Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 14th, 2020

Ethereum

Ethereum rallied by 3.89% on Sunday. Following on from a 4.43% rally on Saturday, Ethereum ended the week down by 1.86% to $590.75.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $563.79 before making a move.

Steering clear of the first major support level at $549.80, Ethereum rallied to a late afternoon intraday high $595.21.

Ethereum broke through the first major resistance level at $580.91 and the second major resistance level at $593.17.

Falling short of $600 levels, however, Ethereum fell back through the second major resistance level to end the week at $590 levels.

At the time of writing, Ethereum was down by 0.67% to $586.81. A bearish start to the day saw Ethereum fall from an early morning high $590.54 to a low $586.76.

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

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $583.25 to support a run at the first major resistance level at $602.71.

Support from the broader market would be needed, however, for Ethereum to break through to $600 levels.

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

In the event of an extended crypto rally, Ethereum could test resistance at $620 before any pullback. The second major resistance level sits at $614.67.

Failure to avoid a fall through the $583.25 pivot would bring the first major support level at $571.29 into play.

Barring another extended sell-off, however, Ethereum should steer well clear of the second major support level at $551.83.

Looking at the Technical Indicators

First Major Support Level: $571.29

Pivot Level: $583.15

First Major Resistance Level: $602.71

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin jumped by 7.14% on Sunday. Following on from a 6.21% rally on Saturday, Litecoin ended the week down by 1.65% to $82.20.

It was also a mixed start to the day. Litecoin fell to an early morning intraday low $75.63 before making a move.

Steering clear of the first major support level at $73.24, Litecoin rallied to a late afternoon intraday high $84.34.

Litecoin broke through the first major resistance level at $78.87 and the second major resistance level at $81.08.

Falling short of $85 levels, Litecoin eased back to end the day at $82 levels.

At the time of writing, Litecoin was down by 1.03% to $81.35. A bearish start to the day saw Litecoin fall from an early morning high $82.25 to a low $81.31.

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

For the day ahead

Litecoin would need to avoid a fall through the $80.72 pivot to support a run at the first major resistance level at $85.82.

Support from the broader market would be needed, however, for Litecoin to break out from Sunday’s high $84.34.

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

In the event of an extended breakout, Litecoin could test the second major resistance level at $89.43 and resistance at $90.

Failure to avoid a fall through the $80.72 pivot level would bring the first major support level at $77.11 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $72.01 and 38.2% FIB of $71.

Looking at the Technical Indicators

First Major Support Level: $77.11

Pivot Level: $80.72

First Major Resistance Level: $85.82

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 1.27% on Sunday. Following an 8.21% slide from Saturday, Ripple’s XRP ended the week down by 17.78% to $0.51310.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.48604 before finding support.

Steering clear of the first major support level at $0.4738, Ripple’s XRP rose to an early afternoon intraday high $0.52788.

While falling short of the first major resistance level at $0.5459, Ripple’s XRP broke through the 38.2% FIB of $0.5285.

A bearish end to the day, however, saw Ripple’s XRP fall back through the 38.2% FIB to end the day at $0.51 levels.

At the time of writing, Ripple’s XRP was down by 0.95% to $0.50822. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.51316 to a low $0.50822.

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 $0.5090 pivot level to bring the first major resistance level at $0.5320 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break through the 38.2% FIB of $0.5285.

Barring an extended crypto rally, the first major resistance level and 38.2% FIB would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.55 before any pullback. The second major resistance sits at $0.5508.

Failure to move back through the $0.5090 pivot would bring the first major support level at $0.4901 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.45 levels. The second major support level at $0.4672 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.4901

Pivot Level: $0.5090

First Major Resistance Level: $0.5320

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