Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 24th, 2020

Ethereum

Ethereum slid by 8.11% on Wednesday. Reversing a 4.73% gain from Tuesday, Ethereum ended the day at $585.11.

A mixed start to the day saw Ethereum rise to an early morning intraday high $638.75 before hitting reverse.

Falling well short of the first major resistance level at $654.37, Ethereum slid to a late intraday low $551.45.

Ethereum fell through the first major support level at $603.41 and the second major support level at $569.99.

Steering clear of the 23.6% FIB of $536, however, Ethereum found support to end the day at $585 levels. The partial recovery saw Ethereum move back through the second major support level.

At the time of writing, Ethereum was down by 0.97% to $579.45. A bearish start to the day saw Ethereum fall from an early morning high $585.65 to a low $576.45.

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 $591.77 to support a run at the first major resistance level at $632.09.

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

Barring another extended crypto rally, resistance at $600 would likely leave Ethereum short of the first major resistance level.

In the event of another extended crypto rally, Ethereum could test resistance at $640 before any pullback. The second major resistance level sits at $679.07.

Failure to move through the $591.77 pivot would bring the first major support level at $544.79 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the 23.6% FIB of $536. The second major support level sits at $504.47.

Looking at the Technical Indicators

First Major Support Level: $544.79

Pivot Level: $591.77

First Major Resistance Level: $632.09

23.6% FIB Retracement Level: $536

38.2% FIB Retracement Level: $449

62% FIB Retracement Level: $308

Litecoin

Litecoin slid by 10.44% on Wednesday. Partially reversing a 9.40% rally from Tuesday, Litecoin ended the day at $102.35.

Story continues

It was also a mixed start to the day. Litecoin rose to an early morning intraday high $117.32 before hitting reverse.

Falling short of the first major resistance level at $119.84, Litecoin slid to a late intraday low $95.28.

Litecoin fell through the first major support level at $103.55 and the second major support level at $92.78. More significantly, Litecoin also fell through the 23.6% FIB of $101 before support kicked in.

Late in the day, Litecoin moved back through the support levels and 23.6% FIB to wrap up the day at $102 levels.

At the time of writing, Litecoin was down by 1.71% to $100.60. A bearish start to the day saw Litecoin fall from an early morning high $102.46 to a low $100.31

Litecoin left the major support and resistance levels untested early on. The pullback did see Litecoin fall through the 23.6% FIB of $101, however.

For the day ahead

Litecoin would need to move through the 23.6% FIB and the $104.98 pivot to support a run at the first major resistance level at $114.69.

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 Wednesday’s high $117.32 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $120 before any pullback. The second major resistance level sits at $127.02.

Failure to move through the 23.6% FIB and the $104.98 pivot level would bring the first major support level at $92.65 into play.

Barring an extended sell-off on the day, however, Litecoin should steer of sub-$90 levels and the 38.2% FIB of $86. The second major support level sits at $82.94.

Looking at the Technical Indicators

First Major Support Level: $92.65

Pivot Level: $104.98

First Major Resistance Level: $114.69

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP slumped by 41.71% on Wednesday. Following on from a 13.20% tumble on Tuesday, Ripple’s XRP ended the day at $0.26001.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.44813 before hitting reverse.

Falling well short of the first major resistance level at $0.5133, Ripple’s XRP tumbled to a late intraday low $0.2000.

Ripple’s XRP fell through the day’s major support levels and the 62% FIB of $0.3687 to form a near-term bearish trend.

Finding support at $0.20, Ripple’s XRP broke back through the third major support level at $0.2056 to end the day a $0.26 levels.

At the time of writing, Ripple’s XRP was up by 5.77% to $0.27500. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.25000 before rising to a high $0.28123.

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 $0.3027 pivot level and the 23.6% FIB of $0.3386 to bring the first major resistance level at $0.4054 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.30 levels.

Barring an extended crypto rally, the 23.6% FIB of $0.3386 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 at $0.4054 and the 38.2% FIB of 0.4243 would likely cap any upside. The second major resistance sits at $0.5508.

Failure to move through the $0.3027 pivot and 23.6% FIB of $0.3386 would bring the first major support level at $0.1573 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.10 levels. The second major support level sits at $0.0546.

Looking at the Technical Indicators

First Major Support Level: $0.1573

Pivot Level: $0.3027

First Major Resistance Level: $0.4054

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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