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

By November 4, 2020Ethereum
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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 3rd, 2020

ether
Ethereum fell 3.42% on Monday. Ethereum returned 2.63% on Sunday, ending the day at $ 383.33.
It was a mixed start to the day. Ethereum rose to an early morning intraday high of $ 404.57 before hitting reverse.
Ethereum broke the first major resistance level at $ 401.34 before slipping to an intraday low of $ 378.36 at noon.
On the sell-off, Ethereum fell through the first major support level at $ 388.78 and the second major support level at $ 380.66.
Ethereum stayed well below $ 370 levels and briefly revised the $ 388 levels before falling back to below $ 384 levels.
While the second major support level was broken, the first major support level Ethereum stuck back.
At the time of writing, Ethereum was down 0.2% to $ 382.57. A bearish start to the day caused Ethereum to fall from an early morning high of $ 383.39 to a low of $ 382.17.
Ethereum left key support and resistance levels untested early on.
For the next day
Ethereum would have to move through the pivot level at $ 388.75 to support a run at the first major resistance level at $ 399.15.
However, broader market support would be required for Ethereum to break out of $ 395.
Aside from an extended crypto rally, the first major resistance level and resistance at $ 400 would likely limit an uptrend.
In the event of another breakout, Ethereum could test resistance before a pullback at USD 410. The second major resistance level is at $ 414.96.
If you don't move through the $ 388.75 pivot, the first major support level is brought into play at $ 372.94.
However, subject to another extended sell-off, Ethereum should stay away from the second major support level of $ 362.54. The 38.2% FIB of $ 367 should limit any downside movement.
Look 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 was down 3.18% on Monday. After falling 0.23% on Sunday, Litecoin ended the day at $ 53.90.
On a bullish start to the day, Litecoin hit an intraday high of $ 56.85 early in the morning before hitting reverse.
Litecoin broke the first major resistance level at $ 56.53 before slipping to a midday intraday low of $ 53.12.
Litecoin fell through the first major support level at $ 54.44 and the 23.6% FIB of $ 54.00.
Litecoin found support at the second major support level at $ 53.23 and revisited the $ 54.5 levels before subsiding.
While the first major tier of support brought back Litecoin, the 23.6% FIB provided support late in the day.
At the time of writing, Litecoin was down 0.33% to $ 53.72. A bearish start to the day caused Litecoin to fall from an early morning high of $ 53.93 to a low of $ 53.66.
Litecoin left key support and resistance levels untested early on.
For the next day
Litecoin would have to move through the 23.6% FIB and $ 54.62 pivot to support a run at the first major resistance level at $ 56.13.
However, support from the broader market would be required for Litecoin to break back to the $ 56 level.
Aside from an extended crypto rally, the first major level of resistance would likely limit an uptrend.
In the event of a prolonged breakout, Litecoin would likely test the resistance before pulling back at $ 57. The second major resistance level is at $ 58.35.
If you don't move through the 23.6% FIB and $ 54.62 pivot level, the first major support level will come into play at $ 52.40.
However, subject to another lengthy sell-off that day, Litecoin should avoid levels below $ 50. The second major support level at $ 50.89 should limit any cons.
Look at the technical indicators
First major support level: $ 52.40
Pivot Level: $ 54.62
First major resistance level: $ 56.13
23.6% FIB Retracement Level: $ 45.30
38.2% FIB Retracement Level: $ 71
62% FIB Retracement Level: 100 USD
Ripple's XRP
Ripple's XRP fell 2.12% on Monday. Ripple's XRP ended the day up 0.14% from Sunday, ending the day at $ 0.23549.
It was a bullish start to the day. Ripple's XRP rose to an early morning intraday high of $ 0.24489 before hitting reverse.
Ripple's XRP broke the first major resistance level at $ 0.2421 and the second major resistance level at $ 0.2441.
Ripple's XRP trailed the third major resistance level at $ 0.2487, falling to a midday intraday low of $ 0.23297.
Ripple's XRP fell through the first major support level at $ 0.2375 and the second major support level at $ 0.2349.
Ripple's XRP stayed out of the third major support level at $ 0.2303 and briefly rebounded to $ 0.236 before weakening.
The first major support level at $ 0.2375 brought Ripple's XRP back late in the day.
At the time of writing, Ripple's XRP was down 0.24% to $ 0.23492. A bearish start to the day caused Ripple's XRP to drop from an early morning high of $ 0.23546 to a low of $ 0.23487.
Ripple's XRP left key support and resistance levels untested early on.
For the next day
Ripple's XRP must move through the $ 0.2378 pivot level to support a run at the first major resistance level of $ 0.2426.
However, support from the broader market would be required for Ripple's XRP to climb back to $ 0.24.
Aside from an extended crypto rally, the first major level of resistance would likely limit an uptrend.
In the event of a longer rally, Ripple's XRP could test resistance before pulling back at $ 0.25. The second major resistance level is at $ 0.2497.
Failure to go through the $ 0.2378 pivot brings the first major support level into play at $ 0.2307.
Subject to another extended crypto sell-off, Ripple's XRP should stay away from support levels below $ 0.23. The second major support level is at $ 0.2259.
Look at the technical indicators
First major support level: $ 0.2307
Pivot Level: $ 0.2378
First major resistance level: $ 0.2426
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.
Thank you Bob
This article was originally published on FX Empire
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