Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 16th, 2020

Ethereum

Ethereum rose by 0.46% on Tuesday. Partially reversing a 0.69% gain from Monday, Ethereum ended the day at $589.08.

A bullish start to the day saw Ethereum rose to an early morning intraday high $597.04 before hitting reverse.

Ethereum broke through the first major resistance level at $593.54 before sliding to a mid-morning intraday low $579.15.

Steering clear of the first major support level at $577.41, Ethereum briefly revisited $593 levels before easing back.

The first major resistance level pinned Ethereum back late in the day.

At the time of writing, Ethereum was down by 0.30% to $587.31. A mixed start to the day saw Ethereum rise to an early morning high $589.69 before falling to a low $587.30.

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

For the day ahead

Ethereum would need to move back through the pivot level at $588.42 to support a run at the first major resistance level at $597.70.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $597.04.

Barring an extended crypto rally, the first major resistance level and resistance at $600 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $610 before any pullback. The second major resistance level sits at $606.31.

Failure to move back through the $588.42 pivot would bring the first major support level at $579.81 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$570 levels. The second major support level at $570.53 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $579.81

Pivot Level: $588.42

First Major Resistance Level: $597.70

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin fell by 1.24% on Tuesday. Reversing a 0.19% gain from Monday, Litecoin ended the day at $81.35.

It was also a bullish start to the day. Litecoin rose to an early morning intraday high $85.00 before hitting reverse.

The early rally saw Litecoin break through the first major resistance level at $84.21 to test resistance at $85.

Falling short of the second major resistance level at $85.34, however, Litecoin slid to a mid-morning intraday low $80.38.

Steering clear of the first major support level at $80.01, Litecoin briefly revisited $83 levels before falling back into the red.

At the time of writing, Litecoin was down by 0.10% to $81.27. A mixed start to the day saw Litecoin rise to an early morning high $81.54 before falling to a low $81.24.

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

https://finance.yahoo.com/

For the day ahead

Litecoin would need to move through the $82.24 pivot to support a run at the first major resistance level at $84.11.

Support from the broader market would be needed, however, for Litecoin to break back through to $84 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $85.00 would likely cap any upside.

In the event of an extended breakout, Litecoin could test the second major resistance level at $86.86.

Failure to move through the $82.24 pivot level would bring the first major support level at $79.49 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$75 support levels. The second major support level at $77.62 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $79.49

Pivot Level: $82.24

First Major Resistance Level: $84.11

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP slid by 5.85% on Tuesday. Following on from a 3.00% decline on Monday, Ripple’s XRP ended the day at $0.46885.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.50711 before hitting reverse.

Falling short of the first major resistance level at $0.5146, Ripple’s XRP fell to an early afternoon intraday low $0.46605.

The reversal saw Ripple’s XRP fall through the first major support level at $0.4853 and the second major support level at $0.4728.

Finding late support, Ripple’s XRP briefly revisited $0.485 levels before falling back into the deep red.

The pullback saw Ripple’s XRP fall back through the second major support level to end the day at sub-$0.47 levels.

Resistance at the first major support level at $0.4853 had pinned Ripple’s XRP back ahead of the pullback.

At the time of writing, Ripple’s XRP was down by 0.80% to $0.46510. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.46876 before falling to a low $0.46510.

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

https://finance.yahoo.com/

For the day ahead

Ripple’s XRP will need to move through the $0.4807 pivot level to bring the first major resistance level at $0.4953 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.48 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $0.50 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance at $0.5217 and 38.2% FIB of $0.5285 before any pullback.

Failure to move through the $0.4807 pivot would bring the first major support level at $0.4542 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.40 levels. The second major support level at $0.4396 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.4542

Pivot Level: $0.4807

First Major Resistance Level: $0.4953

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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