Home Forex News October 8, 2020, Daily Tech Analysis of Ethereum, Litecoin, and Ripple’s XRP

October 8, 2020, Daily Tech Analysis of Ethereum, Litecoin, and Ripple’s XRP

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Ethereum 

Ethereum rose by 0.26% on Wednesday. Following a 3.69% slide on Tuesday, Ethereum finished the day at $341.68. 

A bearish beginning to the day saw Ethereum slide to an early morning intraday low of $332.87 before making a move. 

Ethereum fell through the first major support level at $333.23 before ascending to a mid-afternoon intraday high of $342.83. 

Missing the mark concerning the first major resistance level at $351.83, Ethereum fell back to $336 levels before discovering support. 

A late move back through to $341 levels reversed losses from the day. 

At the hour of writing, Ethereum was somewhere near 0.20% to $340.98. A mixed beginning to the day saw Ethereum ascend to an early morning high of $342.36 before tumbling to a low $340.70. 

Ethereum left the major support and resistance levels untested right off the bat.

The day ahead 

Ethereum would need to maintain a strategic distance from a fall through the $339.13 pivot to support a run at the first major resistance level at $345.38. 

Support from the broader market would be needed, but for Ethereum to break out from Wednesday’s high $342.83. 

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

The inability to avoid a fall through the $345.38 pivot would bring the first major support level at $335.42 into play.

Barring another extended sell-off, Ethereum should keep on maintaining a strategic distance from sub-$330 levels. The subsequent major support level sits at $329.17.

Looking at the Technical Indicators

First Major Support Level: $335.42

Pivot Level: $339.13

First Major Resistance Level: $345.38

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin 

Litecoin rose by 1.22% on Wednesday. Switching a 0.73% tumble from Tuesday, Litecoin finished the day at $46.58. 

It was a mixed beginning to the day. Litecoin slid to an early morning intraday low of $45.03 before making a move. 

Avoiding the primary first major support level at $44.97, Litecoin rallied to a late intraday high of $46.92. 

Missing the mark concerning the major resistance level at $47.64, Litecoin slipped back to end the day at $46.5 levels. 

At the hour of writing, Litecoin was somewhere near 0.19% to $46.48. A mixed beginning to the day saw Litecoin ascend to an early morning high of $46.64 before tumbling to a low $46.46. 

Litecoin left the major support and resistance untested right off the bat.

The day ahead 

Litecoin would need to stay away from a fall through the $46.18 pivot to support a run at the first major resistance level at $47.32. 

Support from the broader market would be needed, but for Litecoin to break back through to $47 levels. 

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

In case of another breakout, Litecoin could test resistance at $48 before any pullback. The second major resistance level sits at $48.07. 

The inability to keep away from a fall through the $46.18 pivot level would bring the first major support level at $45.43 into play. 

Barring another extended sell-off on the day, but Litecoin should avoid sub-$44 levels. The subsequent major support level at $44.29 should restrict any drawback. 

Looking at the Technical Indicators

First Major Support Level: $45.43

Pivot Level: $46.18

First Major Resistance Level: $47.32

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 1.31% on Wednesday. Partially reversing a 2.12% decline from Tuesday, Ripple’s XRP finished the day at $0.24882. 

It was also a mixed beginning to the day. Ripple’s XRP tumbled to an early morning intraday low of $0.24105 before making a move. 

Avoiding the first major support level at $0.2377, Ripple’s XRP rose to a late afternoon intraday high of $0.25127. 

Missing the mark concerning the major resistance level at $0.2565, Ripple’s XRP fell back to end the day at sub-$0.25 levels. 

At the hour of writing, Ripple’s XRP was somewhere near 0.28% to $0.24813. A mixed beginning to the day saw Ripple’s XRP ascend to an early morning high of $0.24905 before tumbling to a low $0.24813. 

Wave’s XRP left the major support and resistance levels untested right off the bat.

The day ahead 

Ripple’s XRP should stay away from a fall through the $0.2470 pivot to support a run at the first major resistance level at $0.2530.

Support from the broader market would be needed, but for Ripple’s XRP to break out from Wednesday’s high $0.25127. 

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

In case of an extended rally, the second major resistance level at $0.2573 would almost certainly become the most important factor. Resistance at $0.26 would probably pin Ripple’s XRP back, however.

The inability to stay away from a fall through the $0.2470 pivot would bring the first major support level at $0.2428 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.24 levels. The subsequent major support level sits at $0.2368.

Looking at the Technical Indicators

First Major Support Level: $0.2428

Pivot Level: $0.2470

First Major Resistance Level: $0.2530

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

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