Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 10th, 2020

Ethereum

Ethereum rose by 3.35% on Wednesday. Partially reversing a 6.21% slide from Tuesday, Ethereum ended the day at $573.38.

It was a bearish start to the day. Ethereum fell through the first major support level at $536.78 to a late morning intraday low $530.32 before making a move.

Finding support going into the afternoon, Ethereum rallied to a late intraday high $578.67.

Falling short of the first major resistance level at $584.13, however, Ethereum eased back to sub-$580 levels to limit the upside on the day.

At the time of writing, Ethereum was down by 0.43% to $570.93. A mixed start to the day saw Ethereum rise to an early morning high $575.62 before falling to a low $570.03.

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 $560.79 to support a run at the first major resistance level at $591.26.

Support from the broader market would be needed, however, for Ethereum to break back through to $590 levels.

Barring an extended crypto rally, the first major resistance level 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 $609.14.

A fall through the $560.79 pivot would bring the first major support level at $542.91 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$520 levels. The second major support level sits at $512.44.

Looking at the Technical Indicators

First Major Support Level: $542.91

Pivot Level: $560.79

First Major Resistance Level: $591.26

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin rose by 0.98% on Wednesday. Partially reversing Tuesday’s 8.08% slide, Litecoin ended the day at $77.45.

It was also a bearish start to the day. Litecoin fell to a late morning intraday low $72.15 before making a move.

The reversal saw Litecoin fall through the first major support level at $73.16 before striking a late intraday high $78.24.

Falling short of the first major resistance level at $82.59, Litecoin eased back to wrap up the day at $77 levels.

At the time of writing, Litecoin was down by 0.62 to $76.97. A mixed start to the day saw Litecoin rise to an early morning high $77.64 before falling to a low $76.85.

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

For the day ahead

Litecoin would need to avoid a fall through the $75.95 pivot to support a run at the first major resistance level at $79.74.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $78.24.

Barring an extended crypto rally, the first major resistance level and resistance at $80 would likely cap any upside.

In the event of an extended breakout, Litecoin could test the second major resistance level at $82.04 and resistance at $85.

A fall through the $75.95 pivot level would bring the first major support level at $73.65 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $69.86. The 38.2% FIB of $71 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $73.65

Pivot Level: $75.95

First Major Resistance Level: $79.74

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rallied by 4.42% on Wednesday. Partially reversing an 8.17% slide from Tuesday, Ripple’s XRP ended the day at $0.58313.

Tracking the broader market, Ripple’s XRP slid to a late morning intraday low $0.5028 before making a move.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.5357 and the second major support level at $0.5125.

More significantly, Ripple’s XRP also fell through the 38.2% FIB before bouncing back to a late intraday high $0.60527.

Breaking back through the 38.2% FIB and support levels, Ripple’s XRP broke through the first major resistance level at $0.5963.

A late pullback, however, saw Ripple’s XRP fall to sub-$0.60 levels to limit the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.68% to $0.57914.  A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.58727 before falling to a low $0.57813.

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

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.5637 pivot level to bring the first major resistance level at $0.6247 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 first major resistance level and 23.6% FIB of $0.6274 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.65 before any pullback. The second major resistance sits at $0.6662.

A fall through the $0.5637 pivot would bring the 38.2% FIB of $0.5285 and the first major support level at $0.5222 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.50 levels. The second major support level sits at $0.4613.

Looking at the Technical Indicators

First Major Support Level: $0.5222

Pivot Level: $0.5637

First Major Resistance Level: $0.6247

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