Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 2nd, 2020

Ethereum

Ethereum fell by 1.97% on Thursday. Following on from a 0.01% decline on Wednesday, Ethereum ended the day at $352.9.

A bullish start to the day saw Ethereum rally to a late morning intraday high $370.25 before hitting reverse.

Ethereum broke through the first major resistance level at $363.81 and the second major resistance level at $367.72. More significantly, Ethereum also broke through the 38.2% FIB of $367 before the sell-off.

The reversal saw Ethereum slide to a late afternoon intraday low $345.01. Ethereum fell through the first major support level at $353.68 and the second major support level at $347.46 before finding support.

Ethereum briefly revisited $353 levels before falling back through the first major support level.

At the time of writing, Ethereum was up by 0.30% to $351.83. A mixed start to the day saw Ethereum fall to an early morning low $350.0 before rising to a high $353.89.

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

For the day ahead

Ethereum would need to move through the $356.05 pivot to support a run at the first major resistance level at $367.10 and the 38.2% FIB.

Support from the broader market would be needed, however, for Ethereum to break back through to $360 levels.

Barring an extended crypto rally, the first major resistance level and 38.2% FIB would likely cap any upside.

Failure to move through the $356.05 pivot would bring the first major support level at $341.86 into play.

Barring another extended sell-off, however, Ethereum should steer well clear of the second major support level at $330.81.

Looking at the Technical Indicators

First Major Support Level: $341.86

Pivot Level: $356.05

First Major Resistance Level: $367.10

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin slipped by 0.09% on Thursday. Following a 1.29% gain on Wednesday, Litecoin ended the day at $46.24.

It was also a bullish start to the day. Litecoin rallied to a late afternoon intraday high $48.49 before hitting reverse.

The rally saw Litecoin break through the first major resistance level at $46.82 and the second major resistance level at $47.39.

It was a brief visit to $48 levels, however. Litecoin tumbled to a late afternoon intraday low $45.28 before finding support.

The reversal saw Litecoin fall through the first major support level at $45.56 before recovering to $46 levels.

At the time of writing, Litecoin was down by 0.04% to $46.22. A mixed start to the day saw Litecoin fall to an early morning low $45.92 before rising to a high $46.39.

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

For the day ahead

Litecoin would need to move through the $46.67 pivot to support a run at the first major resistance level at $48.06.

Support from the broader market would be needed, however, for Litecoin to break out from $47 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $48.49 would likely cap any upside.

In the event of another breakout, Litecoin could visit $49 levels before any pullback. The second major resistance level sits at $49.88.

Failure to move through the $46.67 pivot level would bring the first major support level at $44.85 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$44 levels. The second major support level sits at $43.46.

Looking at the Technical Indicators

First Major Support Level: $44.85

Pivot Level: $46.67

First Major Resistance Level: $48.06

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 1.63% on Thursday. Following a 0.28% decline on Wednesday, Ripple’s XRP ended the day at $0.23803.

A bullish start to the day saw Ripple’s XRP rally to a late morning intraday high $0.24449 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2436 before sliding to a late afternoon intraday low $0.23379.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.2390 and the second major support level at $0.2361.

Finding late support, Ripple’s XRP broke back through the second major support level to wrap up the day at $0.238 levels.

At the time of writing, Ripple’s XRP was down by 0.20% to $0.23756. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.23659 before rising to a high $0.23840.

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

For the day ahead

Ripple’s XRP will need to move through the $0.2388 pivot to support a run at the first major resistance level at $0.2438.

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 and Thursday’s high $0.24449 would likely cap any upside.

Failure to move through the $0.2388 pivot would bring the first major support level at $0.2331 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.23 levels. The second major support level sits at $0.2281.

Looking at the Technical Indicators

First Major Support Level: $0.2331

Pivot Level: $0.2388

First Major Resistance Level: $0.2438

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