Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 1st, 2020

Ethereum

Ethereum rallied by 6.95% on Monday. Following on from a 7.21% breakout on Sunday, Ethereum ended the month up by 59.55% to $617.00.

A mixed start to the day saw Ethereum fall to a late morning intraday low $571.11 before making a move.

Steering clear of the first major support level at $545.99, Ethereum rallied to a late intraday high $617.

Ethereum broke through the first major resistance level at $592.54 and the second major resistance level at $608.32 to end the day at $617 levels.

At the time of writing, Ethereum was down by 0.60% to $613.29. A mixed start to the day saw Ethereum rise to an early morning high $617.87 before falling to a low $612.79.

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 $601.70 to support a run at the first major resistance level at $632.30.

Support from the broader market would be needed, however, for Ethereum to break through to $630 levels.

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

In the event of another breakout, Ethereum could test resistance at $650 before any pullback. The second major resistance level sits at $647.59.

Failure to avoid a fall through the $601.70 pivot would bring the first major support level at $586.41 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of the second major support level at $555.81.

Looking at the Technical Indicators

First Major Support Level: $586.41

Pivot Level: $601.70

First Major Resistance Level: $632.30

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin surged by 10.95% on Monday. Following on from an 8.59% rally on Sunday, Litecoin ended the month up by 57.35% to $87.66.

It was a mixed start to the day. Litecoin fell to a late morning intraday low $76.75 before making a move.

Steering clear of the first major support level at $73.36, Litecoin rallied to a late afternoon intraday high $88.53.

Litecoin broke through the first major resistance level at $82.93 and the second major resistance level at $86.85.

Coming up short of $90 levels, however, Litecoin slipped back to end the day at $87 levels. The second major resistance level at $86.85 delivered support late in the day.

At the time of writing, Litecoin was down by 0.44% to $87.01. A mixed start to the day saw Litecoin rise to an early morning high $87.91 before falling to a low $87.01.

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

For the day ahead

Litecoin would need to avoid a fall through the $84.31 pivot to support a run at the first major resistance level at $91.88.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $88.53.

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

In the event of an extended breakout, the second major resistance level at $96.09 will come into play. The 62% FIB of $100 would likely cap any upside, however.

Failure to avoid a fall through the $84.31 pivot level would bring the first major support level at $80.10 into play.

Barring an extended sell-off on the day, however, Litecoin should steer well clear of the second major support level at $72.53.

Looking at the Technical Indicators

First Major Support Level: $80.10

Pivot Level: $84.31

First Major Resistance Level: $91.88

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 9.60% on Monday. Revering a 3.36% fall from Sunday, Ripple’s XRP ended the month up by 177.02% to $0.66415.

It was another mixed start to the day. Ripple’s XRP fell to a late morning intraday low $0.5990 before making a move.

Steering clear of the first major support level at $0.5797, Ripple’s XRP rallied to an early afternoon intraday high $0.68898.

Ripple’s XRP broke through the first major resistance level at $0.6348 and the second major resistance level at $0.6639.

The rally also saw Ripple’s XRP break back through the 23.6% FIB of $0.6274.

A late pullback, however, saw Ripple’s XRP fall back through the major resistance levels before wrapping up the day at $0.66 levels.

Finding support at the 23.6% FIB, Ripple’s XRP broke back through the first major resistance level and the second major resistance level late on.

At the time of writing, Ripple’s XRP was down by 0.41% to $0.66146. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.66909 before falling to a low $0.65728.

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 $0.6507 pivot level to support a run at the first major resistance level at $0.7024.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.68898.

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

In the event of an extended rally, Ripple’s XRP could test resistance at $0.72 before any pullback. The second major resistance sits at $0.7407.

Failure to avoid a fall through the $0.6507 pivot would bring the 23.6% FIB of $0.6274 and the first major support level at $0.6124 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.60 levels. The second major support level sits at $0.5607.

Looking at the Technical Indicators

First Major Support Level: $0.6124

Pivot Level: $0.6507

First Major Resistance Level: $0.7024

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