Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 5th, 2020
Ethereum
Ethereum rallied by 3.82% on Wednesday. Following on from a 1.30% gain on Tuesday, Ethereum ended the day at $403.18.
It was a bearish start to the day. Ethereum fell from an early morning high $388.69 to a late morning intraday low $376.64.
Steering clear of the first major support level at $375.83, Ethereum rallied to a late afternoon intraday high $409.00.
Ethereum broke through the first major resistance level at $395.58 and the second major resistance level at $402.84.
Coming up against resistance at $410, Ethereum slipped back to sub-$400 levels before wrapping up the day at $403 levels.
The second major resistance level pinned Ethereum back late in the day.
At the time of writing, Ethereum was up by 0.60% to $405.59. A bullish start to the day saw Ethereum rise from an early morning low $403.19 to a high $405.78.
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 $396.27 to support a run at the first major resistance level at $415.91.
Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $409.00.
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 $420 before any pullback. The second major resistance level sits at $428.63.
Failure to avoid a fall through the $396.27 pivot would bring the first major support level at $383.55 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$380 levels. The second major support level sits at $363.91.
Looking at the Technical Indicators
First Major Support Level: $383.55
Pivot Level: $396.27
First Major Resistance Level: $415.91
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Litecoin
Litecoin rose by 1.31% on Wednesday. Following on from a 0.26% gain from Tuesday, Litecoin ended the day at $54.75.
A bullish start to the day saw Litecoin strike an early morning high $54.53 before hitting reverse.
Falling short of the first major resistance level at $55.20, Litecoin fell to an early afternoon intraday low $51.65.
Litecoin fell through the 23.6% FIB of $54 and the first major support level at $52.05 before finding support.
A late afternoon rally saw Litecoin strike an intraday high $55.34 before easing back to sub-$55 levels.
The first major resistance level at $55.20 pinned Litecoin back on the day.
At the time of writing, Litecoin was up by 0.58% to $55.07. A bullish start to the day saw Litecoin rise from an early morning low $54.77 to a high $55.20.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid a fall through the 23.6% FIB of $54 and the $53.91 pivot to support a run at the first major resistance level at $56.18.
Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $55.34.
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 $57.60.
Failure to avoid a fall through the 23.6% FIB and the $53.91 pivot level would bring the first major support level at $52.49 into play.
Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$50 levels. The second major support level at $50.22 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $52.49
Pivot Level: $53.91
First Major Resistance Level: $56.18
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 0.76% on Wednesday. Partially reversing a 1.71% gain from Tuesday, Ripple’s XRP ended the day at $0.2379.
It was also a mixed start to the day. Ripple’s XRP rose to an early morning high $0.24052 before hitting reverse.
Falling short of the first major resistance level at $0.2463, Ripple’s XRP slid to a late morning intraday low $0.23267.
Steering clear of the first major support level at $0.2305, Ripple’s XRP briefly revisited $0.239 levels before easing back into the red.
At the time of writing, Ripple’s XRP was up by 0.22% to $0.23843. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.23855 before falling to a low $0.23819.
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 $0.2370 pivot level to support a run at the first major resistance level at $0.2414.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.24 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.24052 would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.2449 before any pullback.
Failure to avoid a fall through the $0.2370 pivot would bring the first major support level at $0.2335 into play.
Barring an extended crypto sell-off, Ripple’s XRP should steer clear of the second major support level at $0.2292.
Looking at the Technical Indicators
First Major Support Level: $0.2335
Pivot Level: $0.2370
First Major Resistance Level: $0.2414
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
