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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 28th, 2020

Bob Mason
·6 mins read

Ethereum

Ethereum rose by 1.06% on Sunday. Following a 0.57% gain from Saturday, Ethereum ended the week down by 3.57% to $357.77.

A bullish start to the day. Ethereum rallied to an early morning intraday high $362.86 before hitting reverse.

The early rally saw Ethereum break through the first major resistance level at $358.41.

Coming up against the second major resistance level at $362.69, however, Ethereum slid to a midday intraday low $347.05.

Ethereum fell through the first major support level at $347.94 before briefly revisiting $357 levels.

Coming up short of the first major resistance level, Ethereum slipped back to sub-$354 levels and into the red. Finding late support, however, Ethereum bounced back to wrap up the day at $357 levels.

At the time of writing, Ethereum was up by 0.40% to $358.99. A bullish start to the day saw Ethereum rise to an early morning high $360.77 before easing to a low $357.31.

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

For the day ahead

Ethereum would need to avoid a fall through the $355.89 pivot to support a run at the first major resistance level at $364.74.

Support from the broader market would be needed, however, for Ethereum to break back through to $360 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $362.86 would likely cap any upside.

Failure to avoid a fall through the $355.89 pivot would bring the first major support level at $348.93 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$340 levels. The second major support level at $340.08 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $348.93

Pivot Level: $355.89

First Major Resistance Level: $364.74

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 0.04% on Sunday. Following a 0.07% gain from Saturday, Litecoin ended the week down by 2.17% to $46.08.

It was also a bullish start to the day. Litecoin rallied to an early morning intraday high $46.63 before hitting reverse.

Coming up against the first major resistance level at $46.70, Litecoin slid to a midday intraday low $44.60.

Falling through the first major support level at $45.29, Litecoin found support at the second major support level at $44.51.

In the 2nd half of the day, Litecoin struck a high $46.29 before falling back to sub-$46 and into the red. A late recovery to $46 levels, however, reversed the losses from the day.

At the time of writing, Litecoin was up by 1.65% to $46.84. A bullish start to the day saw Litecoin rise from an early morning low $46.07 to a high $47.13.

Litecoin broke through the first major resistance level at $46.94 early on.

For the day ahead

Litecoin would need to avoid a fall through the $45.77 pivot to support another run at the first major resistance level at $46.94.

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

Barring an extended crypto rally, the first major resistance level would likely cap any upside. In the event of another breakout, the second major resistance level at $47.80 could come into play.

Failure to avoid a fall through the $45.77 pivot level would bring the first major support level at $44.91 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $43.74.

Looking at the Technical Indicators

First Major Support Level: $44.91

Pivot Level: $45.77

First Major Resistance Level: $46.94

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 0.69% on Sunday. Reversing a 0.06% loss from Saturday, Ripple’s XRP ended the week down by 1.28% to $0.24335.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.24483 before hitting reverse.

Falling short of the first major resistance level at $0.2454, Ripple’s XRP slid to a midday intraday low $0.23748.

Finding support at the first major support level at $0.2379, Ripple’s XRP revisited $0.2425 levels before easing back.

A late move back through to $0.243 levels, however, delivered the upside on the day.

At the time of writing, Ripple’s XRP was up by 0.74% to $0.24515. A bullish start to the day saw Ripple’s XRP move from an early morning low $0.24336 to a high $0.24547.

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

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2419 pivot to support another run at the first major resistance level at $0.2463.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.24547.

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

Failure to avoid a fall through the $0.2419 pivot would bring the first major support level at $0.2389 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.23 levels. The second major support level at $0.2345 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2389

Pivot Level: $0.2419

First Major Resistance Level: $0.2463

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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