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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 12th, 2020

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Bob Mason
·6 min read
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Ethereum

Ethereum fell by a further 2.65% on Friday. Following on from a 2.61% decline on Thursday, Ethereum ended the day at $544.23.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $560.62 before hitting reverse.

Falling short of the first major resistance level at $573.35, Ethereum slid to a mid-morning intraday low $535.50.

The reversal saw Ethereum fall through the first major support level at $545.56 before a brief recovery to $550 levels.

A bearish end to the day, however, saw Ethereum fall back through the first major support level to end the day at $544 levels.

At the time of writing, Ethereum was up by 1.67% to $553.33. A mixed start to the day saw Ethereum fall to an early morning low $543.22 before rising to a high $554.20.

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

For the day ahead

Ethereum would need to avoid a fall back through the pivot level at $546.78 to support a run at the first major resistance level at $558.07.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $554.20.

Barring an extended crypto rally, the first major resistance level and Friday’s high $560.62 would likely cap any upside.

In the event of an extended crypto rally, Ethereum could test resistance at $570 before any pullback. The second major resistance level sits at $571.90.

Failure to avoid a fall back through the $546.78 pivot would bring the first major support level at $532.95 into play.

Barring another extended sell-off, however, Ethereum should continue to steer clear of sub-$520 levels. The second major support level at $521.66 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $532.95

Pivot Level: $546.78

First Major Resistance Level: $558.07

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin fell by 3.39% on Friday. Following on from Thursday’s 3.50% slide, Litecoin ended the day at $72.18.

It was also a mixed start to the day. Litecoin rose to an early morning intraday high $75.09 before hitting reverse.

Falling well short of the first major resistance level at $77.20, Litecoin fell to a late morning intraday low $69.94.

The sell-off saw Litecoin fall through the first major support level at $72.66 and the second major support level at $70.61. Litecoin also fell through the 38.2% FIB of $71.

Finding support in the early afternoon, Litecoin revisited $73 levels before easing back. The partial recovery saw Litecoin break back through the second major support level and the 38.2% FIB.

Resistance at the first major support level pinned Litecoin back, however.

At the time of writing, Litecoin was up by 3.39% to $74.63. A mixed start to the day saw Litecoin fall to an early morning low $72.02 before striking a high $74.91.

Litecoin came up against the first major resistance level at $74.87 early on.

For the day ahead

Litecoin would need to avoid a fall back through the $72.40 pivot to support another run at the first major resistance level at $74.87.

Support from the broader market would be needed, however, for Litecoin to break back through to $74.80 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $75.09 would likely cap any upside.

In the event of an extended breakout, Litecoin could test the second major resistance level at $77.55 and resistance at $80.

Failure to avoid a fall back through the $72.40 pivot level would bring the 38.2% FIB and the first major support level at $69.72 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $67.25.

Looking at the Technical Indicators

First Major Support Level: $69.72

Pivot Level: $72.40

First Major Resistance Level: $74.87

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 3.72% on Friday. Following on from a 1.92% fall on Thursday, Ripple’s XRP ended the day at $0.55074.

Tracking the broader market, Ripple’s XRP fell to a late morning intraday low $0.5280 before finding support.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.5535 and the second major support level at $0.5352.

Finding support at the 38.2% FIB of $0.5285, Ripple’s XRP bounced back to a late intraday high $0.5944.

Breaking back through the major support levels, Ripple’s XRP also broke through the first major resistance level at $0.5895.

A final hour sell-off, however, saw Ripple’s XRP slide back through the first and second major support levels.

Steering clear of the 38.2% FIB of $0.5285, Ripple’s XRP moved back through the second major support level to end the day at $0.55 levels. The first major support level at $0.5535 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 1.15% to $0.54441. A particularly bearish start to the day saw Ripple’s XRP slide from an early morning high $0.55212 to a low $0.48.

Ripple’s XRP fell through the 38.2% FIB, the first major support level at $0.5210 and the second major support level at $0.4913.

For the day ahead

Ripple’s XRP will need to move through the $0.5577 pivot level to bring the first major resistance level at $0.5874 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.58 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $0.5944 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance at $0.6241 and the 23.6% FIB of $0.6274.

Failure to move through the $0.5577 pivot would bring the 38.2% FIB and the first major support level at $0.5210 back into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid a fall through the early morning low $0.48 to sub-$0.48 levels. The second major support level sits at $0.4913.

Looking at the Technical Indicators

First Major Support Level: $0.5210

Pivot Level: $0.5577

First Major Resistance Level: $0.5874

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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