Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 16th, 2020

By November 16, 2020Ethereum
Click here to view original web page at finance.yahoo.com

Ethereum

Ethereum fell by 2.74% on Sunday. Following on from a 3.35% slide on Saturday, Ethereum ended the week down by 1.33% to $448.58.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $463.24 before hitting reverse.

Falling short of the first major resistance level at $475.38, Ethereum fell to a late intraday low $439.77.

The sell-off saw Ethereum fall through the first major support level at $449.55. Finding late support, Ethereum partially recovered to end the day at $448 levels.

At the time of writing, Ethereum was down by 0.27% to $447.36. A bearish start to the day saw Ethereum fall from an early morning high $448.80 to a low $447.13.

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 $450.53 to support a run at the first major resistance level at $461.29.

Support from the broader market would be needed, however, for Ethereum to break back through to $460 levels.

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

In the event of a breakout, Ethereum could test resistance at $470 before any pullback. The second major resistance level sits at $474.00.

Failure to move through the $450.53 pivot would bring the first major support level at $437.82 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$430 levels. The second major support level sits at $427.06.

Looking at the Technical Indicators

First Major Support Level: $437.82

Pivot Level: $450.53

First Major Resistance Level: $461.29

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin fell by 2.38% on Sunday. Following on from a 3.27% slide on Saturday, Litecoin ended the week up by 2.26% to $62.37.

It was also a mixed start to the day. Litecoin rose to an early morning intraday high $64.50 before hitting reverse.

Falling short of the first major resistance level at $66.21, Litecoin fell to a late intraday low $61.08.

Ethereum fell by 2.74% on Sunday. Following on from a 3.35% slide on Saturday, Ethereum ended the week down by 1.33% to $448.58.

It was a mixed start to […]

Leave a Reply

All Today's Crypto News In One Place