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

By November 3, 2020Ethereum
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Ethereum

Ethereum slid by 3.42% on Monday. Reversing a 2.63% gain from Sunday, Ethereum ended the day at $383.33.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $404.57 before hitting reverse.

Ethereum broke through the first major resistance level at $401.34 before sliding to a mid-day intraday low $378.36.

The sell-off saw Ethereum fall through the first major support level at $388.78 and the second major support level at $380.66.

Steering well clear of sub-$370 levels, Ethereum briefly revisited $388 levels before easing back to sub-$384 levels.

While breaking back through the second major support level, the first major support level pinned Ethereum back.

At the time of writing, Ethereum was down by 0.2% to $382.57. A bearish start to the day saw Ethereum fall from an early morning high $383.39 to a low $382.17.

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

For the day ahead

Ethereum would need to move through the pivot level at $388.75 to support a run at the first major resistance level at $399.15.

Support from the broader market would be needed, however, for Ethereum to break out from $395 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $400 would likely cap any upside.

In the event of a further breakout, Ethereum could test resistance at $410 before any pullback. The second major resistance level sits at $414.96.

Failure to move through the $388.75 pivot would bring the first major support level at $372.94 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $362.54. The 38.2% FIB of $367 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $372.94

Pivot Level: $388.75

First Major Resistance Level: $399.15

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin slid by 3.18% on Monday. Following on from a 0.23% decline on Sunday, Litecoin ended the day at $53.90.

Ethereum slid by 3.42% on Monday. Reversing a 2.63% gain from Sunday, Ethereum ended the day at $383.33.

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

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