Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 24th, 2020

Bob Mason
·5 min read

Ethereum

Ethereum slid by 6.86% on Wednesday. Reversing a 1.15% gain from Tuesday, Ethereum ended the day at $320.63.

A mixed start to the day saw Ethereum rise to an early morning intraday high $344.64 before hitting reverse.

Falling short of the first major resistance level at $348.88, Ethereum slipped to a mid-morning low $332.77.

Ethereum fell through the first major support level at $337.61 before striking an afternoon high $343.44.

The return to $340 levels was brief, however, with Ethereum sliding to a late intraday low $313.00.

Finding late support, Ethereum broke back through the third major support level at $319.68 to wrap up the day at $320 levels.

At the time of writing, Ethereum was up by 1.04% to $323.95. A choppy start to the day saw Ethereum fall to an early morning low $316.65 before rising to a high $324.64

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

For the day ahead

Ethereum would need to move through the $326.09 pivot to support a run at the first major resistance level at $339.18.

Support from the broader market would be needed, however, for Ethereum to break back through to $330 levels.

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

Failure to move through the $326.09 pivot would bring the first major support level at $307.54 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$300 levels. The second major support level sits at $294.45.

Looking at the Technical Indicators

First Major Support Level: $307.54

Pivot Level: $326.09

First Major Resistance Level: $339.18

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin fell by 3.53% on Wednesday. Partially reversing a 3.15% rally from Tuesday, Litecoin ended the day at $42.92.

It was a mixed start to the day. Litecoin fell to a mid-morning low $43.71 before making a move.

Steering clear of the first major support level at $43.25, Litecoin struck a mid-day intraday high $45.12 before hitting reverse.

Falling short of the first major resistance level at $45.30, Litecoin slid to a late intraday low $42.24.

Litecoin fell through the first major support level at $43.25 to wrap up the day at sub-$42 levels.

At the time of writing, Litecoin was up by 1.37% to $43.51. A mixed start to the day saw Litecoin fall to an early morning low $42.59 before rising to a high $43.62.

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

For the day ahead

Litecoin would need to avoid a fall back through the $43.43 pivot to support a run at the first major resistance level at $44.61.

Support from the broader market would be needed, however, for Litecoin to break back through to $44 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $45.12 would likely cap any upside.

Failure to avoid a fall back through the $43.43 pivot level would bring the first major support level at $41.73 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$40 levels. The second major support level at $40.55 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $41.73

Pivot Level: $43.43

First Major Resistance Level: $44.61

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP slid by 5.02% on Wednesday. Reversing a 0.86% gain from Tuesday, Ripple’s XRP ended the day at $0.22126.

Recovering from a mid-morning low $0.23082, Ripple’s XRP struck an early afternoon intraday high $0.23506 before hitting reverse.

Ripple’s XRP came within range of the first major resistance level at $0.0.2352, before sliding to a late intraday low $0.22059.

The sell-off saw Ripple’s XRP fall through the day’s major support levels to wrap up the day at sib-$0.2220 levels.

At the time of writing, Ripple’s XRP was up by 0.88% to $0.22320. A Choppy start to the day saw Ripple’s XRP fall to an early morning low $0.21925 before rising to a high $0.22320.

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

For the day ahead

Ripple’s XRP will need to move through the $0.2256 pivot to support a run at the first major resistance level at $0.2307.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.23 levels.

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

Failure to move through the $0.2256 pivot would bring the first major support level at $0.2162 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of the second major support level at $0.2112 and sub-$0.21 levels.

Looking at the Technical Indicators

First Major Support Level: $0.2162

Pivot Level: $0.2256

First Major Resistance Level: $0.2307

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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