Advertisement
Advertisement

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 3rd, 2020

By:
Bob Mason
Updated: Oct 3, 2020, 00:38 UTC

It's a bearish start to the day for the majors. Failure to break out from the day's pivot levels will bring support levels into play.

Depositphotos_166797044_s-2019

Ethereum

Ethereum slid by 2.02% on Friday. Following on from a 1.97% decline on Thursday, Ethereum ended the day at $345.70.

A range-bound start to the day saw Ethereum rise to an early morning intraday high $354.25 before hitting reverse.

Falling well short of the first major resistance level at $367.10, Ethereum slid to a late morning intraday low $334.19.

Ethereum fell through the first major support level at $341.86. Steering clear of the second major support level at $330.81 briefly revisited $347 levels before easing back.

At the time of writing, Ethereum was down by 0.15% to $345.18. A mixed start to the day saw Ethereum rise to an early morning high $346.08 before falling to a low $345.18.

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

ETH/USD 03/10/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $344.71 pivot to support a run at the first major resistance level at $355.24.

Support from the broader market would be needed, however, for Ethereum to break back through to $350 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $354.25 would likely cap any upside.

Failure to avoid a fall through the $344.71 pivot would bring the first major support level at $335.18 into play.

Barring another extended sell-off, however, Ethereum should avoid the second major support level at $324.65.

Looking at the Technical Indicators

First Major Support Level: $335.18

Pivot Level: $344.71

First Major Resistance Level: $355.24

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin slid by 2.79% on Friday. Following a 0.09% loss on Thursday, Litecoin ended the day at $44.94.

It was also a bullish start to the day. Litecoin rose to an early morning intraday high $46.96 before hitting reverse.

Falling well short of the first major resistance level at $48.06, Litecoin slid to a late morning intraday low $43.25.

Litecoin fell through the first major support level at $44.85 and the second major support level at $43.46.

Finding support going into the afternoon, Litecoin revisited $45 levels before easing back. The first major support level limited the downside late in the day.

At the time of writing, Litecoin was down by 0.22% to $44.84. A bearish start to the day saw Litecoin fall from an early morning high $44.95 to a low $44.83.

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

LTC/USD 03/10/20 Hourly Chart

For the day ahead

Litecoin would need to move through the $45.05 pivot to support a run at the first major resistance level at $46.85.

Support from the broader market would be needed, however, for Litecoin to break back through to $46 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $46.96 would likely cap any upside.

In the event of another breakout, Litecoin could test resistance at $47 before any pullback. The second major resistance level sits at $48.76.

Failure to move through the $45.05 pivot level would bring the first major support level at $43.14 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$42 levels. The second major support level sits at $41.34.

Looking at the Technical Indicators

First Major Support Level: $43.14

Pivot Level: $45.05

First Major Resistance Level: $46.85

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 1.54% on Friday. Following on from a 1.63% fall on Thursday, Ripple’s XRP ended the day at $0.23404.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.23919 before hitting reverse.

Falling short of the first major resistance level at $0.2438, Ripple’s XRP slid to a late morning intraday low $0.22900.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.2331.

In the 2nd half of the day, Ripple’s XRP broke back through the first major support level to end the day at $0.234 levels.

At the time of writing, Ripple’s XRP was down by 0.16% to $0.23367. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.23409 to a low $0.23367.

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

XRP/USD 03/10/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.2341 pivot to support a run at the first major resistance level at $0.2392.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2350 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $0.23919 would likely cap any upside.

Failure to move through the $0.2341 pivot would bring the first major support level at $0.2290 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.22 levels. The second major support level at $0.2239 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2290

Pivot Level: $0.2341

First Major Resistance Level: $0.2392

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.

Did you find this article useful?

Advertisement