Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 21st, 2020

By October 21, 2020Ethereum
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Ethereum

Ethereum slid by 2.82% on Tuesday. Reversing a modest 0.21% gain from Monday, Ethereum ended the day at $368.81.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $380.90 before hitting reverse.

Falling short of Monday’s high $384.69 and the first major resistance level at $385.07, Ethereum fell to a late intraday low $364.04.

Ethereum fell through the first major support level at $373.27 and the second major support level at $367.18.

More significantly, Ethereum also slid through the 38.2% FIB of $367 before a brief recovery to $370 levels.

At the time of writing, Ethereum was down by 0.07% to $368.56. A mixed start to the day saw Ethereum rise from to an early morning high $369.31 before falling to a low $368.06.

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

For the day ahead

Ethereum would need to move through the $371.25 pivot to support a run at the first major resistance level at $378.46.

Support from the broader market would be needed, however, for Ethereum to break out from $375 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $380.90 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $385 before any pullback. The second major resistance level sits at $388.11.

Failure to move through the $371.25 pivot would bring the 38.2% FIB and the first major support level at $361.60 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$360 support levels. The second major support level sits at $354.39.

Looking at the Technical Indicators

First Major Support Level: $361.60

Pivot Level: $371.25

First Major Resistance Level: $378.46

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin fell by 2.21% on Tuesday. Reversing a 0.92% gain from Monday, Litecoin ended the day at $46.95.

Tracking the broader market, Litecoin rose to an early morning intraday high $48.46 before hitting reverse.

Ethereum slid by 2.82% on Tuesday. Reversing a modest 0.21% gain from Monday, Ethereum ended the day at $368.81.

It was a mixed start to the day. Ethereum rose […]

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