Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 31st, 2020

Ethereum

Ethereum fell by 1.22% on Friday. Following on from a 0.25% decline on Thursday, Ethereum ended the day at $382.77.

It was a mixed start to the day. Ethereum rose to an early morning high $392.16 before hitting reverse.

Falling short of the first major resistance level at $394.15, Ethereum fell to a late morning intraday low $373.40.

Ethereum fell through the first major support level at $380.90 and the second major support level at $374.20.

Steering clear of sub-$370 levels, Ethereum broke back through to $380 levels to reduce the deficit on the day.

At the time of writing, Ethereum was down by 0.31% to $381.57. A mixed start to the day saw Ethereum rise to an early morning high $383.00 before falling to a low $381.21.

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

For the day ahead

Ethereum would need to move through the $382.78 pivot to support a run at the first major resistance level at $392.15.

Support from the broader market would be needed, however, for Ethereum to break back through to $390 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $392.16 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $400 before any pullback. The second major resistance level sits at $401.54.

Failure to move through the $382.78 pivot would bring the first major support level at $373.39 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the 38.2% FIB of $367.00. The second major support level sits at $364.02.

Looking at the Technical Indicators

First Major Support Level: $373.39

Pivot Level: $382.78

First Major Resistance Level: $392.15

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin fell by 1.55% on Friday. Following on from a 1.56% slide on Thursday, Litecoin ended the day a $54.08.

It was a bullish start to the day. Litecoin rose to an early morning intraday high $55.81 before hitting reverse.

Falling well short of the first major resistance level at $56.53, however, Litecoin fell to a late morning intraday low $52.27.

Litecoin fell through the 23.6% FIB of $54 and the first major support level at $53.42 before a partial recovery to $54 levels.

At the time of writing, Litecoin was down by 0.43% to $53.85. A bearish start to the day saw Litecoin fall from an early morning high $54.12 to a low $53.73.

Litecoin left the major support and resistance levels untested early on. The pullback did see Litecoin fall back through the 23.6% FIB, however.

For the day ahead

Litecoin would need to move through the 23.6% FIB and the $54.05 pivot to support a run at the first major resistance level at $55.84.

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 and Friday’s high $55.81 would likely cap any upside.

In the event of a breakout, Litecoin would likely test the second major resistance level at $57.59 before any pullback.

Failure to move through the 23.6% FIB and the $54.05 pivot level would bring the first major support level at $52.30 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 $50.51 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $52.30

Pivot Level: $54.05

First Major Resistance Level: $55.84

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP declined by 1.36% on Friday. Following on from a 1.29% fall on Thursday, Ripple’s XRP ended the day at $0.23930.

It was another mixed start to the day. Ripple’s XRP rose to an early morning high $0.24416 before hitting reverse.

Falling well short of the first major resistance level at $0.2464, Ripple’s XRP slid to a late morning intraday low $0.23101.

Ripple’s XRP fell through the first major support level at $0.2392 and the second major support level at $0.2360.

Finding support in the 2^nd half of the day, Ripple’s XRP moved back through to $0.2390 levels to reduce the deficit on the day.

The first major support level at $0.2392 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 0.13% to $0.23900. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.23929 to a low $0.23900.

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 $0.2372 pivot to support a run at the first major resistance level at $0.2433.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.24116.

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 $0.2473.

Failure to avoid a fall through the $0.2372 pivot would bring the first major support level at $0.2332 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.23 levels and the second major support level at $0.2270.

Looking at the Technical Indicators

First Major Support Level: $0.2332

Pivot Level: $0.2372

First Major Resistance Level: $0.2433

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