Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 26th, 2020

Ethereum

Ethereum rose by 2.37% on Friday. Following on from a 4.60% rally on Thursday, Ethereum ended the day at $626.75.

A mixed start to the day saw Ethereum fall to an early morning intraday low $604.26 before making a move.

Steering clear of the first major support level at $580.26 Ethereum rallied to a late morning intraday high $633.97.

Ethereum broke through the first major resistance level at $629.64 before sliding back to $606 levels.

Finding late support, however, Ethereum moved back through to $626 levels to deliver the upside on the day.

At the time of writing, Ethereum was down by 0.43% to $624.04. A mixed start to the day saw Ethereum rise to an early morning high $628.86 before falling to a low $623.70.

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 $621.66 to support a run at the first major resistance level at $639.06.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $633.97.

Barring another extended crypto rally, the first major resistance level and resistance at $640 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 $651.37.

Failure to avoid a fall through the $621.66 pivot would bring the first major support level at $609.35 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$600 levels. The second major support level sits at $591.95.

Looking at the Technical Indicators

First Major Support Level: $609.35

Pivot Level: $621.66

First Major Resistance Level: $639.06

23.6% FIB Retracement Level: $536

38.2% FIB Retracement Level: $449

62% FIB Retracement Level: $308

Litecoin

Litecoin jumped by 14.84% on Friday. Following on from an 8.53% rally on Thursday, Litecoin ended the day at $127.67.

It was also a mixed start to the day. Litecoin fell to an early morning intraday low $108.24 before making a move.

Story continues

Steering clear of the first major support level at $102.49, Litecoin rallied to an early afternoon high $125.00.

Litecoin broke through the first major resistance level at $116.11 and the second major resistance level at $121.01.

Late in the afternoon, Litecoin fell back through the second major resistance level before finding support.

Litecoin broke back through the second major resistance level to strike a late intraday high and new swing hi $128.54 before easing back.

At the time of writing, Litecoin was down by 0.67% to $126.82. A mixed start to the day saw Litecoin fall to an early morning low $126.28 before striking a new swing hi $129.00

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

For the day ahead

Litecoin would need to avoid a fall through the $121.48 pivot to support a run at the first major resistance level at $134.73.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $129.00.

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 resistance at $155 before any pullback. The second major resistance level sits at $141.78.

Failure to avoid a fall through the $121.48 pivot level would bring the first major support level at $114.43 into play.

Barring an extended sell-off on the day, however, Litecoin should steer of sub-$100 levels. The 23.6% FIB of $104 and the second major support level at $101.18 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $114.43

Pivot Level: $121.48

First Major Resistance Level: $134.73

23.6% FIB Retracement Level: $104

38.2% FIB Retracement Level: $89

62% FIB Retracement Level: $65

Ripple’s XRP

Ripple’s XRP fell by 5.94% on Friday. Partially reversing a 29.65% surge from Thursday, Ripple’s XRP ended the day at $0.31855.

A mixed start to the day saw Ripple’s XRP rise to a late morning high $0.38632 before hitting reverse.

Falling short of the first major resistance level at $0.3985, Ripple’s XRP fell to a late afternoon intraday low $0.27802.

While steering clear of the first major support level at $0.2586, Ripple’s XRP fell through the 23.6% FIB of $0.3386.

Finding late support, Ripple’s XRP briefly revisited $0.34 levels before falling back into the deep red.

At the time of writing, Ripple’s XRP was down by 1.76% to $0.31293. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.32099 before falling to a low $0.30875.

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 $0.3276 pivot level and the 23.6% FIB of $0.3386 to bring the first major resistance level at $0.3772 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.37 levels.

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

In the event of an extended rally, Ripple’s XRP could test resistance at $0.40. The second major resistance sits at $0.4359.

Failure to move through the $0.3276 pivot would bring the first major support level at $0.2689 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.25 levels. The second major support level sits at $0.2193.

Looking at the Technical Indicators

First Major Support Level: $0.2689

Pivot Level: $0.3276

First Major Resistance Level: $0.3772

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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