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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 17th, 2020

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·5 min read
In this article:
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Ethereum

Ethereum rallied by 8.30% on Wednesday. Following on from a 0.46% gain on Tuesday, Ethereum ended the day at $637.98.

A bearish start to the day saw Ethereum fall to a mid-morning intraday low $581.21 before making a move.

Steering clear of the first major support level at $579.81, Ethereum surged to a late intraday high and a new swing hi $639.58.

Ethereum broke through the day’s major resistance levels and the previous current year’s high of $636.53.

In spite of a partial pullback, Ethereum held well above the third major resistance level at $624.20.

At the time of writing, Ethereum was up by 1.03% to $644.56. A mixed start saw Ethereum slip to an early morning low $637.50 before striking a morning high and a new swing hi $645.59.

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 $619.59 to support a run at the first major resistance level at $657.97.

Support from the broader market would be needed, however, for Ethereum to break through to $650 levels.

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

In the event of another extended crypto rally, Ethereum could test resistance at $680 before any pullback. The second major resistance level sits at $677.96.

Failure to avoid a fall through the $619.59 pivot would bring the first major support level at $599.60 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$590 levels. The second major support level sits at $561.22.

Looking at the Technical Indicators

First Major Support Level: $599.6

Pivot Level: $619.59

First Major Resistance Level: $657.97

23.6% FIB Retracement Level: $508

38.2% FIB Retracement Level: $426

62% FIB Retracement Level: $294

Litecoin

Litecoin surged by 14.25% on Wednesday. Reversing a 1.24% fall from Tuesday, Litecoin ended the day at $93.02.

It was also a bearish start to the day. Litecoin fell to an early morning intraday low $78.43 before making a move. The reversal saw Litecoin fall through the first major support level at $79.49.

Finding late morning support, however, Litecoin surged to a late intraday high $93.30.

Litecoin broke through the major resistance levels and held onto $93 levels at the day end.

At the time of writing, Litecoin was up by 0.43% to $93.42. A mixed start to the day saw Litecoin fall to an early morning low $92.89 before rising to a high $94.39.

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

For the day ahead

Litecoin would need to avoid a fall through the $88.25 pivot to support a run at the first major resistance level at $98.07.

Support from the broader market would be needed, however, for Litecoin to break out from $95 levels.

Barring an extended crypto rally, the first major resistance level and the 62% FIB of $100 would likely cap any upside.

In the event of another extended breakout, Litecoin could resistance at $105 before any pullback. The second major resistance level sits at $103.12.

Failure to avoid a fall through the $88.25 pivot level would bring the first major support level at $83.20 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$80 support levels. The second major support level sits at $73.38.

Looking at the Technical Indicators

First Major Support Level: $83.20

Pivot Level: $88.25

First Major Resistance Level: $98.07

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP jumped by 21.67% on Wednesday. Reversing a 5.85% slide from Tuesday, Ripple’s XRP ended the day at $0.5701.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.43727 before making a move.

Ripple’s XRP fell through the first major support level at $0.4542 and the second major support level at $0.4396.

Steering clear of sub-$0.40 levels, Ripple’s XRP rallied to a late intraday high $0.57500.

Ripple’s XRP broke through the day’s major resistance levels and the 38.2% FIB of $0.5285 to end the day at $0.57 levels.

At the time of writing, Ripple’s XRP was up by 0.71% to $0.57416. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.56762 before rising to a high $0.58299.

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

For the day ahead

Ripple’s XRP will need to avoid a fall through the 38.2% FIB of $0.5285 and the $0.5275 pivot level to bring the first major resistance level at $0.6176 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 and the 23.6% FIB of $0.6274 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.65. The second major resistance sits at $0.6652.

Failure to avoid a fall through the 38.2% FIB and the $0.5275 pivot would bring the first major support level at $0.4799 into play.

Barring an extended crypto sell-off, Ripple’s XRP should continue to avoid sub-$0.40 levels. The second major support level sits at $0.3897.

Looking at the Technical Indicators

First Major Support Level: $0.4799

Pivot Level: $0.5275

First Major Resistance Level: $0.6176

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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