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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 18th, 2020

By:
Bob Mason
Updated: Dec 18, 2020, 00:50 UTC

It's a bearish start to the day for the majors. Failure to move through the day's pivot levels would bring support levels into play.

Crypto00 567

Ethereum

Ethereum rose by 0.86% on Thursday. Following an 8.30% rally from Wednesday, Ethereum ended the day at $643.37.

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.

ETHUSD 181220 Hourly Chart

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.

LTCUSD 181220 Hourly Chart

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.

XRPUSD 181220 Hourly Chart

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

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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