Advertisement
Advertisement

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

By:
Bob Mason
Updated: Sep 28, 2020, 01:52 UTC

It's a bullish start to the day for the majors. Steering clear of the early lows and pivot levels would bring the resistance levels into play.

Crypto00 567

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.

ETH/USD 28/09/20 Hourly Chart

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.

LTC/USD 28/09/20 Hourly Chart

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.

XRP/USD 28/09/20 Hourly Chart

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

Did you find this article useful?

Advertisement