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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 9th, 2020

Bob Mason
·5 min read

Ethereum

Ethereum rose by 2.79% on Thursday. Following on from a 0.26% gain on Wednesday, Ethereum ended the day at $351.25.

A bearish start to the day saw Ethereum slide to a late morning intraday low $334.29 before making a move.

Ethereum fell through the first major support level at $335.42 before rallying to a late intraday high $353.34.

The rally saw Ethereum break through the first major resistance level at $345.38 and the second major resistance level at $349.09.

A late pullback saw Ethereum briefly dip to sub-$350 before wrapping up the day at $351 levels. The second major resistance level delivered support late in the day.

At the time of writing, Ethereum was down by 0.08% to $350.97. A mixed start to the day saw Ethereum fall to an early morning low $350.41 before rising to a high $351.47.

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

For the day ahead

Ethereum would need to avoid a fall through the $346.29 pivot to support a run at the first major resistance level at $358.30.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $353.34.

Barring an extended crypto rally, the first major resistance level would likely cap any upside. In the event of another breakout, the second major resistance level at $365.34 would likely come into play.

Failure to avoid a fall through the $346.29 pivot would bring the first major support level at $339.25 into play.

Barring another extended sell-off, however, Ethereum should continue to avoid sub-$330 levels. The second major support level sits at $327.24.

Looking at the Technical Indicators

First Major Support Level: $339.25

Pivot Level: $346.29

First Major Resistance Level: $358.30

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 1.50% on Thursday. Following on from a 1.22% gain on Wednesday, Litecoin ended the day at $47.26.

Tracking the broader market, Litecoin slid to a late morning intraday low $45.50 before making a move.

Steering clear of the first major support level at $45.43, Litecoin rallied to a late afternoon intraday high $47.49.

Litecoin broke through the first major resistance level at $47.32 before falling back to sub-$47 levels.

Finding late support, however, Litecoin moved back to $47 levels to deliver the upside for the day. The first major resistance level pinned Litecoin back late in the day.

At the time of writing, Litecoin was down by 0.19% to $47.17. A mixed start to the day saw Litecoin rise to an early morning high $47.27 before falling to a low $47.13.

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

For the day ahead

Litecoin would need to avoid a fall through the $46.75 pivot to support a run at the first major resistance level at $48.00.

Support from the broader market would be needed, however, for Litecoin to break out from Thursday’s high $47.49.

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

In the event of another breakout, Litecoin could test the second major resistance level at $48.74.

Failure to avoid a fall through the $46.75 pivot level would bring the first major support level at $46.01 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$45 levels. The second major support level sits at $44.76.

Looking at the Technical Indicators

First Major Support Level: $46.01

Pivot Level: $46.75

First Major Resistance Level: $48.00

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 1.01% on Thursday. Following a 1.31% gain on Wednesday, Ripple’s XRP ended the day at $0.25145.

It was also a bearish start to the day. Ripple’s XRP fell to a late morning intraday low $0.24225 before making a move.

Finding support at the first major support level at $0.2428, Ripple’s XRP rose to a late intraday high $0.25300.

Coming up against the first major resistance level at $0.2530, Ripple’s XRP eased back to end the day at sub-$0.2514 levels.

At the time of writing, Ripple’s XRP was up by 0.11% to $0.25173. A relatively bullish start to the day saw Ripple’s XRP rise from an early morning low $0.25142 to a high $0.25192.

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

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2489 pivot to support a run at the first major resistance level at $0.2556.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.25300.

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

In the event of an extended rally, the second major resistance level at $0.2597 would likely come into play. Resistance at $0.26 would likely pin Ripple’s XRP back, however.

Failure to avoid a fall through the $0.2489 pivot would bring the first major support level at $0.2448 into play.

Barring another extended crypto sell-off, Ripple’s XRP should continue to steer clear of sub-$0.24 levels. The second major support level sits at $0.2382.

Looking at the Technical Indicators

First Major Support Level: $0.2448

Pivot Level: $0.2489

First Major Resistance Level: $0.2556

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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