Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 19th, 2020

Ethereum

Ethereum fell by 0.79% on Wednesday. Partially reversing a 4.73% rally from Tuesday, Ethereum ended the day at $478.96.

It was a bullish start to the day. Ethereum rallied to an early morning intraday high $495.68 before hitting reverse.

Ethereum broke through the first major resistance level at $491.77 before sliding to a mid-morning intraday low $456.5.

The sell-off saw Ethereum fall through the first major support level at $466.82 to sub-$460 before finding support.

Ethereum briefly revisited $482 levels before sliding back into the red. Late support limited the downside on the day, however.

At the time of writing, Ethereum was down by 0.51% to $476.53. A mixed start to the day saw Ethereum rise to an early morning high $480.88 before falling to a low $474.27.

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

For the day ahead

Ethereum would need to move back through the pivot level at $477.05 to support a run at the first major resistance level at $497.59.

Support from the broader market would be needed, however, for Ethereum to break back through to $490 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $495.68 would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $510 before any pullback. The second major resistance level sits at $516.23.

Failure to move back through the $477.05 pivot would bring the first major support level at $458.41 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$450 levels. The second major support level sits at $437.87.

Looking at the Technical Indicators

First Major Support Level: $458.41

Pivot Level: $477.05

First Major Resistance Level: $497.59

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin slid by 3.78% on Wednesday. Reversing a 3.51% rally from Tuesday, Litecoin ended the day at $73.48.

It was a bearish start to the day. Litecoin slid from an early morning intraday high $77.17 to a mid-morning intraday low $68.34.

The sell-off saw Litecoin fall through the first major support level at $72.91 and the second major support level at $69.42. More significantly, Litecoin also fell through the 38.2% FIB of $71.00.

Finding late support, however, Litecoin briefly revisited $74 levels before wrapping up the day at $73 levels.

The late recovery saw Litecoin break back through the support levels and the 38.2% FIB.

At the time of writing, Litecoin was up by 0.38% to $73.76. A mixed start to the day saw Litecoin fall to an early morning low $72.87 before rising to a high $73.99.

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

For the day ahead

Litecoin would need to avoid a fall back through the $73.00 pivot to support a run at the first major resistance level at $77.66.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $77.18.

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

In the event of another extended breakout, Litecoin would likely test resistance at $80 before any pullback. The second major resistance level sits at $81.84.

Failure to avoid a fall through the $73.00 pivot level would bring the 38.2% FIB of $71and the first major support level at $68.82 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$68. The second major support level sits at $64.16.

Looking at the Technical Indicators

First Major Support Level: $68.82

Pivot Level: $73.00

First Major Resistance Level: $77.66

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP slid by 3.01% on Wednesday. Partially reversing a 5.08% gain from Tuesday, Ripple’s XRP ended the day at $0.29366.

It was a mixed start to the day. Ripple’s XRP rose to an early morning intraday high $0.30820 before hitting reverse.

Falling short of the first major resistance level at $0.3096, Ripple’s XRP slid to a mid-morning intraday low $0.28049.

Ripple’s XRP fell through the first major support level at $0.2918 before a late recovery to $0.29 levels.

Off the back of the late support, Ripple’s XRP broke back through the first major support level at $0.2918.

At the time of writing, Ripple’s XRP was down by 0.61% to $0.29186. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.29431 before falling to a low $0.29007.

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

For the day ahead

Ripple’s XRP will need to move back through the $0.2941 pivot level to support a run at the first major resistance level at $0.3077.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.30 levels.

Barring an extended crypto rally, the first major resistance level Wednesday’s high $0.30820 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.31 before any pullback. The second major resistance level sits at $0.3218.

Failure to move back through the $0.2941 pivot would bring the first major support level at $0.2800 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.27 levels. The second major support level sits at $0.2664.

Looking at the Technical Indicators

First Major Support Level: $0.2800

Pivot Level: $0.2941

First Major Resistance Level: $0.3077

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