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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 20th, 2020

By:
Bob Mason
Updated: Nov 20, 2020, 00:37 UTC

It's a mixed start to the day for the majors. Litecoin is on the move once more, however, which should provide support to the pack.

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Ethereum

Ethereum fell by 1.48% on Thursday. Following on from a 0.79% decline on Wednesday, Ethereum ended the day at $471.92.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $480.99 before hitting reverse.

Falling short of the first major resistance level at $497.59, Ethereum fell to a late morning intraday low $465.18.

Steering clear of the first major support level at $458.41, Ethereum briefly revisited $478 levels before falling back into the red.

At the time of writing, Ethereum was up by 0.15% to $472.65. A mixed start to the day saw Ethereum fall to an early morning low $471.76 before rising to a high $473.00.

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

ETHUSD 201120 Hourly Chart

For the day ahead

Ethereum would need to move back through the pivot level at $472.70 to support a run at the first major resistance level at $480.21.

Support from the broader market would be needed, however, for Ethereum to break back through to $480 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $480.99 would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $490 before any pullback. The second major resistance level sits at $488.51.

Failure to move back through the $472.70 pivot would bring the first major support level at $464.40 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$460 levels. The second major support level sits at $456.89.

Looking at the Technical Indicators

First Major Support Level: $464.40

Pivot Level: $472.70

First Major Resistance Level: $480.21

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin surged by 11.09% on Thursday. Reversing a 3.78% slide from Wednesday, Litecoin ended the day at $81.64.

It was a bearish start to the day. Litecoin fell from an early morning high $75.32 to a late morning intraday low $71.53.

Steering clear of the 38.2% FIB of $71.00 and the first major support level at $68.82, Litecoin rallied to a late intraday high $83.50.

Litecoin broke through the first major resistance level at $77.66 and the second major resistance level at $81.84.

More significantly, Litecoin also broke through the 38.2% FIB to hit $80 levels for the first time since February-2020.

A late pullback, saw Litecoin fall back through the second major resistance level at $81.84, however.

At the time of writing, Litecoin was up by 0.48% to $82.03. A mixed start to the day saw Litecoin fall to an early morning low $81.29 before rising to a high $82.06.

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

LTCUSD 201120 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $78.89 pivot to support a run at the first major resistance level at $86.25.

Support from the broader market would be needed, however, for Litecoin to break out from Thursday’s high $83.50.

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 $90 before any pullback. The second major resistance level sits at $90.86.

Failure to avoid a fall through the $78.89 pivot level would bring the first major support level at $74.28 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$70. The 38.2% FIB of $71 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $74.28

Pivot Level: $78.89

First Major Resistance Level: $86.25

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rallied by 3.42% on Thursday. Reversing a 3.01% slide from Wednesday, Ripple’s XRP ended the day at $0.30386.

It was a mixed start to the day. Ripple’s XRP rose to an early morning high $0.2963 before hitting reverse.

Falling short of the first major resistance level at $0.3077, Ripple’s XRP slid to a late morning intraday low $0.28424.

Steering clear of the first major support level at $0.2800, however, Ripple’s XRP rallied to a late intraday high $0.30694.

Coming within range of the first major resistance level at $0.3077, Ripple’s XRP fell back to sub-$0.30 before finding support.

A late recovery saw Ripple’s XRP return to $0.30 levels to deliver the upside for the day.

At the time of writing, Ripple’s XRP was down by 0.10% to $0.30356. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.30193 before rising to a high $0.30413.

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

XRPUSD 201120 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2983 pivot level to support a run at the first major resistance level at $0.3125.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.30694.

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

In the event of another extended rally, Ripple’s XRP could test resistance at $0.32 before any pullback. The second major resistance level sits at $0.3210.

Failure to avoid a fall through the $0.2983 pivot would bring the first major support level at $0.2898 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.28 levels. The second major support level sits at $0.2756.

Looking at the Technical Indicators

First Major Support Level: $0.2898

Pivot Level: $0.2983

First Major Resistance Level: $0.3125

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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