Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 28th, 2020

Ethereum

Ethereum rallied by 7.42% on Sunday. Following on from a 1.57% gain on Saturday, Ethereum ended the week up by 7.20% to $684.12.

A mixed start to the day saw Ethereum rise to a late morning high $655.22 before hitting reverse.

Ethereum broke through the first major resistance level at $654.41 before sliding to a mid-day intraday low $625.01.

Steering clear of the first major support level at $616.93, Ethereum surged to a late afternoon intraday high and a new swing hi $714.99.

Ethereum broke through the day’s major resistance levels before falling back to end the day at sub-$700 levels.

The pullback saw Ethereum fall through the third major resistance level at $709.77 and briefly through the second major resistance level at $672.29.

At the time of writing, Ethereum was up by 1.23% to $692.55. A mixed start to the day saw Ethereum fall to an early morning low $680.89 before striking a high $692.71.

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 $674.71 to support a run at the first major resistance level at $724.40.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $714.99.

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

In the event of another extended crypto rally, Ethereum could test resistance at $750 before any pullback. The second major resistance level sits at $764.69.

Failure to avoid a fall through the $674.71 pivot would bring the first major support level at $634.42 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$600 levels. The second major support level sits at $584.73.

Looking at the Technical Indicators

First Major Support Level: $634.42

Pivot Level: $674.71

First Major Resistance Level: $724.40

23.6% FIB Retracement Level: $565

38.2% FIB Retracement Level: $473

Story continues

62% FIB Retracement Level: $323

Litecoin

Litecoin fell by 1.51% on Sunday. Partially reversing a 6.85% rally on Saturday, Litecoin ended the week up by 11.30% to $127.60.

It was also a mixed start to the day. Litecoin rose to a mid-morning high $137.44 before hitting reverse.

The early rally saw Litecoin break through the first major resistance level at $134.76.

Falling short of the second major resistance level at $139.96, Litecoin slid to a mid-day intraday low $121.55.

The pullback saw Litecoin fall through the first major support level at $124.60, before finding support.

In the early afternoon, Litecoin rallied to an early afternoon intraday high and a new swing hi $139.30.

The early afternoon rally saw Litecoin break through the first major resistance level a $134.76.

Coming within range of the second major resistance level at $139.96, Litecoin fell back to end the day at sub-$130 levels.

At the time of writing, Litecoin was up by 1.72% to $129.79. A mixed start to the day saw Litecoin fall to an early morning low $126.21 before rising to a high $129.84.

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

For the day ahead

Litecoin would need to avoid a fall back through the $129.48 pivot to support a run at the first major resistance level at $137.42.

Support from the broader market would be needed, however, for Litecoin to break back through to $135 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $140 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $150 before any pullback. The second major resistance level sits at $147.23.

Failure to avoid a fall back through the $129.48 pivot level would bring the first major support level at $119.67 into play.

Barring an extended sell-off on the day, however, Litecoin should steer of sub-$115 levels. The second major support level sits at $111.72, with the 23.6% FIB at $112.

Looking at the Technical Indicators

First Major Support Level: $119.67

Pivot Level: $129.48

First Major Resistance Level: $137.42

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 3.76% on Sunday. Following on from a 7.26% slide on Saturday, Ripple’s XRP ended the week down by 49% to $0.28339.

A range-bound start to the day saw Ripple’s XRP rise to a mid-morning high $0.30313 before hitting reverse.

Falling short of the first major resistance level at $0.3211, Ripple’s XRP slid to a mid-day intraday low $0.26561.

Ripple’s XRP fell through the first major support level at $0.2750 before striking a late afternoon intraday high $0.31138.

Falling short of the first major resistance level at $0.3211 once more, Ripple’s XRP fell back to end the day at sub-$0.29 levels.

At the time of writing, Ripple’s XRP was up by 0.59% to $0.28505. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.28000 before rising to a high $0.28550.

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 $0.2868 pivot level to bring the first major resistance level at $0.3080 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.30 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 $0.32. The second major resistance sits at $0.3326.

Failure to move through the $0.2868 pivot would bring the first major support level at $0.2622 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.25 levels. The second major support level sits at $0.2410.

Looking at the Technical Indicators

First Major Support Level: $0.2622

Pivot Level: $0.2868

First Major Resistance Level: $0.3080

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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