Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 5th, 2020

Ethereum

Ethereum slid by 7.93% on Friday. Reversing a 3.29% gain from Thursday, Ethereum ended the day at $567.60.

A mixed start to the day saw Ethereum rise to an early morning intraday high $620.56 before hitting reverse.

Falling short of the first major resistance level at $632.11, Ethereum slid to a late intraday low $566.0.

The sell-off saw Ethereum fall through the first major support level and the second major support level at $570.65.

Late in the day, Ethereum moved back through the second major support level before sliding back to sub-$570 levels.

At the time of writing, Ethereum was up by 0.79% to $572.06. A mixed start to the day saw Ethereum fall to an early morning low $561.15 before rising to a high $572.99.

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 $584.72 to support a run at the first major resistance level at $603.44.

Support from the broader market would be needed, however, for Ethereum to break back through to $600 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 $620 before any pullback. The second major resistance level sits at $639.28.

Failure to move through the $584.72 pivot would bring the first major support level at $548.88 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$540 levels. The second major support level sits at $530.16.

Looking at the Technical Indicators

First Major Support Level: $548.88

Pivot Level: $584.72

First Major Resistance Level: $603.44

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin tumbled by 10.68% on Friday. Reversing a 0.16% gain from Thursday, Litecoin ended the day at $79.58.

It was also a mixed start to the day. Litecoin rose to an early morning intraday high $89.90 before hitting reverse.

Falling short of the first major resistance level at $91.79, Litecoin slid to a late intraday low $78.01.

The sell-off saw Litecoin fall through the first major support level at $85.98 and the second major support level at $82.85.

Late in the day, Litecoin briefly moved back through to $81 levels before sliding back to sub-$80.

At the time of writing, Litecoin was up by 1.24% to $80.57. A mixed start to the day saw Litecoin fall to an early morning low $78.70 before rising to a high $80.77.

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

For the day ahead

Litecoin would need to move through the $82.50 pivot to support a run at the first major resistance level at $86.98.

Support from the broader market would be needed, however, for Litecoin to break out from $85 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 resistance at $90 before any pullback. The second major resistance level sits at $94.39.

Failure to move back through the $82.50 pivot level would bring the first major support level at $75.09 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of the 38.2% FIB of $71. The second major support level sits at $70.61.

Looking at the Technical Indicators

First Major Support Level: $75.09

Pivot Level: $82.50

First Major Resistance Level: $86.98

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP slumped by 12.07% on Friday. Reversing a 0.19% gain from Thursday, Ripple’s XRP ended the day at $0.55380.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.63459 before hitting reverse.

Falling short of the first major resistance level at $0.6442, Ripple’s XRP slid to a late intraday low $0.5430.

The sell-off saw Ripple’s XRP fall through the 23.6% FIB of $0.6274 and the day’s major support levels.

In spite of a late move back through to $0.55 levels, Ripple’s XRP failed to break back through the third major support level at $0.5733.

At the time of writing, Ripple’s XRP was up by 2.77% to $0.56915. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.54832 before rising to a high $0.57051.

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 $0.5771 pivot level to bring the first major resistance level at $0.6113 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.60 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 the 23.6% FIB before any pullback. The second major resistance sits at $0.6687.

Failure to move through the $0.5771 pivot would bring the 38.2% FIB of $0.5285 and the first major support level at $0.5197 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.50 levels. The second major support level sits at $0.4855.

Looking at the Technical Indicators

First Major Support Level: $0.5197

Pivot Level: $0.5771

First Major Resistance Level: $0.6113

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