Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 3rd, 2020

Bob Mason
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Ethereum

Ethereum slid by 2.02% on Friday. Following on from a 1.97% decline on Thursday, Ethereum ended the day at $345.70.

A range-bound start to the day saw Ethereum rise to an early morning intraday high $354.25 before hitting reverse.

Falling well short of the first major resistance level at $367.10, Ethereum slid to a late morning intraday low $334.19.

Ethereum fell through the first major support level at $341.86. Steering clear of the second major support level at $330.81 briefly revisited $347 levels before easing back.

At the time of writing, Ethereum was down by 0.15% to $345.18. A mixed start to the day saw Ethereum rise to an early morning high $346.08 before falling to a low $345.18.

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

For the day ahead

Ethereum would need to avoid a fall through the $344.71 pivot to support a run at the first major resistance level at $355.24.

Support from the broader market would be needed, however, for Ethereum to break back through to $350 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $354.25 would likely cap any upside.

Failure to avoid a fall through the $344.71 pivot would bring the first major support level at $335.18 into play.

Barring another extended sell-off, however, Ethereum should avoid the second major support level at $324.65.

Looking at the Technical Indicators

First Major Support Level: $335.18

Pivot Level: $344.71

First Major Resistance Level: $355.24

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin slid by 2.79% on Friday. Following a 0.09% loss on Thursday, Litecoin ended the day at $44.94.

It was also a bullish start to the day. Litecoin rose to an early morning intraday high $46.96 before hitting reverse.

Falling well short of the first major resistance level at $48.06, Litecoin slid to a late morning intraday low $43.25.

Litecoin fell through the first major support level at $44.85 and the second major support level at $43.46.

Finding support going into the afternoon, Litecoin revisited $45 levels before easing back. The first major support level limited the downside late in the day.

At the time of writing, Litecoin was down by 0.22% to $44.84. A bearish start to the day saw Litecoin fall from an early morning high $44.95 to a low $44.83.

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

For the day ahead

Litecoin would need to move through the $45.05 pivot to support a run at the first major resistance level at $46.85.

Support from the broader market would be needed, however, for Litecoin to break back through to $46 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $46.96 would likely cap any upside.

In the event of another breakout, Litecoin could test resistance at $47 before any pullback. The second major resistance level sits at $48.76.

Failure to move through the $45.05 pivot level would bring the first major support level at $43.14 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$42 levels. The second major support level sits at $41.34.

Looking at the Technical Indicators

First Major Support Level: $43.14

Pivot Level: $45.05

First Major Resistance Level: $46.85

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 1.54% on Friday. Following on from a 1.63% fall on Thursday, Ripple’s XRP ended the day at $0.23404.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.23919 before hitting reverse.

Falling short of the first major resistance level at $0.2438, Ripple’s XRP slid to a late morning intraday low $0.22900.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.2331.

In the 2nd half of the day, Ripple’s XRP broke back through the first major support level to end the day at $0.234 levels.

At the time of writing, Ripple’s XRP was down by 0.16% to $0.23367. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.23409 to a low $0.23367.

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

For the day ahead

Ripple’s XRP will need to move through the $0.2341 pivot to support a run at the first major resistance level at $0.2392.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2350 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $0.23919 would likely cap any upside.

Failure to move through the $0.2341 pivot would bring the first major support level at $0.2290 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.22 levels. The second major support level at $0.2239 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2290

Pivot Level: $0.2341

First Major Resistance Level: $0.2392

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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