Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 20th, 2020

By November 19, 2020Ethereum
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Ethereum

Ethereum fell by 1.48% on Thursday. Following on from a 0.79% decline on Wednesday, Ethereum ended the day at $471.92.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $480.99 before hitting reverse.

Falling short of the first major resistance level at $497.59, Ethereum fell to a late morning intraday low $465.18.

Steering clear of the first major support level at $458.41, Ethereum briefly revisited $478 levels before falling back into the red.

At the time of writing, Ethereum was up by 0.15% to $472.65. A mixed start to the day saw Ethereum fall to an early morning low $471.76 before rising to a high $473.00.

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

For the day ahead

Ethereum would need to move back through the pivot level at $472.70 to support a run at the first major resistance level at $480.21.

Support from the broader market would be needed, however, for Ethereum to break back through to $480 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $480.99 would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $490 before any pullback. The second major resistance level sits at $488.51.

Failure to move back through the $472.70 pivot would bring the first major support level at $464.40 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$460 levels. The second major support level sits at $456.89.

Looking at the Technical Indicators

First Major Support Level: $464.40

Pivot Level: $472.70

First Major Resistance Level: $480.21

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin surged by 11.09% on Thursday. Reversing a 3.78% slide from Wednesday, Litecoin ended the day at $81.64.

It was a bearish start to the day. Litecoin fell from an early morning high $75.32 to a late morning intraday low $71.53.

Steering clear of the 38.2% FIB of $71.00 and the first major support level at $68.82, Litecoin rallied to a late intraday high $83.50.

Litecoin broke through the first major resistance level at $77.66 and the second major resistance level at $81.84.

More significantly, Litecoin also broke through the 38.2% FIB to hit $80 levels for the first time since February-2020.

A late pullback, saw Litecoin fall back through the second major resistance level at $81.84, however.

At the time of writing, Litecoin was up by 0.48% to $82.03. A mixed start to the day saw Litecoin fall to an early morning low $81.29 before rising to a high $82.06.

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

For the day ahead

Litecoin would need to avoid a fall through the $78.89 pivot to support a run at the first major resistance level at $86.25.

Support from the broader market would be needed, however, for Litecoin to break out from Thursday’s high $83.50.

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

In the event of another extended breakout, Litecoin would likely test resistance at $90 before any pullback. The second major resistance level sits at $90.86.

Failure to avoid a fall through the $78.89 pivot level would bring the first major support level at $74.28 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$70. The 38.2% FIB of $71 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $74.28

Pivot Level: $78.89

First Major Resistance Level: $86.25

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rallied by 3.42% on Thursday. Reversing a 3.01% slide from Wednesday, Ripple’s XRP ended the day at $0.30386.

It was a mixed start to the day. Ripple’s XRP rose to an early morning high $0.2963 before hitting reverse.

Falling short of the first major resistance level at $0.3077, Ripple’s XRP slid to a late morning intraday low $0.28424.

Steering clear of the first major support level at $0.2800, however, Ripple’s XRP rallied to a late intraday high $0.30694.

Coming within range of the first major resistance level at $0.3077, Ripple’s XRP fell back to sub-$0.30 before finding support.

A late recovery saw Ripple’s XRP return to $0.30 levels to deliver the upside for the day.

At the time of writing, Ripple’s XRP was down by 0.10% to $0.30356. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.30193 before rising to a high $0.30413.

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 $0.2983 pivot level to support a run at the first major resistance level at $0.3125.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.30694.

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

In the event of another extended rally, Ripple’s XRP could test resistance at $0.32 before any pullback. The second major resistance level sits at $0.3210.

Failure to avoid a fall through the $0.2983 pivot would bring the first major support level at $0.2898 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.28 levels. The second major support level sits at $0.2756.

Looking at the Technical Indicators

First Major Support Level: $0.2898

Pivot Level: $0.2983

First Major Resistance Level: $0.3125

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 fell by 1.48% on Thursday. Following on from a 0.79% decline on Wednesday, Ethereum ended the day at $471.92.

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

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