Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 15th, 2020

Ethereum

Ethereum fell by 0.69% on Monday. Partially reversing a 3.89% rally from Sunday, Ethereum ended the day at $586.39.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $591.71 before hitting reverse.

Falling short of the first major resistance level at $602.71, Ethereum fell to a late morning intraday low $575.58.

Steering clear of the first major support level at $571.29, Ethereum briefly revisited $588 levels before easing back.

At the time of writing, Ethereum was up by 0.29% to $587.82. A mixed start to the day saw Ethereum fall to an early morning low $585.82 before rising to a high $588.16.

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 $584.56 to support a run at the first major resistance level at $593.54.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $591.71.

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 $600 before any pullback. The second major resistance level sits at $600.69.

Failure to avoid a fall through the $584.56 pivot would bring the first major support level at $577.41 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$570 levels. The second major support level sits at $568.43.

Looking at the Technical Indicators

First Major Support Level: $577.41

Pivot Level: $584.56

First Major Resistance Level: $593.54

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin rose by 0.19% on Monday. Following on from a 7.14% breakout from Sunday, Litecoin ended the day at $82.36.

It was also a mixed start to the day. Litecoin rose to an early morning intraday high $82.99 before hitting reverse.

Falling short of the first major resistance level at $85.82, Litecoin fell to an early afternoon intraday low $79.15.

Steering clear of the first major support level at $77.11, however, Litecoin recovered to end the day at $82.3 levels.

At the time of writing, Litecoin was up by 1.31% to $83.44. A bullish start to the day saw Litecoin rise from an early morning low $82.37 to a high $83.50.

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

For the day ahead

Litecoin would need to avoid a fall through the $81.50 pivot to support a run at the first major resistance level at $83.85.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $83.50.

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 $85.34.

Failure to avoid a fall through the $81.50 pivot level would bring the first major support level at $80.01 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$75 support levels. The second major support level at $77.66 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $80.01

Pivot Level: $81.50

First Major Resistance Level: $83.85

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP slid by 3.00% on Monday. Reversing a 1.27% gain from Sunday, Ripple’s XRP ended the day at $0.49777.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.51886 before hitting reverse.

Falling short of the first major resistance level at $0.5320, Ripple’s XRP fell to a late afternoon intraday low $0.48955.

The reversal saw Ripple’s XRP fall through the first major support level at $0.4901 before finding support late in the day. Ripple’s XRP broke back through the first major support level to end the day at $0.497 levels.

At the time of writing, Ripple’s XRP was up by 0.72% to $0.50134. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.4980 to a high $0.50134.

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 $0.5021 pivot level to bring the first major resistance level at $0.5146 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.51 levels.

Barring an extended crypto rally, the first major resistance level and 38.2% FIB of $0.5285 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance at $0.5314 before any pullback.

Failure to move through the $0.5021 pivot would bring the first major support level at $0.4853 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.4728.

Looking at the Technical Indicators

First Major Support Level: $0.4853

Pivot Level: $0.5021

First Major Resistance Level: $0.5146

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