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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 29th, 2020

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·5 min read
In this article:
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Ethereum

Ethereum rose by 6.66% on Monday. Following on from a 7.42% rally on Sunday, Ethereum ended the day at $729.70.

A mixed start to the day saw Ethereum fall to an early morning intraday low $680.90 before making a move.

Steering clear of the first major support level at $634.42, Ethereum rallied to a late intraday high and a new swing hi $747.00.

Ethereum broke through the first major resistance level at $724.4 to wrap up the day at $729 levels.

At the time of writing, Ethereum was up by 1.01% to $737.10. A mixed start to the day saw Ethereum fall to an early morning low $728.00 before rising to a high $739.66.

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 $719.20 to support a run at the first major resistance level at $757.40.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $747.00.

Barring another extended crypto rally, the first major resistance level and resistance at $760 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $780 before any pullback. The second major resistance level sits at $783.20.

Failure to avoid a fall through the $719.20 pivot would bring the first major support level at $691.40 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of the second major support level sits $653.10.

Looking at the Technical Indicators

First Major Support Level: $691.40

Pivot Level: $719.20

First Major Resistance Level: $757.50

23.6% FIB Retracement Level: $565

38.2% FIB Retracement Level: $473

62% FIB Retracement Level: $323

Litecoin

Litecoin rose by 1.58% on Monday. Reversing a 1.51% fall from Sunday, Litecoin ended the day at $129.69.

It was a bullish start to the day. Litecoin rose from an early morning intraday low $126.21 to a late morning intraday high $136.99.

Falling short of the first major resistance level at $137.42, Litecoin fell back to sub-$130 levels.

Finding late support, however, Litecoin revisited $131 levels before easing back to sub-$130 levels.

At the time of writing, Litecoin was up by 0.59% to $130.46. A mixed start to the day saw Litecoin fall to an early morning low $129.10 before rising to a high $130.67.

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

For the day ahead

Litecoin would need to move through the $130.96 pivot to support a run at the first major resistance level at $135.72.

Support from the broader market would be needed, however, for Litecoin to break back through to $135 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $136.99 would likely cap any upside.

In the event of another extended breakout, Litecoin could test resistance at $145 before any pullback. The second major resistance level sits at $141.74.

Failure to move through the $130.96 pivot level would bring the first major support level at $124.94 into play.

Barring an extended sell-off on the day, however, Litecoin should steer of sub-$120 levels. The second major support level at $120.18 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $124.94

Pivot Level: $130.96

First Major Resistance Level: $135.72

23.6% FIB Retracement Level: $112

38.2% FIB Retracement Level: $96

62% FIB Retracement Level: $69

Ripple’s XRP

Ripple’s XRP tumbled by 12.73% on Monday. Following on from a 3.76% slide on Sunday, Ripple’s XRP ended the day at $0.24745. It was a 4th consecutive day in the red for Ripple’s XRP.

Recovering from an early morning low $0.2700, Ripple’s XRP rose to a late morning intraday high $0.30942 before hitting reverse.

Coming up against the first major resistance level at $0.3080 and resistance at $0.31, Ripple’s XRP slid to a late intraday low $0.23336.

Ripple’s XRP fell through the first major support level at $0.2622 and the second major support level at $0.2410.

Finding late support, however, Ripple’s XRP moved back through the second major support level to end the day at $0.247 levels.

At the time of writing, Ripple’s XRP was down by 1.54% to $0.24364. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.24775 to a low $0.24100.

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 $0.2634 pivot level to bring the first major resistance level at $0.2935 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.29 levels.

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

In the event of an extended rally, Ripple’s XRP could test resistance at $0.32. The second major resistance sits at $0.3395.

Failure to move through the $0.2634 pivot would bring the first major support level at $0.2174 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.20 levels. The second major support level sits at $0.1874.

Looking at the Technical Indicators

First Major Support Level: $0.2174

Pivot Level: $0.2634

First Major Resistance Level: $0.2935

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

This article was originally posted on FX Empire

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