Advertisement
Advertisement

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 20th, 2021

By:
Bob Mason
Updated: Oct 20, 2021, 01:34 UTC

Following a bullish day for the majors on Tuesday, avoiding a fall back to Tuesday's lows would be key in supporting a bullish day ahead.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Ethereum

Ethereum rose by 3.55% on Tuesday. Partially reversing a 2.65% slide from Monday, Ethereum ended the day at $3,878.17.

A mixed start to the day saw Ethereum fall to an early morning intraday low $3,731.22 before making a move.

Steering clear of the first major support level at $3,650, Ethereum rallied to a final hour intraday high $3,890.36.

Ethereum broke through the first major resistance level at $3,868 to end the day at $3,878 levels.

At the time of writing, Ethereum was up by 0.18% to $3,885.19. A mixed start to the day saw Ethereum rise to an early morning high $3,900.00 before falling to a low $3,877.77.

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

ETHUSD 201021 Hourly Chart

For the day ahead

Ethereum would need to avoid the $3,833 pivot to bring the first major resistance level at $3,935 play.

Support from the broader market would be needed, however, for Ethereum to break through to $3,900 levels.

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

In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $3,992.

A fall through the $3,833 pivot would bring the first major support level at $3,776 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,600 levels. The second major support level at $3,674 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,776

Pivot Level: $3,833

First Major Resistance Level: $3,935

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 1.69% on Tuesday. Following a 1.01% gain on Monday, Litecoin ended the day at $188.73.

A bullish start to the day saw Litecoin rise to an early morning intraday high $191.62.

Litecoin broke through the first major resistance level at $189 before hitting reverse.

Coming within range of the second major resistance level at $193, Litecoin slid to an early afternoon intraday low $183.17.

Steering clear of the first major support level at $180, Litecoin bounced back to end the day at $188 levels.

At the time of writing, Litecoin was down by 0.23% to $188.30. A mixed start to the day saw Litecoin rise to an early morning high $188.82 before falling to a low $188.10.

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

LTCUSD 201021 Hourly Chart

For the day ahead

Litecoin would need to avoid the $188 pivot to bring the first major resistance level at $193 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from Tuesday’s high $191.62.

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

In the event of another breakout, Litecoin could test resistance at $200 before any pullback. The second major resistance level sits at $196.

A fall through the $188 pivot would bring the first major support level at $184 into play.

Barring an extended sell-off, Litecoin should steer clear of sub-$175. The second major support level at $179 and the 23.6% FIB of $178 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $184

Pivot Level: $188

First Major Resistance Level: $193

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 0.74% on Tuesday. Partially reversing a 1.05% gain from Monday, Ripple’s XRP ended the day at $1.09065.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.09986 before hitting reverse.

Falling short of the first major resistance level at $1.1032, Ripple’s XRP fell to an early afternoon intraday low $1.06761.

Steering clear of the 38.2% FIB of $1.0659 and the first major support level at $1.0633, Ripple’s XRP found support to end the day at $1.09 levels.

At the time of writing, Ripple’s XRP was down by 0.05% to $1.09008. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.09123 before falling to a low $1.08961.

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

XRPUSD 201021 Hourly Chart

For the day ahead

Ripple’s XRP would need to avoid the $1.0860 pivot to bring the first major resistance level at $1.1045 into play.

Support would be needed, however, for Ripple’s XRP to break back through to $1.10 levels.

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

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.12 levels before any pullback. The second major resistance level sits at $1.1183.

A fall through the $1.0860 pivot would bring the first major support level at $1.0722 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 at $1.0538 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.0722

Pivot Level: $1.0860

First Major resistance Level: $1.1045

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

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.

Did you find this article useful?

Advertisement