support levels. The second major support level at $0.22215 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2305

Pivot Level: $0.2374

First Major Resistance Level: $0.2463

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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