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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 1st, 2020

By:
Bob Mason
Updated: Dec 1, 2020, 09:43 UTC

It's a bearish start to the day. Steering clear of the day's pivot levels should support further upside, however.

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

Ethereum

Ethereum rallied by 6.95% on Monday. Following on from a 7.21% breakout on Sunday, Ethereum ended the month up by 59.55% to $617.00.

A mixed start to the day saw Ethereum fall to a late morning intraday low $571.11 before making a move.

Steering clear of the first major support level at $545.99, Ethereum rallied to a late intraday high $617.

Ethereum broke through the first major resistance level at $592.54 and the second major resistance level at $608.32 to end the day at $617 levels.

At the time of writing, Ethereum was down by 0.60% to $613.29. A mixed start to the day saw Ethereum rise to an early morning high $617.87 before falling to a low $612.79.

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

ETHUSD 011220 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $601.70 to support a run at the first major resistance level at $632.30.

Support from the broader market would be needed, however, for Ethereum to break through to $630 levels.

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

In the event of another breakout, Ethereum could test resistance at $650 before any pullback. The second major resistance level sits at $647.59.

Failure to avoid a fall through the $601.70 pivot would bring the first major support level at $586.41 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of the second major support level at $555.81.

Looking at the Technical Indicators

First Major Support Level: $586.41

Pivot Level: $601.70

First Major Resistance Level: $632.30

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin surged by 10.95% on Monday. Following on from an 8.59% rally on Sunday, Litecoin ended the month up by 57.35% to $87.66.

It was a mixed start to the day. Litecoin fell to a late morning intraday low $76.75 before making a move.

Steering clear of the first major support level at $73.36, Litecoin rallied to a late afternoon intraday high $88.53.

Litecoin broke through the first major resistance level at $82.93 and the second major resistance level at $86.85.

Coming up short of $90 levels, however, Litecoin slipped back to end the day at $87 levels. The second major resistance level at $86.85 delivered support late in the day.

At the time of writing, Litecoin was down by 0.44% to $87.01. A mixed start to the day saw Litecoin rise to an early morning high $87.91 before falling to a low $87.01.

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

LTCUSD 011220 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $84.31 pivot to support a run at the first major resistance level at $91.88.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $88.53.

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

In the event of an extended breakout, the second major resistance level at $96.09 will come into play. The 62% FIB of $100 would likely cap any upside, however.

Failure to avoid a fall through the $84.31 pivot level would bring the first major support level at $80.10 into play.

Barring an extended sell-off on the day, however, Litecoin should steer well clear of the second major support level at $72.53.

Looking at the Technical Indicators

First Major Support Level: $80.10

Pivot Level: $84.31

First Major Resistance Level: $91.88

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rallied by 9.60% on Monday. Revering a 3.36% fall from Sunday, Ripple’s XRP ended the month up by 177.02% to $0.66415.

It was another mixed start to the day. Ripple’s XRP fell to a late morning intraday low $0.5990 before making a move.

Steering clear of the first major support level at $0.5797, Ripple’s XRP rallied to an early afternoon intraday high $0.68898.

Ripple’s XRP broke through the first major resistance level at $0.6348 and the second major resistance level at $0.6639.

The rally also saw Ripple’s XRP break back through the 23.6% FIB of $0.6274.

A late pullback, however, saw Ripple’s XRP fall back through the major resistance levels before wrapping up the day at $0.66 levels.

Finding support at the 23.6% FIB, Ripple’s XRP broke back through the first major resistance level and the second major resistance level late on.

At the time of writing, Ripple’s XRP was down by 0.41% to $0.66146. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.66909 before falling to a low $0.65728.

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

XRPUSD 011220 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.6507 pivot level to support a run at the first major resistance level at $0.7024.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.68898.

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

In the event of an extended rally, Ripple’s XRP could test resistance at $0.72 before any pullback. The second major resistance sits at $0.7407.

Failure to avoid a fall through the $0.6507 pivot would bring the 23.6% FIB of $0.6274 and the first major support level at $0.6124 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.60 levels. The second major support level sits at $0.5607.

Looking at the Technical Indicators

First Major Support Level: $0.6124

Pivot Level: $0.6507

First Major Resistance Level: $0.7024

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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