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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 10th, 2020

Ethereum

Ethereum rallied by 4.04% on Friday. Following on from a 2.79% gain on Thursday, Ethereum ended the day at $365.36.

A bearish start to the day saw Ethereum fall to a mid-morning intraday low $347.15 before making a move.

Steering clear of the first major support level at $339.25 Ethereum rallied to a late afternoon high $366.50.

Ethereum broke through the first major resistance level at $358.3 and the second major resistance level at $365.34.

A late pullback saw Ethereum briefly fall back through the second major resistance level before hitting a late intraday high $368.55.

The late rally saw Ethereum break through the 38.2% FIB of $367 before easing back to wrap up the day at $365 levels.

At the time of writing, Ethereum was down by 0.01% to $365.31. A mixed start to the day saw Ethereum fall to an early morning low $365.02 before rising to a high $365.87.

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

ETH/USD 10/10/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $360.35 pivot to support a run at the first major resistance level at $373.56.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $368.55.

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 $381.75.

Failure to avoid a fall through the $360.35 pivot would bring the first major support level at $352.16 into play.

Barring another extended sell-off, however, Ethereum should continue to avoid sub-$350 levels. The second major support level sits at $338.95.

Looking at the Technical Indicators

First Major Support Level: $352.16

Pivot Level: $360.35

First Major Resistance Level: $373.56

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 1.23% on Friday. Following on from a 1.50% gain on Thursday, Litecoin ended the day at $47.82.

Tracking the broader market, Litecoin fell to a mid-morning intraday low $46.61 before making a move.

Steering clear of the first major support level at $46.01, Litecoin rallied to a late afternoon intraday high $48.22.

Litecoin broke through the first major resistance level at $48.00 before falling back to $47.5 levels.

Finding late support, however, Litecoin retested the first major resistance level before wrapping up the day at $47.8 levels.

At the time of writing, Litecoin was up by 0.04% to $47.84. A range-bound start to the day saw Litecoin fall to an early morning low $47.81 before rising to a high $47.88.

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

LTC/USD 10/10/20 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $47.55 pivot to support a run at the first major resistance level at $48.49.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $48.22.

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

In the event of another breakout, Litecoin would likely test resistance at $49 and the second major resistance level at $49.16.

Failure to avoid a fall through the $47.55 pivot level would bring the first major support level at $46.88 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$46 levels. The second major support level sits at $45.94.

Looking at the Technical Indicators

First Major Support Level: $46.88

Pivot Level: $47.55

First Major Resistance Level: $48.49

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 0.68% on Friday. Following on from a 1.01% gain on Thursday, Ripple’s XRP ended the day at $0.25314.

It was also a bearish start to the day. Ripple’s XRP fell to a mid-morning intraday low $0.24848 before making a move.

Steering clear of the first major support level at $0.2448, Ripple’s XRP rose to a late morning intraday high $0.25653.

Ripple’s XRP broke through the first major resistance level at $0.2556 before a pullback to sub-$0.25 levels.

Finding late support, however, Ripple’s XRP moved back through to $0.253 levels to end the day in the green.

At the time of writing, Ripple’s XRP was up by 0.09% to $0.25336. A range-bound start to the day saw Ripple’s XRP fall to an early morning low $0.25313 before rising to a high $0.25336.

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

XRP/USD 10/10/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2527 pivot to support a run at the first major resistance level at $0.2570.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.25653.

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

In the event of an extended rally, the second major resistance level at $0.2608 would likely come into play.

Failure to avoid a fall through the $0.2527 pivot would bring the first major support level at $0.2489 into play.

Barring an extended crypto sell-off, Ripple’s XRP should continue to steer clear of sub-$0.24 levels. The second major support level sits at $0.2447.

Looking at the Technical Indicators

First Major Support Level: $0.2489

Pivot Level: $0.2427

First Major Resistance Level: $0.2570

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