Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 7th, 2020

Ethereum

Ethereum rose by 0.78% on Sunday. Following on from a 5.20% rally from Saturday, Ethereum ended the week up by 4.34% to $601.95.

A bullish start to the day saw Ethereum rise to an early morning intraday high $607.46 before hitting reverse.

Falling short of the first major resistance level at $609.73, Ethereum slid to an early afternoon intraday low $583.31.

Steering clear of the first major support level at $573.00, Ethereum broke back through to $600 levels to reverse losses from the day.

At the time of writing, Ethereum was up by 0.02% to $602.10. A mixed start to the day saw Ethereum rise to an early morning high $603.40 before falling to a low $601.73.

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 $597.57 to support a run at the first major resistance level at $611.84.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $607.46.

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 $620 before any pullback. The second major resistance level sits at $621.72.

Failure to avoid a fall through the $597.57 pivot would bring the first major support level at $587.69 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$580 levels. The second major support level sits at $573.42.

Looking at the Technical Indicators

First Major Support Level: $587.69

Pivot Level: $597.57

First Major Resistance Level: $611.84

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin rose by 0.52% on Sunday. Following on from a 5.37% gain on Saturday, Litecoin ended the week up by 5.86% to $83.64.

It was also a bullish start to the day. Litecoin rose to an early morning intraday high $85.26 before hitting reverse.

Falling short of the first major resistance level at $85.86, Litecoin slid to an early afternoon intraday low $80.36.

Finding support at the first major support level at $80.23, Litecoin revisited $84 levels before easing back. A final hour rebound reversed losses from the day.

At the time of writing, Litecoin was down by 0.05% to $83.60. A mixed start to the day saw Litecoin rise to an early morning high $83.90 before falling to a low $83.55.

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

For the day ahead

Litecoin would need to avoid a fall through the $83.09 pivot to support a run at the first major resistance level at $85.81.

Support from the broader market would be needed, however, for Litecoin to break back through to $85 levels.

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

In the event of another extended breakout, Litecoin could test the second major resistance level at $87.99.

Failure to move back through the $83.09 pivot level would bring the first major support level at $80.91 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $78.19.

Looking at the Technical Indicators

First Major Support Level: $80.91

Pivot Level: $83.09

First Major Resistance Level: $85.81

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 6.24% on Sunday. Following on from a 5.93% rally on Saturday, Ripple’s XRP ended the week up by 2.69% to $0.62223.

Tracking the broader market, Ripple’s XRP rallied to an early morning intraday high $0.62911 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.6055 and the second major resistance level at $0.6251.

Of greater significance was a move through the 23.6% FIB of $0.6274 before hitting reverse.

The reversal saw Ripple’s XRP slide to an early afternoon intraday low $0.58001.

While falling back through the 23.6% FIB and resistance levels, Ripple’s XRP steered clear of the major support levels.

Finding support late in the day, Ripple’s XRP broke back through the first major resistance level at $0.6055 to wrap up the day at $0.62 levels. The 23.6% FIB of $0.6274 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 0.77% to $0.61746. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.62469 before falling to a low $0.61636.

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

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.6105 pivot level to bring the first major resistance level at $0.6409 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 23.6% FIB of $0.6274.

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 $0.65 before any pullback. The second major resistance sits at $0.6596.

Failure to avoid a fall through the $0.6105 pivot would bring the first major support level at $0.5918 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.55 levels. The second major support level at $0.5614 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.5918

Pivot Level: $0.6105

First Major Resistance Level: $0.6409

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