Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 11th, 2020

Ethereum

Ethereum fell by 2.61% on Thursday. Partially reversing a 3.35% gain from Wednesday, Ethereum ended the day at $558.32.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $575.62 before hitting reverse.

Falling short of the first major resistance level at $591.26, Ethereum slid to a mid-afternoon intraday low $547.83.

Steering clear of the first major support level at $542.91, however, Ethereum found late support to limit the losses on the day.

At the time of writing, Ethereum was down by 0.18% to $557.34. A mixed start to the day saw Ethereum rise to an early morning high $560.62 before falling to a low $557.28.

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

For the day ahead

Ethereum would need to move back through the pivot level at $560.59 to support a run at the first major resistance level at $573.35.

Support from the broader market would be needed, however, for Ethereum to break back through to $570 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $575.62 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $590 before any pullback. The second major resistance level sits at $588.38.

Failure to move back through the $560.59 pivot would bring the first major support level at $545.56 into play.

Barring another extended sell-off, however, Ethereum should continue to steer clear of sub-$520 levels. The second major support level at $532.80 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $545.56

Pivot Level: $560.59

First Major Resistance Level: $573.35

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin fell by 3.50% on Thursday. Reversing a 0.98% gain from Wednesday, Litecoin ended the day at $74.71.

It was also a mixed start to the day. Litecoin rose to an early morning intraday high $77.64 before hitting reverse.

Falling well short of the first major resistance level at $79.74, Litecoin fell to a mid-afternoon intraday low $73.10.

The reversal saw Litecoin fall through the first major support level at $73.65 before a partial recovery to $74 levels.

At the time of writing, Litecoin was down by 0.66% to $74.22. A mixed start to the day saw Litecoin rise to an early morning high $75.09 before falling to a low $74.22.

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

For the day ahead

Litecoin would need to move through the $75.15 pivot to support a run at the first major resistance level at $77.20.

Support from the broader market would be needed, however, for Litecoin to break back through to $77 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $77.64 would likely cap any upside.

In the event of an extended breakout, Litecoin could test the second major resistance level at $79.69 and resistance at $80.

Failure to move through the $75.15 pivot level would bring the first major support level at $72.66 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$70 levels. The second major support level at $70.61 and the 38.2% FIB of $71 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $72.66

Pivot Level: $75.15

First Major Resistance Level: $77.20

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP fell by 1.92% on Thursday. Partially reversing a 4.42% rally from Wednesday, Ripple’s XRP ended the day at $0.57194.

Tracking the broader market, Ripple’s XRP fell to a mid-afternoon intraday low $0.55275 before finding support.

Steering clear of the 38.2% FIB of $0.5285 and the first major support level at $0.5222, Ripple’s XRP bounced back to a late intraday high $0.58874.

While breaking back through the 38.2% FIB, Ripple’s XRP fell short of the first major resistance level at $0.6247.

A late pullback, however, saw Ripple’s XRP fall to sub-$0.58 levels and into the red for the day.

At the time of writing, Ripple’s XRP was down by 1.15% to $0.56538. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.57470 before falling to a low $0.56312.

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

For the day ahead

Ripple’s XRP will need to move back through the $0.5711 pivot level to bring the first major resistance level at $0.5895 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.58874.

Barring an extended crypto rally, the first major resistance level and resistance at $0.60 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance at $0.6071 and the 23.6% FIB of $0.6274.

Failure to move back through the $0.5711 pivot would bring the first major support level at $0.5535 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid the 38.2% FIB of $0.5285. The second major support level at $0.5352 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.5535

Pivot Level: $0.5711

First Major Resistance Level: $0.5895

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob