Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 7th, 2020

Ethereum

Ethereum surged by 9.43% on Friday. Following on from a 3.47% rally on Thursday, Ethereum ended the day at $456.65.

It was a particularly bullish day. Ethereum rallied from an early morning intraday low $415.57 to a final hour intraday high $458.92.

Ethereum broke through the first major resistance level at $426.80 and the second major resistance level at $436.44.

It was the first closeout at $450 levels since September.

At the time of writing, Ethereum was up by 0.07% to $456.95. A mixed start to the day saw Ethereum fall to an early morning low $455.63 before striking a high $456.99.

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 $443.71 to support a run at the first major resistance level at $471.86.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $458.92.

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

In the event of a further breakout, Ethereum could test resistance at $490 before any pullback. The second major resistance level sits at $487.06.

Failure to avoid a fall through the $443.71 pivot would bring the first major support level at $428.51 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$420 levels. The second major support level sits at $400.36.

Looking at the Technical Indicators

First Major Support Level: $428.51

Pivot Level: $443.71

First Major Resistance Level: $471.86

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rallied by 7.23% on Friday. Following on from a 7.80% surged on Thursday, Litecoin ended the day at $63.29.

It was a bullish start to the day. Litecoin rallied from an early morning intraday low $58.73 to a late morning high $63.20.

Litecoin broke through the first major resistance level at $60.98 and the second major resistance level at $62.93.

A late pullback saw Litecoin fall back to sub-$60 levels before striking a final hour intraday high $63.74.

Litecoin broke back through the first major resistance level and the second major resistance level to wrap up the day at $63 levels.

At the time of writing, Litecoin was up by 1.03% to $63.94. A bullish start to the day saw Litecoin rise from an early morning low $63.35 to a high $64.00.

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

For the day ahead

Litecoin would need to avoid a fall through the $61.92 pivot to support a run at the first major resistance level at $65.11.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $64.00.

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

In the event of another extended breakout, Litecoin would likely test the second major resistance level at $66.93.

Failure to avoid a fall through the $61.92 pivot level would bring the first major support level at $60.10 into play.

Barring an extended sell-off on the day, however, Litecoin should steer well clear of the second major support level at $56.91.

Looking at the Technical Indicators

First Major Support Level: $60.10

Pivot Level: $61.92

First Major Resistance Level: $65.11

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 5.12% on Friday. Following on from a 3.17% gain on Thursday, Ripple’s XRP ended the day at $0.25864.

It was also a bullish start to the day. Ripple’s XRP rallied from an early morning intraday low $0.24554 to an early afternoon intraday high $0.26194.

The rally saw Ripple’s XRP break through the first major resistance level at $0.2499 and the second major resistance level at $0.2538.

Falling short of the third major resistance level at $0.2641, Ripple’s XRP slid back to sub-$0.2510 levels.

A final hour rally, however, saw Ripple’s XRP break back through the second major resistance level to wrap up the day at $0.258 levels. Resistance at $0.26 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was up by 0.72% to $0.26051. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.25880 to a high $0.26099.

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 $0.2554 pivot level to support a run at the first major resistance level at $0.2652.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.26194.

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

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.2718 and resistance at $0.28 before any pullback. The third major resistance level sits at $0.2882.

Failure to avoid a fall through the $0.2554 pivot would bring the first major support level at $0.2488 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.25 levels. The second major support level sits at $0.2390.

Looking at the Technical Indicators

First Major Support Level: $0.2488

Pivot Level: $0.2554

First Major Resistance Level: $0.2652

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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