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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 4th, 2020

By:
Bob Mason
Updated: Nov 4, 2020, 00:44 UTC

It's a mixed start to the day for the majors. Avoiding a fall through the day's pivot levels would support a run at the resistance levels, however.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Ethereum

Ethereum rose by 1.30% on Tuesday. Partially reversing a 3.42% slide from Monday, Ethereum ended the day at $388.32.

It was a mixed start to the day. Ethereum rose to an early morning high $385.68 before hitting reverse.

Falling short of the first major resistance level at $399.15, Ethereum slid to an early morning intraday low $370.50.

The sell-off saw Ethereum fall through the first major support level at $372.94. Finding support at $370, Ethereum rallied to a late intraday high $390.35 before easing back.

In spite of the rally, Ethereum came up short of the first major resistance level at $399.15.

At the time of writing, Ethereum was down by 0.18% to $387.64. A mixed start to the day saw Ethereum rise to an early morning high $388.69 before falling to a low $387.35.

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

ETH/USD 04/11/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $383.09 to support a run at the first major resistance level at $395.58.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $390.35.

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

In the event of a further breakout, Ethereum could test resistance at $400 before any pullback. The third major resistance level sits at $402.84.

Failure to avoid a fall through the $383.09 pivot would bring the first major support level at $375.83 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $363.34. The 38.2% FIB of $367 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $375.83

Pivot Level: $383.09

First Major Resistance Level: $395.58

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 0.26 on Tuesday. Following a 3.18% slide on Monday, Litecoin ended the day at $54.02.

A bullish start to the day saw Litecoin strike an early morning intraday high $54.40 before hitting reverse.

While falling short of the first major resistance level at $56.13, Litecoin broke through the 23.6% FIB of $54.00.

The reversal, however, saw Litecoin slide to an early morning intraday low $51.25.

Litecoin fell through 23.6% FIB and the first major support level at $52.40 before a recovery to $54 levels.

The recovery saw Litecoin break back through the first major support level and the 23.6% FIB.

At the time of writing, Litecoin was up by 0.56% to $54.32. A bullish start to the day saw Litecoin rise from an early morning low $54.02 to a high $54.53.

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

LTC/USD 04/11/20 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $53.22 pivot to support a run at the first major resistance level at $55.20.

Support from the broader market would be needed, however, for Litecoin to break back through to $55 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 $56.37.

Failure to avoid a fall through the $53.22 pivot level would bring the first major support level at $52.05 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 $50.07 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $52.05

Pivot Level: $53.22

First Major Resistance Level: $55.20

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 1.71% on Tuesday. Partially reversing a 2.12% fall from Monday, Ripple’s XRP ended the day at $0.23948.

It was also a mixed start to the day. Ripple’s XRP rose to an early morning high $0.23675 before hitting reverse.

Falling short of the major resistance levels, Ripple’s XRP slid to an early morning intraday low $0.22838.

Ripple’s XRP fell through the first major support level at $0.2307 before bouncing back to a late morning intraday high $0.24420.

The late morning rally saw Ripple’s XRP break through the first major resistance level at $0.2426 before easing back.

Ripple’s XRP fell back to sub-$0.2360 levels before finding late support to wrap up the day at $0.239 levels.

At the time of writing, Ripple’s XRP was up by 0.39% to $0.24041. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.23972 to a high $0.24052.

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

XRP/USD 04/11/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2374 pivot level to support a run at the first major resistance level at $0.2463.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s high $0.2442.

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 third major resistance level sits at $0.2532.

Failure to avoid a fall through the $0.2374 pivot would bring the first major support level at $0.2305 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.22 support levels. The second major support level at $0.22215 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2305

Pivot Level: $0.2374

First Major Resistance Level: $0.2463

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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