Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 9th, 2020

Ethereum

Ethereum slid by 6.21% on Tuesday. Following on from a 1.74% fall on Monday, Ethereum ended the day at $554.79.

It was a mixed start to the day. Ethereum rose to a mid-morning intraday high $595.47 before hitting reverse.

Falling short of the first major resistance level at $601.73, Ethereum slid to a late intraday low $548.12.

The sell-off saw Ethereum fell through the major support levels of the day.

In spite of a late move back through to $550 levels, Ethereum failed to break back through the third major support level at $555.42.

At the time of writing, Ethereum was down by 0.58% to $551.56. A mixed start to the day saw Ethereum rise to an early morning high $555.29 before falling to a low $551.56.

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 $566.13 to support a run at the first major resistance level at $584.13.

Support from the broader market would be needed, however, for Ethereum to break back through to $580 levels.

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

In the event of an extended crypto rally, Ethereum could test resistance at $610 before any pullback. The second major resistance level sits at $613.48.

Failure to move through the $566.13 pivot would bring the first major support level at $536.78 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$520 levels. The second major support level sits at $518.78.

Looking at the Technical Indicators

First Major Support Level: $536.78

Pivot Level: $566.13

First Major Resistance Level: $584.13

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin slid by 8.08% on Tuesday. Following a 0.20% decline on Monday, Litecoin ended the day at $76.70.

It was also a mixed start to the day. Litecoin rose to an early morning intraday high $84.93 before hitting reverse.

Falling short of the first major resistance level at $86.28, Litecoin slid to a late intraday low $75.50.

The extended selloff saw Litecoin fall through the first major support level at $81.14 and the second major support level at $78.88.

Finding late support, Litecoin moved back through to $76 levels to reduce the deficit on the day.

At the time of writing, Litecoin was down by 0.34% to $76.44. A mixed start to the day saw Litecoin rise to an early morning high $76.96 before falling to a low $76.21.

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

For the day ahead

Litecoin would need to move through the $79.04 pivot to support a run at the first major resistance level at $82.59.

Support from the broader market would be needed, however, for Litecoin to break back through to $80 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $84.93 would likely cap any upside.

In the event of an extended breakout, Litecoin could test the second major resistance level at $88.47 and resistance at $90.

Failure to move through the $79.04 pivot level would bring the first major support level at $73.16 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $69.61. The 38.2% FIB of $71 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $73.16

Pivot Level: $79.04

First Major Resistance Level: $82.59

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 8.17% on Tuesday. Following on from a 2.50% fall on Monday, Ripple’s XRP ended the day at $0.5588.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.61059 before hitting reverse.

Falling short of the first major resistance level at $0.6252 and the 23.6% FIB, Ripple’s XRP slid to a late intraday low $0.5500.

The reversal saw Ripple’s XRP fall through the first major support level at $0.5912 and the second major support level at $0.5740.

Finding late support, Ripple’s XRP moved back through to $0.558 levels to reduce the deficit on the day.

At the time of writing, Ripple’s XRP was down by 0.22% to $0.55759. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.56078 before falling to a low $0.55443.

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 $0.5731 pivot level to bring the first major resistance level at $0.5963 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.59 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $0.60 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at the 23.6% FIB of $0.6274 and the second major resistance at $0.6337.

Failure to move through the $0.5731 pivot would bring the first major support level at $0.5357 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid the 38.2% FIB of $0.5285. The second major support level sits at $0.5125.

Looking at the Technical Indicators

First Major Support Level: $0.5357

Pivot Level: $0.5731

First Major Resistance Level: $0.5963

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