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

By:
Bob Mason
Updated: Nov 3, 2020, 00:36 GMT+00:00

It's a bearish start to the day for the majors. Failure to move through the day's pivot levels would deliver another day in the red for the pack.

Cryptocurrency Ethereum with One Dollar Bill as financial concept.

Ethereum

Ethereum slid by 3.42% on Monday. Reversing a 2.63% gain from Sunday, Ethereum ended the day at $383.33.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $404.57 before hitting reverse.

Ethereum broke through the first major resistance level at $401.34 before sliding to a mid-day intraday low $378.36.

The sell-off saw Ethereum fall through the first major support level at $388.78 and the second major support level at $380.66.

Steering well clear of sub-$370 levels, Ethereum briefly revisited $388 levels before easing back to sub-$384 levels.

While breaking back through the second major support level, the first major support level pinned Ethereum back.

At the time of writing, Ethereum was down by 0.2% to $382.57. A bearish start to the day saw Ethereum fall from an early morning high $383.39 to a low $382.17.

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

ETH/USD 03/11/20 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $388.75 to support a run at the first major resistance level at $399.15.

Support from the broader market would be needed, however, for Ethereum to break out from $395 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $400 would likely cap any upside.

In the event of a further breakout, Ethereum could test resistance at $410 before any pullback. The second major resistance level sits at $414.96.

Failure to move through the $388.75 pivot would bring the first major support level at $372.94 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $362.54. The 38.2% FIB of $367 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $372.94

Pivot Level: $388.75

First Major Resistance Level: $399.15

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin slid by 3.18% on Monday. Following on from a 0.23% decline on Sunday, Litecoin ended the day at $53.90.

A bullish start to the day saw Litecoin strike an early morning intraday high $56.85 before hitting reverse.

Litecoin broke through the first major resistance level at $56.53 before sliding to a mid-day intraday low $53.12.

Litecoin fell through the first major support level at $54.44 and the 23.6% FIB of $54.00.

Finding support at the second major support level at $53.23, Litecoin revisited $54.5 levels before easing back.

While the first major support level pinned Litecoin back, the 23.6% FIB provided support late in the day.

At the time of writing, Litecoin was down by 0.33% to $53.72. A bearish start to the day saw Litecoin fall from an early morning high $53.93 to a low $53.66.

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

LTC/USD 03/11/20 Hourly Chart

For the day ahead

Litecoin would need to move through the 23.6% FIB and the $54.62 pivot to support a run at the first major resistance level at $56.13.

Support from the broader market would be needed, however, for Litecoin to break back through to $56 levels.

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

In the event of an extended breakout, Litecoin would likely test resistance at $57 before any pullback. The second major resistance level sits at $58.35.

Failure to move through the 23.6% FIB and the $54.62 pivot level would bring the first major support level at $52.40 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$50 levels. The second major support level at $50.89 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $52.40

Pivot Level: $54.62

First Major Resistance Level: $56.13

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 2.12% on Monday. Reversing a 0.14% gain from Sunday, Ripple’s XRP ended the day at $0.23549.

It was a bullish start to the day. Ripple’s XRP rallied to an early morning intraday high $0.24489 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2421 and the second major resistance level at $0.2441.

Falling short of the third major resistance level at $0.2487, Ripple’s XRP slid to a mid-day intraday low $0.23297.

Ripple’s XRP fell through the first major support level at $0.2375 and the second major support level at $0.2349.

Steering clear of the third major support level at $0.2303, Ripple’s XRP briefly recovered to $0.236 levels before easing back.

The first major support level at $0.2375 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 0.24% to $0.23492. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.23546 to a low $0.23487.

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

XRP/USD 03/11/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.2378 pivot level to support a run at the first major resistance level at $0.2426.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.24 levels.

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

In the event of an extended rally, Ripple’s XRP could test resistance at $0.25 before any pullback. The second major resistance level sits at $0.2497.

Failure to move through the $0.2378 pivot would bring the first major support level at $0.2307 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.23 support levels. The second major support level sits at $0.2259.

Looking at the Technical Indicators

First Major Support Level: $0.2307

Pivot Level: $0.2378

First Major Resistance Level: $0.2426

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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