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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 30th, 2020

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·5 min read
In this article:
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Ethereum

Ethereum rose by 0.29% on Tuesday. Following a 6.66% rally from Monday, Ethereum ended the day at $731.76.

A mixed start to the day saw Ethereum rise to an early morning intraday high $739.66 before hitting reverse.

Falling short of the first major resistance level at $757.50, Ethereum slid to an early morning intraday low $688.00.

Ethereum fell through the first major support level at $691.40 before briefly revisiting $738 levels.

A second pullback saw Ethereum fall back to $703 levels before recovering to $731 levels.

At the time of writing, Ethereum was up by 0.10% to $732.48. A mixed start to the day saw Ethereum rise to an early morning high $735.67 before falling to a low $731.79.

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 $719.81 to support a run at the first major resistance level at $751.61.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $739.66.

Barring an 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 $770 before any pullback. The second major resistance level sits at $771.47.

Failure to avoid a fall through the $719.81 pivot would bring the first major support level at $699.95 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$680 levels. The second major support level sits $668.15.

Looking at the Technical Indicators

First Major Support Level: $699.95

Pivot Level: $719.81

First Major Resistance Level: $751.61

23.6% FIB Retracement Level: $565

38.2% FIB Retracement Level: $473

62% FIB Retracement Level: $323

Litecoin

Litecoin fell by 0.76% on Tuesday. Reversing a 1.58% gain from Monday, Litecoin ended the day at $128.69.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $130.67 before hitting reverse.

Falling short of the first major resistance level at $135.72, Litecoin fell to a late afternoon intraday low $120.00.

The sell-off saw Litecoin fall through the first major support level at $124.94.

Finding support at the second major support level at $120.18, Litecoin move back through to $128 levels to limit the loss.

At the time of writing, Litecoin was down by 0.09% to $128.58. A mixed start to the day saw Litecoin rise to an early morning high $129.43 before falling to a low $128.43.

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

For the day ahead

Litecoin would need to avoid a fall through the $126.45 pivot to support a run at the first major resistance level at $132.91.

Support from the broader market would be needed, however, for Litecoin to break back out from Tuesday’s high $130.67.

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 $140 before any pullback. The second major resistance level sits at $137.12.

Failure to avoid a fall through the $126.45 pivot level would bring the first major support level at $122.24 into play.

Barring an extended sell-off on the day, however, Litecoin should steer of the second major support level at $115.78.

Looking at the Technical Indicators

First Major Support Level: $122.24

Pivot Level: $126.45

First Major Resistance Level: $132.91

23.6% FIB Retracement Level: $112

38.2% FIB Retracement Level: $96

62% FIB Retracement Level: $69

Ripple’s XRP

Ripple’s XRP slid by 10.65% on Tuesday. Following on from a 12.73% tumble on Monday, Ripple’s XRP ended the day at $0.22127. It was a 5th consecutive day in the red for Ripple’s XRP.

Tracking the broader market, Ripple’s XRP rose to an early morning high $0.24782 before hitting reverse.

Falling short of the major resistance levels, Ripple’s XRP slid to a late afternoon intraday low $0.17208.

Ripple’s XRP fell through the first major support level at $0.2174 and the second major support level at $0.1874.

Finding late afternoon support, however, Ripple’s XRP struck a late intraday high $0.25113 before sliding back into the deep red.

Falling short of the first major resistance level at $0.2935, Ripple’s XRP briefly fell back through the first major support level.

Finding late support, however, Ripple’s XRP moved back through the first major support level to end the day at $0.22 levels.

At the time of writing, Ripple’s XRP was down by 2.00% to $0.21684. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.22147 to a low $0.21496.

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 $0.2148 pivot level to bring the first major resistance level at $0.2576 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s high $0.25113.

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 $0.30. The second major resistance sits at $0.2939.

Failure to avoid a fall through the $0.2147 pivot would bring the first major support level at $0.1785 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.1358.

Looking at the Technical Indicators

First Major Support Level: $0.1785

Pivot Level: $0.2148

First Major Resistance Level: $0.2576

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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