Cryptocurrency Ethereum with One Dollar Bill as financial concept.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 3rd, 2020

Ethereum

Ethereum slid by 3.42% on Monday. Reversing a 2.63% gain from Sunday, Ethereum ended the day at $383.33.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $404.57 before hitting reverse.

Ethereum broke through the first major resistance level at $401.34 before sliding to a mid-day intraday low $378.36.

The sell-off saw Ethereum fall through the first major support level at $388.78 and the second major support level at $380.66.

Steering well clear of sub-$370 levels, Ethereum briefly revisited $388 levels before easing back to sub-$384 levels.

While breaking back through the second major support level, the first major support level pinned Ethereum back.

At the time of writing, Ethereum was down by 0.2% to $382.57. A bearish start to the day saw Ethereum fall from an early morning high $383.39 to a low $382.17.

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

ETH/USD 03/11/20 Hourly Chart

For the day ahead

Ethereum would need to move through the pivot level at $388.75 to support a run at the first major resistance level at $399.15.

Support from the broader market would be needed, however, for Ethereum to break out from $395 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $400 would likely cap any upside.

In the event of a further breakout, Ethereum could test resistance at $410 before any pullback. The second major resistance level sits at $414.96.

Failure to move through the $388.75 pivot would bring the first major support level at $372.94 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $362.54. The 38.2% FIB of $367 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $372.94

Pivot Level: $388.75

First Major Resistance Level: $399.15

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin slid by 3.18% on Monday. Following on from a 0.23% decline on Sunday, Litecoin ended the day at $53.90.

A bullish start to the day saw Litecoin strike an early morning intraday high $56.85 before hitting reverse.

Litecoin broke through the first major resistance level at $56.53 before sliding to a mid-day intraday low $53.12.

Litecoin fell through the first major support level at $54.44 and the 23.6% FIB of $54.00.

Finding support at the second major support level at $53.23, Litecoin revisited $54.5 levels before easing back.

While the first major support level pinned Litecoin back, the 23.6% FIB provided support late in the day.

At the time of writing, Litecoin was down by 0.33% to $53.72. A bearish start to the day saw Litecoin fall from an early morning high $53.93 to a low $53.66.

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

LTC/USD 03/11/20 Hourly Chart

For the day ahead

Litecoin would need to move through the 23.6% FIB and the $54.62 pivot to support a run at the first major resistance level at $56.13.

Support from the broader market would be needed, however, for Litecoin to break back through to $56 levels.

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

In the event of an extended breakout, Litecoin would likely test resistance at $57 before any pullback. The second major resistance level sits at $58.35.

Failure to move through the 23.6% FIB and the $54.62 pivot level would bring the first major support level at $52.40 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$50 levels. The second major support level at $50.89 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $52.40

Pivot Level: $54.62

First Major Resistance Level: $56.13

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP fell by 2.12% on Monday. Reversing a 0.14% gain from Sunday, Ripple’s XRP ended the day at $0.23549.

It was a bullish start to the day. Ripple’s XRP rallied to an early morning intraday high $0.24489 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2421 and the second major resistance level at $0.2441.

Falling short of the third major resistance level at $0.2487, Ripple’s XRP slid to a mid-day intraday low $0.23297.

Ripple’s XRP fell through the first major support level at $0.2375 and the second major support level at $0.2349.

Steering clear of the third major support level at $0.2303, Ripple’s XRP briefly recovered to $0.236 levels before easing back.

The first major support level at $0.2375 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 0.24% to $0.23492. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.23546 to a low $0.23487.

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

XRP/USD 03/11/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.2378 pivot level to support a run at the first major resistance level at $0.2426.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.24 levels.

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 resistance at $0.25 before any pullback. The second major resistance level sits at $0.2497.

Failure to move through the $0.2378 pivot would bring the first major support level at $0.2307 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.23 support levels. The second major support level sits at $0.2259.

Looking at the Technical Indicators

First Major Support Level: $0.2307

Pivot Level: $0.2378

First Major Resistance Level: $0.2426

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