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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 31st, 2020

By:
Bob Mason
Updated: Jan 5, 2021, 11:18 UTC

It's another mixed start for the day for the majors. A move back through early highs would support a run at the major resistance levels.

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Ethereum

Ethereum rallied by 2.88% on Wednesday. Following on from a 0.29% gain on Tuesday, Ethereum ended the day at $752.86.

Another mixed start to the day saw Ethereum rise to an early morning high $746.86 before hitting reverse.

Falling short of the first major resistance level at $751.61, Ethereum slid to a late morning intraday low $717.00.

Steering clear of the first major support level at $699.95, Ethereum rallied to a late intraday high and a new swing hi $759.00.

Ethereum broke through the first major resistance level at $751.61 before a brief pullback to $741 levels.

In the final hour, however, Ethereum broke back through the first major resistance level to wrap up the day at $752levels.

At the time of writing, Ethereum was up by 0.34% to $755.42. A mixed start to the day saw Ethereum fall to an early morning low $751.54 before rising to a high $755.69.

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

ETHUSD 311220 Hourly Chart
ETHUSD 311220 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $742.95 to support a run at the first major resistance level at $768.91.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $759.00.

Barring an extended crypto rally, the first major resistance level and resistance at $775 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $800 before any pullback. The second major resistance level sits at $784.95.

Failure to avoid a fall through the $742.95 pivot would bring the first major support level at $726.91 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of sub-$700 levels. The second major support level at $700.95 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $726.91

Pivot Level: $742.95

First Major Resistance Level: $768.91

23.6% FIB Retracement Level: $599

38.2% FIB Retracement Level: $500

62% FIB Retracement Level: $340

Litecoin

Litecoin rose by 1.10% on Wednesday. Reversing a 0.76% decline from Tuesday, Litecoin ended the day at $130.11.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $132.89 before hitting reverse.

Coming up against the first major resistance level at $132.91, Litecoin fell to a late morning intraday low $122.60.

Steering clear of the first major support level at $122.24, Litecoin found late support to close out the day in the green.

At the time of writing, Litecoin was down by 0.22% to $129.83. A mixed start to the day saw Litecoin rise to an early morning high $130.35 before falling to a low $129.44.

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

LTCUSD 311220 Hourly Chart
LTCUSD 311220 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $128.53 pivot to support a run at the first major resistance level at $134.47.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $132.89.

Barring an extended crypto rally, the first major resistance level and resistance at $135 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $140 before any pullback. The second major resistance level sits at $138.82.

Failure to avoid a fall through the $128.53 pivot level would bring the first major support level at $124.18 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$120 levels. The second major support level sits at $118.24.

Looking at the Technical Indicators

First Major Support Level: $124.18

Pivot Level: $128.53

First Major Resistance Level: $134.47

23.6% FIB Retracement Level: $112

38.2% FIB Retracement Level: $96

62% FIB Retracement Level: $69

Ripple’s XRP

Ripple’s XRP fell by 4.51% on Wednesday. Following on from a 10.65% slide on Tuesday, Ripple’s XRP ended the day at $0.21138. It was the 6th consecutive day in the red for Ripple’s XRP.

Tracking the broader market, Ripple’s XRP rose to an early morning high $0.22356 before hitting reverse.

Falling short of the major resistance levels, Ripple’s XRP slid to an early morning intraday low $0.19186.

Steering clear of the first major support level at $0.1785, Ripple’s XRP struck a late afternoon intraday high $0.23739.

Falling short of the first major resistance level at $0.2576, however, Ripple’s XRP slid back to $0.20 levels before wrapping up the day at $0.21 levels.

At the time of writing, Ripple’s XRP was up by 0.08% to $0.21013. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.21142 before falling to a low $0.20802.

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

XRPUSD 311220 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.2135 pivot level to bring the first major resistance level at $0.2352 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.23 levels.

Barring another extended crypto rally, the first major resistance and Wednesday’s high $0.23739 would likely cap any upside.

In the event of an extended rally, the second major resistance at $0.2591 would likely come into play.

Failure to move through the $0.2135 pivot would bring the first major support level at $0.1897 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.1680.

Looking at the Technical Indicators

First Major Support Level: $0.1897

Pivot Level: $0.2135

First Major Resistance Level: $0.2352

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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