Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 2nd, 2021
Ethereum
Ethereum rose by 0.76% on Monday. Partially reversing a 0.82% decline from Sunday, Ethereum ended the day at $4,322.89.
A bearish start to the day saw Ethereum slide to an early morning intraday low $4,151.00 before making a move.
Ethereum fell through the first major support level at $4,174 before rising to an early afternoon intraday high $4,385.16.
Falling short of the first major resistance level at $4,401, Ethereum slid back to sub-$4,300 levels before finding support.
At the time of writing, Ethereum was down by 0.14% to $4,316.82. A mixed start to the day saw Ethereum rise to an early morning high $4,324.75 before falling to a low $4,316.82.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid the $4,286 pivot to bring the first major resistance level at $4,422 into play.
Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $4,385.16.
Barring an extended crypto rally, the first major resistance level and last week’s ATH $4,461.96 would likely cap the upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at $4,600 levels before any pullback. The second major resistance level sits at $4,521.
A fall through the $4,286 pivot would bring the first major support level at $4,188 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$4,000 levels. The second major support level at $4,052 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $4,188
Pivot Level: $4,286
First Major Resistance Level: $4,422
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin rose by 2.94% on Monday. Following a 0.88% gain on Sunday, Litecoin ended the day at $197.65.
A mixed start to the day saw Litecoin fall to an early morning intraday low $188.02 before making a move.
Finding support at the first major support level at $188, Litecoin surged to a late afternoon intraday high $201.31.
Litecoin broke through the first major resistance level at $196 to end the day at $197 levels.
At the time of writing, Litecoin was up by 0.16% to $197.97. A mixed start to the day saw Litecoin fall to an early morning low $197.61 before rising to a high $198.40.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid the $196 pivot to bring the first major resistance level at $203 into play.
Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $201.31.
Barring an extended crypto rally, the first major resistance level would likely cap the upside.
In the event of another breakout, Litecoin could test the second major resistance level at $209.
A fall through the $196 pivot would bring the first major support level at $190 into play.
Barring another extended sell-off, Litecoin should steer clear of sub-$185. The second major support level sits at $182.
Looking at the Technical Indicators
First Major Support Level: $190
Pivot Level: $196
First Major Resistance Level: $203
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP
Ripple’s XRP fell by 1.77% on Monday. Partially reversing a 2.75% gain from Sunday, Ripple’s XRP ended the day at $1.09390.
A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $1.13226 before hitting reverse.
Falling short of the first major resistance level at $1.1546, Ripple’s XRP slid to an early morning intraday low $1.07149.
Coming within range of the first major support level at $1.0711, Ripple’s XRP revisited $1.10 levels before easing back.
At the time of writing, Ripple’s XRP was down by 0.27% to $1.09100. A bearish start to the day saw Ripple’s XRP fall from an early morning high $1.09294 to a low $1.09100.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP would need to move through the $1.0992 pivot to bring the first major resistance level at $1.1269 into play.
Support would be needed, however, for Ripple’s XRP to break back through to $1.12 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $1.13226 would likely cap the upside.
In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.20 levels before any pullback. The second major resistance level sits at $1.1600.
Failure to move through the $1.0992 pivot would bring the first major support level at $1.0662 and the 38.2% FIB of $1.0659 into play.
Barring another extended sell-off, however, Ripple’s XRP should avoid sub-$1.05 levels. The second major support level sits at $1.0384.
Looking at the Technical Indicators
First Major Support Level: $1.0662
Pivot Level: $1.0992
First Major resistance Level: $1.1269
23.6% FIB Retracement Level: $0.8533
38.2% FIB Retracement Level: $1.0659
62% FIB Retracement Level: $1.4096
Please let us know what you think in the comments below.
Thanks, Bob
