Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 31st, 2020

Ethereum

Ethereum rallied by 2.88% on Wednesday. Following on from a 0.29% gain on Tuesday, Ethereum ended the day at $752.86.

Another mixed start to the day saw Ethereum rise to an early morning high $746.86 before hitting reverse.

Falling short of the first major resistance level at $751.61, Ethereum slid to a late morning intraday low $717.00.

Steering clear of the first major support level at $699.95, Ethereum rallied to a late intraday high and a new swing hi $759.00.

Ethereum broke through the first major resistance level at $751.61 before a brief pullback to $741 levels.

In the final hour, however, Ethereum broke back through the first major resistance level to wrap up the day at $752levels.

At the time of writing, Ethereum was up by 0.34% to $755.42. A mixed start to the day saw Ethereum fall to an early morning low $751.54 before rising to a high $755.69.

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 $742.95 to support a run at the first major resistance level at $768.91.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $759.00.

Barring an extended crypto rally, the first major resistance level and resistance at $775 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $800 before any pullback. The second major resistance level sits at $784.95.

Failure to avoid a fall through the $742.95 pivot would bring the first major support level at $726.91 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of sub-$700 levels. The second major support level at $700.95 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $726.91

Pivot Level: $742.95

First Major Resistance Level: $768.91

23.6% FIB Retracement Level: $599

38.2% FIB Retracement Level: $500

62% FIB Retracement Level: $340

Litecoin

Litecoin rose by 1.10% on Wednesday. Reversing a 0.76% decline from Tuesday, Litecoin ended the day at $130.11.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $132.89 before hitting reverse.

Coming up against the first major resistance level at $132.91, Litecoin fell to a late morning intraday low $122.60.

Steering clear of the first major support level at $122.24, Litecoin found late support to close out the day in the green.

At the time of writing, Litecoin was down by 0.22% to $129.83. A mixed start to the day saw Litecoin rise to an early morning high $130.35 before falling to a low $129.44.

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

For the day ahead

Litecoin would need to avoid a fall through the $128.53 pivot to support a run at the first major resistance level at $134.47.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $132.89.

Barring an extended crypto rally, the first major resistance level and resistance at $135 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $140 before any pullback. The second major resistance level sits at $138.82.

Failure to avoid a fall through the $128.53 pivot level would bring the first major support level at $124.18 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$120 levels. The second major support level sits at $118.24.

Looking at the Technical Indicators

First Major Support Level: $124.18

Pivot Level: $128.53

First Major Resistance Level: $134.47

23.6% FIB Retracement Level: $112

38.2% FIB Retracement Level: $96

62% FIB Retracement Level: $69

Ripple’s XRP

Ripple’s XRP fell by 4.51% on Wednesday. Following on from a 10.65% slide on Tuesday, Ripple’s XRP ended the day at $0.21138. It was the 6^th consecutive day in the red for Ripple’s XRP.

Tracking the broader market, Ripple’s XRP rose to an early morning high $0.22356 before hitting reverse.

Falling short of the major resistance levels, Ripple’s XRP slid to an early morning intraday low $0.19186.

Steering clear of the first major support level at $0.1785, Ripple’s XRP struck a late afternoon intraday high $0.23739.

Falling short of the first major resistance level at $0.2576, however, Ripple’s XRP slid back to $0.20 levels before wrapping up the day at $0.21 levels.

At the time of writing, Ripple’s XRP was up by 0.08% to $0.21013. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.21142 before falling to a low $0.20802.

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 $0.2135 pivot level to bring the first major resistance level at $0.2352 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.23 levels.

Barring another extended crypto rally, the first major resistance and Wednesday’s high $0.23739 would likely cap any upside.

In the event of an extended rally, the second major resistance at $0.2591 would likely come into play.

Failure to move through the $0.2135 pivot would bring the first major support level at $0.1897 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.1680.

Looking at the Technical Indicators

First Major Support Level: $0.1897

Pivot Level: $0.2135

First Major Resistance Level: $0.2352

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