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

By:
Bob Mason
Updated: Oct 6, 2020, 00:44 UTC

It's a bullish start to the day. The majors will need to avoid a fall through the pivot levels, however, to support a run at the major resistance levels.

Golden bitcoins on the black background closeup. Cryptocurrency virtual money

Ethereum

Ethereum rose by 0.37% on Monday. Following on from a 1.82% gain from Sunday, Ethereum ended the day at $353.73.

A bullish start to the day saw Ethereum rise to an early morning intraday high $356.12 before hitting reverse.

Falling short of the first major resistance level at $356.53, Ethereum slid to a mid-morning intraday low $348.69.

Steering clear of the first major support level at $346.26, Ethereum recovered to an afternoon high $354.41.

Coming up short of the morning high, Ethereum fell back to sub-$350 levels before a late recovery to $353 levels.

At the time of writing, Ethereum was up by 0.17% to $354.33. A bullish start to the day saw Ethereum rise from an early morning low $353.82 to a high $355.33.

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

ETH/USD 06/10/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $352.85 pivot to support another run at the first major resistance level at $357.00.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $356.12.

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

Failure to avoid a fall through the $352.85 pivot would bring the first major support level at $349.57 into play.

Barring an extended sell-off, however, Ethereum should avoid sub-$345 levels. The second major support level at $345.42 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $349.57

Pivot Level: $352.85

First Major Resistance Level: $357.00

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin fell by 0.77% on Monday. Partially reversing a 2.52% gain from Sunday, Litecoin ended the day at $46.35.

It was also a bullish start to the day. Litecoin rose to an early morning intraday high $47.09 before hitting reverse.

Falling short of the first major resistance level at $47.41, Litecoin slid to a late afternoon intraday low $45.55.

Finding support at the first major support level at $45.65, Litecoin recovered to $46 levels to limit the loss.

At the time of writing, Litecoin was up by 0.06% to $46.38. A bullish start to the day saw Litecoin rise from an early morning low $46.32 to a high $46.43.

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

LTC/USD 06/10/20 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall back through the $46.33 pivot to support another run at the first major resistance level at $47.11.

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

Barring an extended crypto rally, the first major resistance level and Monday’s high $47.09 would likely cap any upside.

In the event of another breakout, Litecoin could test resistance at $48 before any pullback. The second major resistance level sits at $47.87.

Failure to avoid a fall back through the $46.33 pivot level would bring the first major support level at $45.57 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$44 levels. The second major support level at $44.79 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $45.57

Pivot Level: $46.33

First Major Resistance Level: $47.11

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 1.07% on Monday. Consolidating a 6.50% rally from Sunday, Ripple’s XRP ended the day at $0.25055.

Tracking the broader market, Ripple’s XRP rallied to an early morning intraday high $0.25448 before hitting reverse.

Coming within range of the first major resistance level at $0.2549, Ripple’s XRP slid to a late morning intraday low $0.24657.

Steering well clear of the first major support level at $0.2364, Ripple’s XRP struck an afternoon high $0.25349.

Falling short of the major resistance levels, Ripple’s XRP slipped back to sub-$0.25 levels before finding support.

A late move back through to $0.25 levels delivered the upside on the day.

At the time of writing, Ripple’s XRP was up by 0.30% to $0.25130. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.25097 to a high $0.25152.

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

XRP/USD 06/10/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2505 pivot to support another run at the first major resistance level at $0.2545.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2510 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.25448 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.2584 would likely come into play.

Failure to avoid a fall through the $0.2505 pivot would bring the first major support level at $0.2466 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.24 levels. The second major support level at $0.2426 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2466

Pivot Level: $0.2505

First Major Resistance Level: $0.2545

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.

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