Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 19th, 2020

Ethereum

Ethereum rose by 1.77% on Friday. Following a 0.86% gain on Thursday, Ethereum ended the day at $654.66.

A mixed start to the day saw Ethereum fall to an early morning low $629.59 before making a move.

Steering clear of the first major support level at $62.109, Ethereum rallied to a late morning intraday high $664.46.

Falling short of $670 levels and the first major resistance level at $671.35, Ethereum fell back to an afternoon low $631.02.

Finding late support, however, Ethereum moved back through to $654 levels to deliver the upside on the day.

At the time of writing, Ethereum was down by 0.15% to $653.67. A mixed start to the day saw Ethereum rise to an early morning high $656.48 before falling to a low $653.17.

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 $649.57 to support a run at the first major resistance level at $669.55.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $664.46.

Barring another extended crypto rally, the first major resistance level and resistance at $670 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 $684.44.

Failure to avoid a fall through the $649.57 pivot would bring the first major support level at $634.68 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$600 levels. The second major support level at $614.70 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $634.68

Pivot Level: $649.57

First Major Resistance Level: $669.55

23.6% FIB Retracement Level: $536

38.2% FIB Retracement Level: $449

62% FIB Retracement Level: $308

Litecoin

Litecoin rallied by 8.31% on Friday. Following on from an 8.86% jump on Thursday, Litecoin ended the day at $109.46.

It was also a mixed start to the day. Litecoin fell to an early morning intraday low $99.28 before making a move.

While steering clear of the first major support level at $91.07, Litecoin fell back through the 62% FIB of $100.

Finding support early on, however, Litecoin rallied to an early morning intraday high $112.92 before easing back.

Litecoin broke through the first major resistance level at $110.63 before falling back to $102 levels.

Steering clear of the 62% FIB, however, Litecoin moved back through to $109 levels to wrap up a bullish day.

At the time of writing, Litecoin was down by 0.37% to $109.05. A mixed start to the day saw Litecoin rise to an early morning high $110.09 before falling to a low $108.78.

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

For the day ahead

Litecoin would need to avoid a fall through the $107.22 pivot to support a run at the first major resistance level at $115.16.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $112.92.

Barring an extended crypto rally, the first major resistance level and 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 $120.86.

Failure to avoid a fall through the $107.22 pivot level would bring the first major support level at $101.52 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $93.58.

Looking at the Technical Indicators

First Major Support Level: $101.52

Pivot Level: $107.22

First Major Resistance Level: $115.16

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 1.29% on Friday. Following on from a 1.49% gain on Thursday, Ripple’s XRP ended the day at $0.58474.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.5510 before making a move.

Steering clear of the 38.2% FIB of $0.5285 and the first major support level at $0.5261, Ripple’s XRP rallied to an early morning intraday high $0.6181.

Falling short of the 23.6% FIB of $0.6274 and the first major resistance level at $0.6449, Ripple’s XRP fell back to $0.55 levels.

Finding late support, however, Ripple’s XRP moved back through to $0.58 levels to deliver the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.62% to $0.58112. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.58656 before falling to a low $0.58079.

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 $0.5846 pivot level to bring the first major resistance level at $0.6182 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.61 levels.

Barring an extended crypto rally, the first major resistance level and 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 $0.70. The second major resistance sits at $0.6517.

Failure to move back through the $0.5846 pivot would bring the first major support level at $0.5511 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.50 support levels. The 38.2% FIB of $0.5285 and the second major support level at $0.5175 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.5511

Pivot Level: $0.5846

First Major Resistance Level: $0.6182

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