Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 9th, 2020

By November 8, 2020Ethereum
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Pixel Litecoin Concept

Ethereum

Ethereum rallied by 4.30% on Sunday. Reversing a 4.56% slide from Saturday, Ethereum ended the week up by 14.54% to $454.61.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $432.65 before making a move.

Steering clear of the first major support level at $416.24, Ethereum rallied to a late afternoon intraday high $460.57.

Falling short of the first major resistance level at $462.22, Ethereum fell back to sub-$450 levels before wrapping up the week at $454 levels.

At the time of writing, Ethereum was down by 0.02% to $454.51. A mixed start to the day saw Ethereum rise to an early morning high $456.20 before falling to a low $453.62

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

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $449.28 to support a run at the first major resistance level at $465.90.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $460.57.

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

In the event of a breakout, Ethereum could test resistance at $480 before any pullback. The second major resistance level sits at $477.20.

Failure to avoid a fall through the $449.28 pivot would bring the first major support level at $437.98 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$430 levels. The second major support level sits at $421.36.

Looking at the Technical Indicators

First Major Support Level: $437.98

Pivot Level: $449.28

First Major Resistance Level: $465.90

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 3.43% on Sunday. Partially reversing a 6.96% slide from Saturday, Litecoin ended the week up by 9.56% to $60.99.

It was also a mixed start to the day. Litecoin fell to an early morning intraday low $58.68 before making a move.

Steering clear of the first major support level at $55.66, Litecoin rallied to a mid-afternoon intraday high $62.07.

Falling short of the first major resistance level at $63.55, Litecoin eased back to wrap up the week at sub-$61 levels.

At the time of writing, Litecoin was down by 0.13% to $60.91. A mixed start to the day saw Litecoin rise to an early morning high $61.26 before falling to a low $60.91.

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

For the day ahead

Litecoin would need to avoid a fall through the $60.58 pivot to support a run at the first major resistance level at $62.48.

Support from the broader market would be needed, however, for Litecoin to break out from Sunday’s high $62.07.

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

In the event of an extended breakout, Litecoin would likely test the second major resistance level at $63.98.

Failure to avoid a fall through the $60.58 pivot level would bring the first major support level at $59.08 into play.

Barring an extended sell-off on the day, however, Litecoin should steer well clear of the second major support level at $57.18.

Looking at the Technical Indicators

First Major Support Level: $59.08

Pivot Level: $60.58

First Major Resistance Level: $62.48

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 1.79% on Sunday. Partially reversing a 3.71% slide from Saturday, Ripple’s XRP ended the week up by 5.44% to $0.25369.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.24784 before making a move.

Steering clear of the first major support level at $0.2399, Ripple’s XRP rallied to a late afternoon intraday high $0.25722.

Falling short of the first major resistance level at $0.2631, Ripple’s XRP eased back to end the week at sub-$0.254 levels.

At the time of writing, Ripple’s XRP was flat at $0.25370. A mixed start to the day saw Ripple’s XRP rise from an early morning low $0.25369 to a high $0.25459 before easing back.

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

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2529 pivot level to support a run at the first major resistance level at $0.2580.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $0.25722.

Barring an extended crypto rally, the first major resistance level and resistance at $0.26 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.2623. Resistance at $0.27 would likely limit any upside, however. The third major resistance level sits at $0.2717.

Failure to avoid a fall through the $0.2529 pivot would bring the first major support level at $0.2486 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 $0.2435 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2486

Pivot Level: $0.2529

First Major Resistance Level: $0.2580

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

Ethereum rallied by 4.30% on Sunday. Reversing a 4.56% slide from Saturday, Ethereum ended the week up by 14.54% to $454.61.

It was a mixed start to the day. […]

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