Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 4th, 2020

Ethereum

Ethereum rose by 3.29% on Thursday. Following on from a 1.96% gain on Wednesday, Ethereum ended the day at $616.65.

A mixed start to the day saw Ethereum fall to a mid-morning intraday low $586.11 before making a move.

Steering clear of the first major support level at $579.97, Ethereum rallied to a late afternoon intraday high $624.57

Ethereum broke through the first major resistance level at $609.85 and the second major resistance level at $622.34.

A late pullback, however, saw Ethereum fall back through the second major resistance level to end the day at $616 levels.

At the time of writing, Ethereum was down by 0.20% to $615.41. A bearish start to the day saw Ethereum fall from an early morning high $616.46 to a low $613.59.

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 $609.11 to support a run at the first major resistance level at $632.11.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $624.57.

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 $640 before any pullback. The second major resistance level sits at $647.57.

Failure to avoid a fall through the $609.11 pivot would bring the first major support level at $593.65 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of sub-$580 levels. The second major support level sits at $570.65.

Looking at the Technical Indicators

First Major Support Level: $593.65

Pivot Level: $609.11

First Major Resistance Level: $632.11

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin rose by 0.16% on Thursday. Following Wednesday’s 4.47% rally, Litecoin ended the day at $89.10.

It was a bearish start to the day. Litecoin fell to a mid-morning intraday low $85.54 before making a move.

Steering clear of the first major support level at $84.31, Litecoin struck a late afternoon intraday high $91.35.

Falling short of the first major resistance level at $92.15, Litecoin fell back to $87 levels before finding late support.

A late move back through to $89 levels delivered the upside on the day.

At the time of writing, Litecoin was down by 0.62% to $88.55. A bearish start to the day saw Litecoin fall from an early morning high $89.10 to a low $88.46.

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

For the day ahead

Litecoin would need to move back through the $88.66 pivot to support a run at the first major resistance level at $91.79.

Support from the broader market would be needed, however, for Litecoin to break out from Thursday’s high $91.35.

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 $94.47.

Failure to move back through the $88.66 pivot level would bring the first major support level at $85.98 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$80 levels. The second major support level at $82.85 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $85.98

Pivot Level: $88.66

First Major Resistance Level: $91.79

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 0.19% on Thursday. Following on from a 3.18% gain on Wednesday, 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 $0.61447 before making a move.

While steering clear of the first major support level at $0.6060, Ripple’s XRP fell through the 23.6% FIB of $0.6274.

Finding late morning support, however, Ripple’s XRP rose to a late afternoon intraday high $0.64249.

While breaking back through the 23.6% FIB, Ripple’s XRP came up short of the first major resistance level at $0.6434.

A late pullback saw Ripple’s XRP fall back through the 23.6% FIB of $0.6274 before wrapping up the day at $0.63 levels.

At the time of writing, Ripple’s XRP was down by 0.31% to $0.62903. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.62991 before falling to a low $0.62820.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will need to move back through the $0.6293 pivot level to bring the first major resistance level at $0.6442 into play.

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 $0.6573.

Failure to move back through the $0.6293 pivot would bring the 23.6% FIB of $0.6274 and the first major support level at $0.6161 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.60 levels. The second major support level at $0.6013 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.6161

Pivot Level: $0.6293

First Major Resistance Level: $0.6442

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