Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 3rd, 2020

Ethereum

Ethereum rose by 1.96% on Wednesday. Partially reversing Tuesday’s 5.02% slide, Ethereum ended the day at $597.35.

A mixed start to the day saw Ethereum fall to an early morning intraday low $575.08 before making a move.

Steering clear of the first major support level at $553.91, Ethereum rallied to a late morning intraday high $604.96

Falling well short of the first major resistance level at $627.34, Ethereum fell back into the red before finding late support.

Late in the day, Ethereum briefly revisited $600 levels before easing back to wrap up the day at $597 levels.

At the time of writing, Ethereum was up by 0.49% to $600.27. A mixed start to the day saw Ethereum fall to an early morning low $596.41 before rising to a high $600.40.

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 $592.46 to support a run at the first major resistance level at $609.85.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $604.96.

Barring an extended crypto rally, the first major resistance level and resistance at $610 would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $620 before any pullback. The second major resistance level sits at $622.34.

Failure to avoid a fall through the $592.46 pivot would bring the first major support level at $579.97 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of sub-$570 levels. The second major support level sits at $562.58.

Looking at the Technical Indicators

First Major Support Level: $579.97

Pivot Level: $592.46

First Major Resistance Level: $609.85

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin rose by 4.47% on Wednesday. Reversing most of a 2.87% fall from Tuesday, Litecoin ended the day at $88.99.

It was also a mixed start to the day. Litecoin fell to an early morning intraday low $82.79 before making a move.

Steering clear of the first major support level at $79.01, Litecoin struck a late morning intraday high $90.63.

Falling short of the first major resistance level at $92.17, Litecoin fell back to sub-$85 levels before finding late support.

A late move back through to $88 levels delivered the upside on the day.

At the time of writing, Litecoin was up by 0.66% to $89.58. A mixed start to the day saw Litecoin fall to an early morning low $88.88 before rising to a high $89.62.

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

For the day ahead

Litecoin would need to avoid a fall through the $87.47 pivot to support a run at the first major resistance level at $92.15.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $90.63.

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 $95.31.

Failure to avoid a fall through the $87.47 pivot level would bring the first major support level at $84.31 into play.

Barring an extended sell-off on the day, however, Litecoin should steer well clear of the second major support level at $79.63.

Looking at the Technical Indicators

First Major Support Level: $84.31

Pivot Level: $87.47

First Major Resistance Level: $92.15

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rose by 3.18% on Wednesday. Partially reversing an 8.05% slide from Tuesday, Ripple’s XRP ended the day at $0.63098.

A bearish start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.59348 before making a move.

Steering clear of the first major support level at $0.5621, Ripple’s XRP rose to a late morning intraday high $0.63083. The morning rally did see Ripple’s XRP break through the 23.6% FIB of $0.6274 before hitting reverse.

Falling well short of the first major resistance level at $0.6711, Ripple’s XRP fell back to sub-$0.61 levels and into the red.

A late move back through 23.6% FIB to $0.63 levels delivered the upside on the day, however.

At the time of writing, Ripple’s XRP was up by 0.71% to $0.63546. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.62951 before rising to a high $0.63903.

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 23.6% FIB of $0.6274 and the $0.6184 pivot level to support a run at the first major resistance level at $0.6434.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.64 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 $0.66 before any pullback. The second major resistance sits at $0.6558.

Failure to avoid a fall through the $0.6184 pivot would bring the first major support level at $0.6060 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.55 levels. The second major support level at $0.5811 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.6060

Pivot Level: $0.6184

First Major Resistance Level: $0.6434

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