Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 2nd, 2020

Ethereum

Ethereum slid by 5.02% on Tuesday. Partially reversing a 6.95% rally from Monday, Ethereum ended the day at $586.03.

A mixed start to the day saw Ethereum rise to a late morning intraday high and a new swing hi $636.53 before hitting reverse.

Ethereum broke through the first major resistance level at $632.3 before sliding to a mid-day intraday low $563.01.

The sell-off saw Ethereum fall through the first major support level at $586.41 before finding support.

Ethereum briefly broke back through the first major support level to revisit $619 levels before sliding back to sub-$600 levels.

The pullback saw Ethereum fall back through the first major support level.

At the time of writing, Ethereum was down by 1.65% to $576.34. A bearish start to the day saw Ethereum fall from an early morning high $585.95 to a low $576.05.

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 $595.2 to support a run at the first major resistance level at $627.3.

Support from the broader market would be needed, however, for Ethereum to break back 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 $668.7.

Failure to move through the $595.2 pivot would bring the first major support level at $553.9 into play.

Barring another extended sell-off, however, Ethereum should steer well clear of sub-$550 levels. The second major support level sits at $521.8.

Looking at the Technical Indicators

First Major Support Level: $553.9

Pivot Level: $595.2

First Major Resistance Level: $627.3

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin fell by 2.87% on Tuesday. Partially reversing Monday’s 10.95% surge, Litecoin ended the day at $85.17.

It was a mixed start to the day. Litecoin rose to a late morning high $91.65 before hitting reverse. Coming within range of the first major resistance level at $91.88, Litecoin slid to an early afternoon intraday low $79.84.

Litecoin fell through the first major support level at $80.10 before bouncing back to a mid-afternoon intraday high $93.00.

The rebound saw Litecoin break through the first major resistance level at $91.88 before falling back into the deep red.

At the time of writing, Litecoin was down by 1.77% to $83.66. A bearish start to the day saw Litecoin fall from an early morning high $85.18 to a low $82.79.

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

For the day ahead

Litecoin would need to move through the $86.00 pivot to support a run at the first major resistance level at $92.17.

Support from the broader market would be needed, however, for Litecoin to break back through to $90 levels.

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

In the event of another extended breakout, Litecoin could test the second major resistance level at $99.16 and the 62% FIB of $100.

Failure to move through the $86.00 pivot level would bring the first major support level at $79.01 into play.

Barring an extended sell-off on the day, however, Litecoin should steer well clear of the second major support level at $72.84.

Looking at the Technical Indicators

First Major Support Level: $79.01

Pivot Level: $86.00

First Major Resistance Level: $92.17

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 8.05% on Tuesday. Partially reversing a 9.60% rally from Monday, Ripple’s XRP ended the day at $0.61117.

It was another mixed start to the day. Ripple’s XRP rose to a late morning intraday high $0.68188 before hitting reverse.

Falling short of the first major resistance level at $0.7024, Ripple’s XRP slid to a mid-day intraday low $0.57287.

The sell-off saw Ripple’s XRP fall through the 23.6% FIB and the first major support level at $0.6124 before a brief recovery to $0.65 levels.

Late in the day, however, Ripple’s XRP slid back to wrap up the day at $0.61 levels.

The first major support level limited the downside late in the day.

At the time of writing, Ripple’s XRP was down by 1.04% to $0.60484. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.61153 to a low $0.60484.

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 $0.6220 pivot level and the 23.6% FIB of $0.6274 to support a run at the first major resistance level at $0.6711.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.65 levels.

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 $0.70 before any pullback. The second major resistance sits at $0.7310.

Failure to move through the $0.6220 pivot and 23.6% FIB would bring the first major support level at $0.5621 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of the 38.2% FIB of $0.5285. The second major support level sits at $0.5130.

Looking at the Technical Indicators

First Major Support Level: $0.5621

Pivot Level: $0.6220

First Major Resistance Level: $0.6711

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