Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 31st, 2020
Ethereum
Ethereum rallied by 2.88% on Wednesday. Following on from a 0.29% gain on Tuesday, Ethereum ended the day at $752.86.
Another mixed start to the day saw Ethereum rise to an early morning high $746.86 before hitting reverse.
Falling short of the first major resistance level at $751.61, Ethereum slid to a late morning intraday low $717.00.
Steering clear of the first major support level at $699.95, Ethereum rallied to a late intraday high and a new swing hi $759.00.
Ethereum broke through the first major resistance level at $751.61 before a brief pullback to $741 levels.
In the final hour, however, Ethereum broke back through the first major resistance level to wrap up the day at $752levels.
At the time of writing, Ethereum was up by 0.34% to $755.42. A mixed start to the day saw Ethereum fall to an early morning low $751.54 before rising to a high $755.69.
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 $742.95 to support a run at the first major resistance level at $768.91.
Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $759.00.
Barring an extended crypto rally, the first major resistance level and resistance at $775 would likely cap any upside.
In the event of another extended crypto rally, Ethereum could test resistance at $800 before any pullback. The second major resistance level sits at $784.95.
Failure to avoid a fall through the $742.95 pivot would bring the first major support level at $726.91 into play.
Barring an extended sell-off, however, Ethereum should steer well clear of sub-$700 levels. The second major support level at $700.95 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $726.91
Pivot Level: $742.95
First Major Resistance Level: $768.91
23.6% FIB Retracement Level: $599
38.2% FIB Retracement Level: $500
62% FIB Retracement Level: $340
Litecoin
Litecoin rose by 1.10% on Wednesday. Reversing a 0.76% decline from Tuesday, Litecoin ended the day at $130.11.
It was a mixed start to the day. Litecoin rose to an early morning intraday high $132.89 before hitting reverse.
Coming up against the first major resistance level at $132.91, Litecoin fell to a late morning intraday low $122.60.
Steering clear of the first major support level at $122.24, Litecoin found late support to close out the day in the green.
At the time of writing, Litecoin was down by 0.22% to $129.83. A mixed start to the day saw Litecoin rise to an early morning high $130.35 before falling to a low $129.44.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid a fall through the $128.53 pivot to support a run at the first major resistance level at $134.47.
Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $132.89.
Barring an extended crypto rally, the first major resistance level and resistance at $135 would likely cap any upside.
In the event of another extended breakout, Litecoin could test resistance at $140 before any pullback. The second major resistance level sits at $138.82.
Failure to avoid a fall through the $128.53 pivot level would bring the first major support level at $124.18 into play.
Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$120 levels. The second major support level sits at $118.24.
Looking at the Technical Indicators
First Major Support Level: $124.18
Pivot Level: $128.53
First Major Resistance Level: $134.47
23.6% FIB Retracement Level: $112
38.2% FIB Retracement Level: $96
62% FIB Retracement Level: $69
Ripple’s XRP
Ripple’s XRP fell by 4.51% on Wednesday. Following on from a 10.65% slide on Tuesday, Ripple’s XRP ended the day at $0.21138. It was the 6th consecutive day in the red for Ripple’s XRP.
Tracking the broader market, Ripple’s XRP rose to an early morning high $0.22356 before hitting reverse.
Falling short of the major resistance levels, Ripple’s XRP slid to an early morning intraday low $0.19186.
Steering clear of the first major support level at $0.1785, Ripple’s XRP struck a late afternoon intraday high $0.23739.
Falling short of the first major resistance level at $0.2576, however, Ripple’s XRP slid back to $0.20 levels before wrapping up the day at $0.21 levels.
At the time of writing, Ripple’s XRP was up by 0.08% to $0.21013. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.21142 before falling to a low $0.20802.
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 $0.2135 pivot level to bring the first major resistance level at $0.2352 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.23 levels.
Barring another extended crypto rally, the first major resistance and Wednesday’s high $0.23739 would likely cap any upside.
In the event of an extended rally, the second major resistance at $0.2591 would likely come into play.
Failure to move through the $0.2135 pivot would bring the first major support level at $0.1897 into play.
Barring another extended crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.1680.
Looking at the Technical Indicators
First Major Support Level: $0.1897
Pivot Level: $0.2135
First Major Resistance Level: $0.2352
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
