Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 8th, 2020

Ethereum

Ethereum fell by 1.74% on Monday. Following on from a 0.78% decline on Sunday, Ethereum ended the day at $591.47.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $603.40 before hitting reverse.

Falling short of the first major resistance level at $611.84, Ethereum slid to a late intraday low $584.54.

Ethereum fell through the first major support level at $587.69 before a partial recovery to end the day at $591 levels.

At the time of writing, Ethereum was down by 0.29% to $589.75. A mixed start to the day saw Ethereum rise to an early morning high $591.64 before falling to a low $588.70.

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 $593.14 to support a run at the first major resistance level at $601.73.

Support from the broader market would be needed, however, for Ethereum to break back through to $600 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $603.40 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test the second major resistance level at $612.

Failure to move through the $593.14 pivot would bring the first major support level at $582.87 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$570 levels. The second major support level at $574.28 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $582.87

Pivot Level: $593.14

First Major Resistance Level: $601.73

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin fell by 0.20% on Monday. Partially reversing a 0.52% gain from Sunday, Litecoin ended the day at $83.41.

It was also a mixed start to the day. Litecoin rose to a mid-morning high $84.84 before hitting reverse.

Falling short of the first major resistance level at $85.81, Litecoin fell to $82 levels and into the red.

Story continues

Steering clear of the major support levels, however, Litecoin rallied to an early afternoon intraday high $86.89.

Litecoin broke through the first major resistance level at $85.81 before sliding to a late intraday low $81.75.

Steering clear of the first major support level at $80.91, Litecoin found late support to revisit $84 levels before falling back into the red.

At the time of writing, Litecoin was down by 0.19% to $83.25. A mixed start to the day saw Litecoin rise to an early morning high $83.60 before falling to a low $83.13.

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

For the day ahead

Litecoin would need to move through the $84.02 pivot to support a run at the first major resistance level at $86.28.

Support from the broader market would be needed, however, for Litecoin to break back through to $86 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $86.89 would likely cap any upside.

In the event of an extended breakout, Litecoin could test the second major resistance level at $89.16.

Failure to move through the $84.02 pivot level would bring the first major support level at $81.14 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $78.88.

Looking at the Technical Indicators

First Major Support Level: $81.14

Pivot Level: $84.02

First Major Resistance Level: $86.28

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP fell by 2.50% on Monday. Partially reversing a 6.24% rally from Sunday, Ripple’s XRP ended the day at $0.60845.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.62469 before hitting reverse.

Falling short of the first major resistance level at $0.6409 and the 23.6% FIB, Ripple’s XRP slid to a late intraday low $0.59072.

The reversal saw Ripple’s XRP fall through the first major support level at $0.5918 before a move back through to $0.60 levels.

At the time of writing, Ripple’s XRP was down by 0.40% to $0.6060. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.6085 to a low $0.6048.

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

For the day ahead

Ripple’s XRP will need to move back through the $0.6080 pivot level to bring the first major resistance level at $0.6252 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.62 levels.

Barring an extended crypto rally, the 23.6% FIB of $0.6274 and first major resistance level would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.64 before any pullback. The second major resistance sits at $0.6419.

Failure to move back through the $0.6080 pivot would bring the first major support level at $0.5912 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 $0.5740 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.5912

Pivot Level: $0.6080

First Major Resistance Level: $0.6252

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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