Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 18th, 2020
Ethereum
Ethereum rose by 0.86% on Thursday. Following an 8.30% rally from Wednesday, Ethereum ended the day at $643.37.
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A mixed start to the day saw Ethereum fall to an early morning low $634.02 before making a move.
Steering well clear of the first major support level at $599.60, Ethereum surged to a late afternoon intraday high and a new swing hi $677.05.
Ethereum broke through the first major resistance level at $657.97. Coming within range of the second major resistance level at $677.96, however, Ethereum slid to a late intraday low $626.79.
Continuing to steer clear of the first major support level at $599.60, Ethereum recovered to end the day at $643 levels.
At the time of writing, Ethereum was down by 0.76% to $638.45. A mixed start to the day saw Ethereum rise to an early morning high $645.00 before falling to a low $638.08.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the pivot level at $649.07 to support a run at the first major resistance level at $671.35.
Support from the broader market would be needed, however, for Ethereum to break back through to $670 levels.
Barring another extended crypto rally, the first major resistance level and Thursday’s high $677.05 would likely cap any upside.
In the event of another extended crypto rally, Ethereum could test resistance at $700 before any pullback. The second major resistance level sits at $699.33.
Failure to move through the $649.07 pivot would bring the first major support level at $621.09 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$600 levels. The second major support level sits at $598.81.
Looking at the Technical Indicators
First Major Support Level: $621.09
Pivot Level: $649.07
First Major Resistance Level: $671.35
23.6% FIB Retracement Level: $536
38.2% FIB Retracement Level: $449
62% FIB Retracement Level: $308
Litecoin
Litecoin rallied by 8.86% on Thursday. Following on from a 14.25% surge on Wednesday, Litecoin ended the day at $101.17.
It was also a mixed start to the day. Litecoin fell to an early morning intraday low $90.44 before making a move.
Steering clear of the first major support level at $83.20, Litecoin rallied to a late afternoon intraday high $110.00.
Litecoin broke through the first major resistance level at $98.07 and the second major resistance level at $103.12.
More significantly, Litecoin also broke through the 62% FIB of $100 before a late pullback.
The late pullback saw Litecoin fall back through the 62% FIB and resistance levels before ending the day at $101 levels.
Litecoin broke back through the first major resistance level and the 62% FIB. The second major resistance level at $103.12 pinned Litecoin back, however.
At the time of writing, Litecoin was down by 1.11% to $100.05. A mixed start to the day saw Litecoin rise to an early morning high $101.48 before falling to a low $99.90
Litecoin left the major support and resistance levels untested early on. The early pullback did see Litecoin fall through the 62% FIB of $100, however.
For the day ahead
Litecoin would need to move back through the $100.54 pivot to support a run at the first major resistance level at $110.63.
Support from the broader market would be needed, however, for Litecoin to break back through to $110 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $110.00 would likely cap any upside.
In the event of another extended breakout, Litecoin could resistance at $120 before any pullback. The second major resistance level sits at $120.10.
Litecoin would need to hold above the 62% FIB on the day to affirm the formation of a near-term bullish trend.
Failure to move back through the $100.54 pivot level would bring the 62% FIB and the first major support level at $91.07 into play.
Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$90 support levels. The second major support level sits at $80.98.
Looking at the Technical Indicators
First Major Support Level: $91.07
Pivot Level: $100.54
First Major Resistance Level: $110.63
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 1.49% on Thursday. Following a 21.67% breakout on Wednesday, Ripple’s XRP ended the day at $0.57848.
Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.54017 before making a move.
Steering clear of the first major support level at $0.4799, Ripple’s XRP rallied to a late afternoon intraday high $0.6590.
Ripple’s XRP broke through the first major resistance level at $0.6176 and the 23.6% FIB of $0.6274.
Falling short of the second major resistance level at $0.6652, however, Ripple’s XRP fell back to $0.56 levels before steadying.
The pullback saw Ripple’s XRP fall back through the 23.6% FIB and the first major resistance level to limit the upside on the day.
At the time of writing, Ripple’s XRP was down by 3.53% to $0.55807. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.57881 before sliding to a low $0.55700.
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 $0.5926 pivot level to bring the first major resistance level at $0.6449 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through the 23.6% FIB of $0.6274.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.6590 would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $0.70. The second major resistance sits at $0.7114.
Failure to move through the $0.5926 pivot would bring the first major support level at $0.5261 into play.
Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.50 support levels. The second major support level sits at $0.4737.
Looking at the Technical Indicators
First Major Support Level: $0.5261
Pivot Level: $0.5926
First Major Resistance Level: $0.6449
23.6% FIB Retracement Level: $0.6274
38.2% FIB Retracement Level: $0.5285
62% FIB Retracement Level: $0.3687
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Thanks, Bob