Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 18th, 2020

Ethereum

Ethereum rose by 0.86% on Thursday. Following an 8.30% rally from Wednesday, Ethereum ended the day at $643.37.

A mixed start to the day saw Ethereum fall to an early morning low $634.02 before making a move.

Steering well clear of the first major support level at $599.60, Ethereum surged to a late afternoon intraday high and a new swing hi $677.05.

Ethereum broke through the first major resistance level at $657.97. Coming within range of the second major resistance level at $677.96, however, Ethereum slid to a late intraday low $626.79.

Continuing to steer clear of the first major support level at $599.60, Ethereum recovered to end the day at $643 levels.

At the time of writing, Ethereum was down by 0.76% to $638.45. A mixed start to the day saw Ethereum rise to an early morning high $645.00 before falling to a low $638.08.

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

For the day ahead

Ethereum would need to move through the pivot level at $649.07 to support a run at the first major resistance level at $671.35.

Support from the broader market would be needed, however, for Ethereum to break back through to $670 levels.

Barring another extended crypto rally, the first major resistance level and Thursday’s high $677.05 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $700 before any pullback. The second major resistance level sits at $699.33.

Failure to move through the $649.07 pivot would bring the first major support level at $621.09 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$600 levels. The second major support level sits at $598.81.

Looking at the Technical Indicators

First Major Support Level: $621.09

Pivot Level: $649.07

First Major Resistance Level: $671.35

23.6% FIB Retracement Level: $536

38.2% FIB Retracement Level: $449

62% FIB Retracement Level: $308

Litecoin

Litecoin rallied by 8.86% on Thursday. Following on from a 14.25% surge on Wednesday, Litecoin ended the day at $101.17.

Story continues

It was also a mixed start to the day. Litecoin fell to an early morning intraday low $90.44 before making a move.

Steering clear of the first major support level at $83.20, Litecoin rallied to a late afternoon intraday high $110.00.

Litecoin broke through the first major resistance level at $98.07 and the second major resistance level at $103.12.

More significantly, Litecoin also broke through the 62% FIB of $100 before a late pullback.

The late pullback saw Litecoin fall back through the 62% FIB and resistance levels before ending the day at $101 levels.

Litecoin broke back through the first major resistance level and the 62% FIB. The second major resistance level at $103.12 pinned Litecoin back, however.

At the time of writing, Litecoin was down by 1.11% to $100.05. A mixed start to the day saw Litecoin rise to an early morning high $101.48 before falling to a low $99.90

Litecoin left the major support and resistance levels untested early on. The early pullback did see Litecoin fall through the 62% FIB of $100, however.

For the day ahead

Litecoin would need to move back through the $100.54 pivot to support a run at the first major resistance level at $110.63.

Support from the broader market would be needed, however, for Litecoin to break back through to $110 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $110.00 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 $120.10.

Litecoin would need to hold above the 62% FIB on the day to affirm the formation of a near-term bullish trend.

Failure to move back through the $100.54 pivot level would bring the 62% FIB and the first major support level at $91.07 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$90 support levels. The second major support level sits at $80.98.

Looking at the Technical Indicators

First Major Support Level: $91.07

Pivot Level: $100.54

First Major Resistance Level: $110.63

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 1.49% on Thursday. Following a 21.67% breakout on Wednesday, Ripple’s XRP ended the day at $0.57848.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.54017 before making a move.

Steering clear of the first major support level at $0.4799, Ripple’s XRP rallied to a late afternoon intraday high $0.6590.

Ripple’s XRP broke through the first major resistance level at $0.6176 and the 23.6% FIB of $0.6274.

Falling short of the second major resistance level at $0.6652, however, Ripple’s XRP fell back to $0.56 levels before steadying.

The pullback saw Ripple’s XRP fall back through the 23.6% FIB and the first major resistance level to limit the upside on the day.

At the time of writing, Ripple’s XRP was down by 3.53% to $0.55807. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.57881 before sliding to a low $0.55700.

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 $0.5926 pivot level to bring the first major resistance level at $0.6449 into play.

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

Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.6590 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 $0.7114.

Failure to move through the $0.5926 pivot would bring the first major support level at $0.5261 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.50 support levels. The second major support level sits at $0.4737.

Looking at the Technical Indicators

First Major Support Level: $0.5261

Pivot Level: $0.5926

First Major Resistance Level: $0.6449

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

This article was originally posted on FX Empire

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