Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 22nd, 2020

Bob Mason
·5-min read

Ethereum

Ethereum rallied by 6.16% on Wednesday. Reversing a 2.82% slide from Tuesday, Ethereum ended the day at $391.53.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $368.06 before making a move.

Steering clear of the 38.2% FIB first major support level at $361.60, Ethereum jumped to a late intraday high $402.62.

Ethereum broke through the first major resistance level at $378.46 and the second major resistance level at $388.11.

Falling short of the third major resistance level at $404.97, Ethereum slipped back to end the day at $391 levels.

At the time of writing, Ethereum was up by 0.56% to $393.72. A bullish start to the day saw Ethereum rise from an early morning low $391.33 to a high $394.12.

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

For the day ahead

Ethereum would need to avoid a fall through the $387.40 pivot to support a run at the first major resistance level at $406.75.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $402.62.

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

In the event of a breakout, Ethereum could test resistance at $420 before any pullback. The second major resistance level sits at $421.96.

Failure to avoid a fall through the $387.40 pivot would bring the first major support level at $372.19 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the 38.2% FIB of $367.

Looking at the Technical Indicators

First Major Support Level: $372.19

Pivot Level: $387.40

First Major Resistance Level: $406.75

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin surged by 13.14% on Wednesday. Reversing a 2.21% fall from Tuesday, Litecoin ended the day at $53.13.

Bullish throughout the day, Litecoin rallied from an early morning intraday low $46.90 to a late intraday high $55.19.

Litecoin broke through the day’s major resistance levels and the 23.6% FIB of $54 before easing back.

While falling back through the 23.6% FIB, Litecoin held above the third major resistance level at $51.31.

At the time of writing, Litecoin was up by 1.32% to $53.83. A bullish start to the day saw Litecoin rise from an early morning low $53.09 to a high $53.97.

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

For the day ahead

Litecoin would need to avoid a fall through the $51.74 pivot to support a run at 23.6% FIB and the first major resistance level at $56.58.

Support from the broader market would be needed, however, for Litecoin to break out from 23.6% FIB.

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

In the event of another breakout, Litecoin would likely test resistance at $60 before any pullback. The second major resistance level sits at $60.03.

Failure to avoid a fall through the $51.74 pivot level would bring the first major support level at $48.29 into play.

Barring an extended sell-off on the day, however, Litecoin should steer well clear of the second major support level at $43.45.

Looking at the Technical Indicators

First Major Support Level: $48.29

Pivot Level: $51.74

First Major Resistance Level: $48.29

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 3.26% on Wednesday. Reversing a 0.85% decline from Tuesday, Ripple’s XRP ended the day at $0.25146.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.24311 before making a move.

Steering clear of the first major support level at $0.2400, Ripple’s XRP rallied to a late afternoon intraday high $0.2550.

Ripple’s XRP broke through the first major resistance level at $0.2488 and the second major resistance level at $0.2539.

A late pullback, however, saw Ripple’s XRP fall back through the second major resistance level to sub-$0.2520 levels.

At the time of writing, Ripple’s XRP was up by 0.74% to $0.25332. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.25146 to a high $0.25452.

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 $0.2499 pivot to support a run at the first major resistance level at $0.2566.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.2550.

Barring another extended crypto rally, the first major resistance level and Wednesday’s high would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.2617 would likely come into play.

Failure to avoid a fall through the $0.2499 pivot would bring the first major support level at $0.2447 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.24 levels. The second major support level sits at $0.2380.

Looking at the Technical Indicators

First Major Support Level: $0.2447

Pivot Level: $0.2499

First Major Resistance Level: $0.2566

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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