Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 22nd, 2020

Ethereum

Ethereum slid by 4.72% on Monday. Following on from a 3.10% fall on Sunday, Ethereum ended the day at $608.07.

A mixed start to the day saw Ethereum rise to a mid-morning intraday high $648.35 before hitting reverse.

Falling well short of the first major resistance level at $659.38, Ethereum slid to a mid-day intraday low $596.90.

The sell-off saw Ethereum fall through the first major support level at $619.44. Finding support at the second major support level at $600.48, Ethereum revisited $620 levels before falling back to sub-$610.

The first major support level at $619.44 pinned Ethereum back late in the day.

At the time of writing, Ethereum was up by 0.47% to $610.92. A mixed start to the day saw Ethereum fall to an early morning low $606.25 before rising to a high $611.30.

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 $617.77 to support a run at the first major resistance level at $638.65.

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

Barring another extended crypto rally, the first major resistance level and resistance at $640 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $660 before any pullback. The second major resistance level sits at $669.22.

Failure to move through the $617.77 pivot would bring the first major support level at $587.20 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$580 levels. The second major support level sits at $566.32.

Looking at the Technical Indicators

First Major Support Level: $587.20

Pivot Level: $617.77

First Major Resistance Level: $638.65

23.6% FIB Retracement Level: $536

38.2% FIB Retracement Level: $449

62% FIB Retracement Level: $308

Litecoin

Litecoin slid by 8.91% on Monday. Following on from a 4.49% fall on Sunday, Litecoin ended the day at $104.44.

It was also a mixed start to the day. Litecoin struck an early morning intraday high $118.87 before hitting reverse.

Falling short of the first major resistance level at $121.94, Litecoin slid to a mid-day intraday low $100.65.

Litecoin fell the first major support level at $108.60 and the 23.6% FIB of $101 before finding support.

Through the early afternoon, Litecoin briefly revisited $110 levels before falling back through the first major support level.

At the time of writing, Litecoin was up by 1.87% to $106.39. A bullish start to the day saw Litecoin rise from an early morning low $104.36 to a high $106.39.

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

For the day ahead

Litecoin would need to move through the $107.99 pivot to support a run at the first major resistance level at $115.32.

Support from the broader market would be needed, however, for Litecoin to break out from $115 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $118.87 would likely cap any upside.

In the event of an extended breakout, Litecoin could resistance at $130 before any pullback. The second major resistance level sits at $126.21.

Failure to move through the $107.99 pivot level would bring the 23.6% FIB and the first major support level at $97.10 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$90 levels. The second major support level sits at $89.77.

Looking at the Technical Indicators

First Major Support Level: $97.10

Pivot Level: $107.99

First Major Resistance Level: $115.32

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 7.43% on Monday. Following on from a 3.58% decline on Sunday, Ripple’s XRP ended the day at $0.51467.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.5690 before hitting reverse.

Falling short of the first major resistance level at $0.5857, Ripple’s XRP slid to a mid-day intraday low $0.49924.

Ripple’s XRP fell through the 38.2% FIB of $0.5285 and the first major support level at $0.5278.

Finding support at the second major support level at $0.4992, however, Ripple’s XRP briefly revisited $0.53 levels before falling back to $0.51 levels.

The pullback saw Ripple’s XRP fall back through the 38.2% FIB and the first major support level.

At the time of writing, Ripple’s XRP was up by 1.32% to $0.52146. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.51262 before rising to a high $0.52188.

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 $0.5276 pivot level and the 38.2% FIB of $0.5285 to bring the first major resistance level at $0.5560 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.55 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.5690 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.60. The second major resistance sits at $0.5974.

Failure to move through the $0.5276 pivot would bring the first major support level at $0.4863 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.4579.

Looking at the Technical Indicators

First Major Support Level: $0.4863

Pivot Level: $0.5276

First Major Resistance Level: $0.5560

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