Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 12th, 2020 – Yahoo Finance


Ethereum

Ethereum rose by 0.98% on Sunday. Following on from a 1.48% gain on Saturday, Ethereum ended the week up by 6.23% to $374.38.

A bearish start to the day saw Ethereum fall to an early morning intraday low $369.02 before making a move.

Steering clear of the 37.2% FIB of $367 and the first major support level at $363.58, Ethereum rallied to a late morning intraday high $377.49.

Falling short of the first major resistance level at $379.37, Ethereum slipped back to end the day at $374 levels.

At the time of writing, Ethereum was down by 0.10% to $374.02. A Bearish start to the day saw Ethereum fall from an early morning high $348.38 to a low $373.80.

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

For the day ahead

Ethereum would need to avoid a fall through the $373.63 pivot to support a run at the first major resistance level at $378.24.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $377.49.

Barring an extended crypto rally, the first major resistance level would likely cap any upside. In the event of another breakout, Ethereum could test resistance at $380 before any pullback. The second major resistance level sits at $382.24.

Failure to avoid a fall through the $373.63 pivot would bring the first major support level at $369.77 and the 38.2% FIB into play.

Barring another extended sell-off, however, Ethereum should continue to avoid sub-$360 levels. The second major support level at $365.16 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $369.77

Pivot Level: $373.63

First Major Resistance Level: $378.24

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rallied by 3.32% on Sunday. Following on from a 2.26% gain on Saturday, Litecoin ended the week up by 8.07% to $50.48.

Tracking the broader market, Litecoin slipped to an early morning intraday low $48.71 before making a move.

Steering clear of the first major support level at $47.65, Litecoin rallied to a late afternoon intraday high $51.25.

Litecoin broke through the first major resistance level at $50.32 before falling back to sub-$50 levels.

Finding late support, however, Litecoin broke back through to $50 levels to deliver the upside on the day.

At the time of writing, Litecoin was down by 0.38% to $50.29. A bearish start to the day saw Litecoin fall from an early morning high $50.47 to a low $50.24.

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

For the day ahead

Litecoin would need to avoid a fall through the $50.15 pivot to support a run at the first major resistance level at $51.58.

Support from the broader market would be needed, however, for Litecoin to break out from Sunday’s high $51.25.

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

In the event of another breakout, Litecoin would likely test the second major resistance level at $52.69.

Failure to avoid a fall through the $50.15 pivot level would bring the first major support level at $49.04 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $47.61.

Looking at the Technical Indicators

First Major Support Level: $49.04

Pivot Level: $50.15

First Major Resistance Level: $51.58

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 0.54% on Sunday. Following on from a 0.36% gain on Saturday, Ripple’s XRP ended the week up by 3.07% to $0.25549.

It was also a bearish start to the day. Ripple’s XRP fell to an early morning intraday low $0.25354 before making a move.

Steering clear of the first major support level at $0.2513, Ripple’s XRP rose to a late morning intraday high $0.25837.

Ripple’s XRP came up against the first major resistance level at $0.2586 before easing back to sub-$0.0254 levels.

Finding late support, however, Ripple’s XRP moved back through to $0.255 levels to deliver the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.06% to $0.25533. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.25571 before falling to a low $0.25533.

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

For the day ahead

Ripple’s XRP will need to move back through the $0.2558 pivot to support a run at the first major resistance level at $0.2581.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2580 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.25837 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.2606 would likely come into play.

Failure to move back through the $0.2558 pivot would bring the first major support level at $0.2532 into play.

Barring an extended crypto sell-off, Ripple’s XRP should continue to steer clear of sub-$0.25 levels. The second major support level at $0.2510 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2532

Pivot Level: $0.2558

First Major Resistance Level: $0.2581

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

More From FXEMPIRE: