Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 23rd, 2020

Ethereum rose by 4.73% on Tuesday. Partially reversing a 4.72% slide from Monday, Ethereum ended the day at $636.82.

A mixed start to the day saw Ethereum fell to a late morning intraday low $587.54 before making a move.

Finding support at the first major support level at $587.20, Ethereum rallied to a late intraday high $638.50.

Coming within range of the first major resistance level at $638.65, Ethereum eased back to end the day at $636 levels.

At the time of writing, Ethereum was down by 0.48% to $633.75. A mixed start to the day saw Ethereum rise to an early morning high $638.24 before falling to a low $633.57.

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 $620.95 to support a run at the first major resistance level at $654.37.

Support from the broader market would be needed, however, for Ethereum to break back 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 $660 before any pullback. The second major resistance level sits at $671.91.

Failure to avoid a fall through the $620.95 pivot would bring the first major support level at $603.41 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of sub-$590 levels. The second major support level sits at $569.99.

Looking at the Technical Indicators

First Major Support Level: $603.41

Pivot Level: $620.95

First Major Resistance Level: $654.37

23.6% FIB Retracement Level: $536

38.2% FIB Retracement Level: $449

62% FIB Retracement Level: $308

Litecoin

Litecoin rallied by 9.40% on Tuesday. Reversing most of an 8.91% slide from Monday, Litecoin ended the day at $114.31.

It was also a mixed start to the day. Litecoin fell to a late morning intraday low $98.31 before making a move.

While steering clear of the first major support level, Litecoin fell through the 23.6% FIB of $101.

Finding late morning support, however, Litecoin rallied to a late intraday high $114.60.

Falling short of the first major resistance level at $115.32, Litecoin eased back to end the day at $114.30 levels.

At the time of writing, Litecoin was down by 0.69% to $113.52. A mixed start to the day saw Litecoin rise to an early morning high $114.84 before falling to a low $113.21.

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

For the day ahead

Litecoin would need to avoid a fall through the $109.07 pivot to support a run at the first major resistance level at $119.84.

Support from the broader market would be needed, however, for Litecoin to break out from $115 levels.

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 resistance at $125 before any pullback. The second major resistance level sits at $125.36.

Failure to avoid a fall through the $109.07 pivot level would bring the first major support level at $103.55 into play.

Barring an extended sell-off on the day, however, Litecoin should steer of sub-$100 levels. The 23.6% FIB of $101 should limit the downside. The second major support level sits at $92.78.

Looking at the Technical Indicators

First Major Support Level: $103.55

Pivot Level: $109.07

First Major Resistance Level: $119.84

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP tumbled by 13.20% on Tuesday. Following a 7.43% slide on Monday, Ripple’s XRP ended the day at $0.44667.

Tracking the broader market, Ripple’s XRP fell from an early morning intraday high $0.52188 to a late morning low $0.45036.

Ripple’s XRP fell through the first major support level at $0.4863 and the second major support level at $0.4579.

Avoiding sub-$0.45 levels, Ripple’s XRP briefly revisited $0.498 levels before sliding to a late intraday low $0.39706.

The sell-off saw Ripple’s XRP fall back through the first and second major support levels.

A late move back through to $0.446 levels reduced the deficit on the day.

At the time of writing, Ripple’s XRP was down by 2.11% to $0.43725. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.44813 before sliding to a low $0.43234.

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 $0.4552 pivot level to bring the first major resistance level at $0.5133 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.47 levels.

Barring an extended crypto rally, resistance at $0.47 would likely leave Ripple’s XRP well short of the first major resistance.

In the event of an extended rally, the first major resistance level would likely cap any upside. The second major resistance sits at $0.5800.

Failure to move through the $0.4552 pivot would bring the first major support level at $0.3885 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.40 levels.

In the event of another sell-off, the first major support level at $0.3885 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.3885

Pivot Level: $0.4552

First Major Resistance Level: $0.5133

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