Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 29th, 2020

By October 29, 2020Ethereum
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Ethereum

Ethereum slid by 4.22% on Wednesday. Reversing a 3.22% gain from Tuesday, Ethereum ended the day at $388.63.

It was a bullish start to the day. Ethereum rose to an early morning intraday high $409.52 before hitting reverse.

Falling short of the first major resistance level at $414.89, Ethereum tumbled to an early afternoon intraday low $380.50.

Ethereum fell through the first major support level at $393.47 and the second major support level at $381.20.

Steering clear of sub-$380, Ethereum broke back through the second major support level to end the day at $388 levels.

At the time of writing, Ethereum was down by 0.01% to $388.61. A mixed start to the day saw Ethereum rise to an early morning high $389.05 before falling to a low $388.02.

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

For the day ahead

Ethereum would need to move through the $392.88 pivot to support a run at the first major resistance level at $405.27.

Support from the broader market would be needed, however, for Ethereum to break back through to $400 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $409.52 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $415 before any pullback. The second major resistance level sits at $421.90.

Failure to move through the $392.88 pivot would bring the first major support level at $376.25 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the 38.2% FIB of $367. The second major support level sits at $363.86.

Looking at the Technical Indicators

First Major Support Level: $376.25

Pivot Level: $392.88

First Major Resistance Level: $405.27

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin slid by 4.02% on Wednesday. Reversing a 2.20% gain from Tuesday, Litecoin ended the day a $55.84.

It was a bullish start to the day. Litecoin rallied to an early morning intraday high $60.90 before hitting reverse.

Ethereum slid by 4.22% on Wednesday. Reversing a 3.22% gain from Tuesday, Ethereum ended the day at $388.63.

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

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