Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 12th, 2020

Ethereum

Ethereum rallied by 2.86% on Wednesday. Following on from a 1.36% gain on Tuesday, Ethereum ended the day at $463.79.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $449.95 before making a move.

Steering clear of the first major support level at $441.66, Ethereum rallied to a late afternoon intraday high $476.80.

Ethereum broke through the first major resistance level at $457.81 and the second major resistance level at $464.74.

A late pullback, however, saw Ethereum fall back through the second major resistance level to wrap up the day at $463 levels.

At the time of writing, Ethereum was down by 0.47% to $461.59. A mixed start to the day saw Ethereum rise to an early morning high $464.82 before falling to a low $460.03.

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 $463.51 to support a run at the first major resistance level at $477.08.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $476.80.

Barring another extended crypto rally, the first major resistance level and resistance at $480 would likely cap any upside.

In the event of a breakout, Ethereum could test resistance at $490 before any pullback. The second major resistance level sits at $490.36.

Failure to move back through the $463.51 pivot would bring the first major support level at $450.23 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$450 levels. The second major support level sits at $436.66.

Looking at the Technical Indicators

First Major Support Level: $450.23

Pivot Level: $463.51

First Major Resistance Level: $477.08

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 2.33% on Wednesday. Reversing a 2.23% fall from Tuesday, Litecoin ended the day at $59.34.

It was also a mixed start to the day. Litecoin fell to an early morning intraday low $57.87 before making a move.

Steering clear of the first major support level at $56.85, Litecoin rallied to an early morning high $60.27.

Litecoin broke through the first major resistance level at $59.36 before falling back to sub-$59 levels.

Finding support in the late afternoon, however, Litecoin struck a late afternoon intraday high $60.63.

Litecoin broke back through the first major resistance level to wrap up the day at $59.3 levels.

At the time of writing, Litecoin was down by 1.03% to $58.73. A bearish start to the day saw Litecoin fall from an early morning high $59.40 to a low $58.47.

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

For the day ahead

Litecoin would need to move back through the $59.28 pivot to support a run at the first major resistance level at $60.69.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $60.63.

Barring an extended crypto rally, the first major resistance level and resistance at $61 would likely cap any upside.

In the event of an extended breakout, Litecoin would likely test resistance at $63 before any pullback. The second major resistance level sits at $62.04.

Failure to move back through the $59.28 pivot level would bring the first major support level at $57.93 into play.

Barring an extended sell-off on the day, however, Litecoin should steer well clear of the 23.6% FIB of $54.00. The second major support level at $56.52 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $57.93

Pivot Level: $59.28

First Major Resistance Level: $60.69

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 0.71% on Wednesday. Following on from a 1.41% gain on Tuesday, Ripple’s XRP ended the day at $0.25612.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.25274 before making a move.

Steering clear of the first major support level at $0.2467, Ripple’s XRP rallied to an early afternoon intraday high $0.2600.

Falling short of the first major resistance level at $0.2631, Ripple’s XRP fell back to $0.255 levels before finding support.

A late move back through to $0.256 levels delivered the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.38% to $0.25514. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.25613 to a low $0.25514.

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

For the day ahead

Ripple’s XRP will need to move through the $0.2563 pivot level to support a run at the first major resistance level at $0.2598.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2590 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.2600 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.2635.

Failure to move through the $0.2563 pivot would bring the first major support level at $0.2526 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.2450 levels. The second major support level at $0.2490 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2426

Pivot Level: $0.2563

First Major Resistance Level: $0.2598

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

This article was originally posted on FX Empire

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