Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 6th, 2020

Ethereum

Ethereum rallied by 3.47% on Thursday. Following on from a 3.82% gain on Wednesday, Ethereum ended the day at $417.17.

It was a bearish start to the day. Ethereum fell from an early morning high $407.27 to a late morning intraday low $396.43.

Steering clear of the first major support level at $383.55, Ethereum rallied to a late intraday high $421.25.

Ethereum broke through the first major resistance level at $415.91 to wrap up the day at $417 levels.

At the time of writing, Ethereum was up by 0.05% to $417.36. A mixed start to the day saw Ethereum rise to an early morning high $418.29 before falling to a low $417.36.

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

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $411.62 to support a run at the first major resistance level at $426.80.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $421.25.

Barring another 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 $430 before any pullback. The second major resistance level sits at $436.44.

Failure to avoid a fall through the $411.62 pivot would bring the first major support level at $401.98 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$400 levels. The second major support level sits at $386.80.

Looking at the Technical Indicators

First Major Support Level: $401.98

Pivot Level: $411.62

First Major Resistance Level: $426.80

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin surged by 7.80% on Thursday. Following on from a 1.31% gain on Wednesday, Litecoin ended the day at $59.04.

A mixed start to the day saw Litecoin fall to a late morning intraday low $54.71 before making a move.

Steering clear of the first major support level at $52.49, Litecoin rallied to a late afternoon intraday high $59.79.

Litecoin broke through the first major resistance level at $56.18 and the second major resistance level at $57.60.

A late pullback saw Litecoin fall to sub-$58 levels before wrapping up the day at $59 levels.

Resistance at $60 pinned Litecoin back late in the day.

At the time of writing, Litecoin was down by 0.22% to $58.91. A mixed start to the day saw Litecoin rise to an early morning high $59.18 before falling to a low $58.73.

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

For the day ahead

Litecoin would need to avoid a fall through the $57.85 pivot to support a run at the first major resistance level at $60.98.

Support from the broader market would be needed, however, for Litecoin to break out from Thursday’s high $59.79.

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

In the event of another extended breakout, Litecoin would likely test the second major resistance level at $62.93.

Failure to avoid a fall through the $57.85 pivot level would bring the first major support level at $55.90 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of the 23.6% FIB of $54.00. The second major support level sits at $52.77.

Looking at the Technical Indicators

First Major Support Level: $55.90

Pivot Level: $57.85

First Major Resistance Level: $60.98

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 3.17% on Thursday. Reversing a 0.76% fall from Wednesday, Ripple’s XRP ended the day at $0.24602.

It was also a mixed start to the day. Ripple’s XRP rose to an early morning high $0.24121 before hitting reverse.

Coming within range of the first major resistance level at $0.2414, Ripple’s XRP slid to a mid-day intraday low $0.2373.

Steering clear of the first major support level at $0.2335, Ripple’s XRP rallied to a late afternoon intraday high $0.24752.

Ripple’s XRP broke through the first major resistance level at $0.2414 and the second major resistance level at $0.2449.

Late in the day, Ripple’s XRP briefly fell back to sub-$0.2430 levels before wrapping up the day at $0.246 levels.

At the time of writing, Ripple’s XRP was down by 0.08% to $0.24582. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.24609 to a low $0.24554.

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

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2436 pivot level to support a run at the first major resistance level at $0.2499.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.24752.

Barring an extended crypto rally, the first major resistance level and resistance at $0.25 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.2538 before any pullback.

Failure to avoid a fall through the $0.2436 pivot would bring the first major support level at $0.2397 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.2350 levels and the second major support level at $0.2334.

Looking at the Technical Indicators

First Major Support Level: $0.2397

Pivot Level: $0.2436

First Major Resistance Level: $0.2499

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