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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 17th, 2020

By:
Bob Mason
Updated: Dec 17, 2020, 00:50 UTC

It's a bullish start to the day. Avoiding the day's pivot levels would support a run at the resistance levels and further upside on the day.

Investing and stock market concept gain and profits with faded candlestick charts.

Ethereum

Ethereum rallied by 8.30% on Wednesday. Following on from a 0.46% gain on Tuesday, Ethereum ended the day at $637.98.

A bearish start to the day saw Ethereum fall to a mid-morning intraday low $581.21 before making a move.

Steering clear of the first major support level at $579.81, Ethereum surged to a late intraday high and a new swing hi $639.58.

Ethereum broke through the day’s major resistance levels and the previous current year’s high of $636.53.

In spite of a partial pullback, Ethereum held well above the third major resistance level at $624.20.

At the time of writing, Ethereum was up by 1.03% to $644.56. A mixed start saw Ethereum slip to an early morning low $637.50 before striking a morning high and a new swing hi $645.59.

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

ETHUSD 171220 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $619.59 to support a run at the first major resistance level at $657.97.

Support from the broader market would be needed, however, for Ethereum to break through to $650 levels.

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

In the event of another extended crypto rally, Ethereum could test resistance at $680 before any pullback. The second major resistance level sits at $677.96.

Failure to avoid a fall through the $619.59 pivot would bring the first major support level at $599.60 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$590 levels. The second major support level sits at $561.22.

Looking at the Technical Indicators

First Major Support Level: $599.6

Pivot Level: $619.59

First Major Resistance Level: $657.97

23.6% FIB Retracement Level: $508

38.2% FIB Retracement Level: $426

62% FIB Retracement Level: $294

Litecoin

Litecoin surged by 14.25% on Wednesday. Reversing a 1.24% fall from Tuesday, Litecoin ended the day at $93.02.

It was also a bearish start to the day. Litecoin fell to an early morning intraday low $78.43 before making a move. The reversal saw Litecoin fall through the first major support level at $79.49.

Finding late morning support, however, Litecoin surged to a late intraday high $93.30.

Litecoin broke through the major resistance levels and held onto $93 levels at the day end.

At the time of writing, Litecoin was up by 0.43% to $93.42. A mixed start to the day saw Litecoin fall to an early morning low $92.89 before rising to a high $94.39.

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

LTCUSD 171220 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $88.25 pivot to support a run at the first major resistance level at $98.07.

Support from the broader market would be needed, however, for Litecoin to break out from $95 levels.

Barring an extended crypto rally, the first major resistance level and the 62% FIB of $100 would likely cap any upside.

In the event of another extended breakout, Litecoin could resistance at $105 before any pullback. The second major resistance level sits at $103.12.

Failure to avoid a fall through the $88.25 pivot level would bring the first major support level at $83.20 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$80 support levels. The second major support level sits at $73.38.

Looking at the Technical Indicators

First Major Support Level: $83.20

Pivot Level: $88.25

First Major Resistance Level: $98.07

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP jumped by 21.67% on Wednesday. Reversing a 5.85% slide from Tuesday, Ripple’s XRP ended the day at $0.5701.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.43727 before making a move.

Ripple’s XRP fell through the first major support level at $0.4542 and the second major support level at $0.4396.

Steering clear of sub-$0.40 levels, Ripple’s XRP rallied to a late intraday high $0.57500.

Ripple’s XRP broke through the day’s major resistance levels and the 38.2% FIB of $0.5285 to end the day at $0.57 levels.

At the time of writing, Ripple’s XRP was up by 0.71% to $0.57416. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.56762 before rising to a high $0.58299.

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

XRPUSD 171220 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the 38.2% FIB of $0.5285 and the $0.5275 pivot level to bring the first major resistance level at $0.6176 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.60 levels.

Barring an extended crypto rally, the first major resistance level and the 23.6% FIB of $0.6274 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.65. The second major resistance sits at $0.6652.

Failure to avoid a fall through the 38.2% FIB and the $0.5275 pivot would bring the first major support level at $0.4799 into play.

Barring an extended crypto sell-off, Ripple’s XRP should continue to avoid sub-$0.40 levels. The second major support level sits at $0.3897.

Looking at the Technical Indicators

First Major Support Level: $0.4799

Pivot Level: $0.5275

First Major Resistance Level: $0.6176

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

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.

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