Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 25th, 2020

Bob Mason

Ethereum

Ethereum rallied by 4.60% on Thursday. Partially reversing an 8.11% slide from Wednesday, Ethereum ended the day at $612.27.

A mixed start to the day saw Ethereum fall to an early morning intraday low $565.61 before making a move.

Steering clear of the first major support level at $544.79, Ethereum rallied to a late intraday high $614.99.

Coming up short of the first major resistance level at $632.09, Ethereum eased back to end the day at $612 levels.

At the time of writing, Ethereum was down by 0.52% to $609.10. A mixed start to the day saw Ethereum rise to an early morning high $615.90 before falling to a low $608.79.

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 $597.62 to support a run at the first major resistance level at $629.64.

Support from the broader market would be needed, however, for Ethereum to break back through to $620 levels.

Barring another extended crypto rally, the first major resistance level and resistance at $630 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $640 before any pullback. The second major resistance level sits at $647.00.

Failure to avoid a fall through the $597.62 pivot would bring the first major support level at $580.26 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$580 levels. The second major support level sits at $548.24.

Looking at the Technical Indicators

First Major Support Level: $580.26

Pivot Level: $597.62

First Major Resistance Level: $629.64

23.6% FIB Retracement Level: $536

38.2% FIB Retracement Level: $449

62% FIB Retracement Level: $308

Litecoin

Litecoin rallied by 8.53% on Thursday. Partially reversing a 10.44% tumble from Wednesday, Litecoin ended the day at $111.20.

It was also a mixed start to the day. Litecoin fell to an early morning intraday low $98.68 before making a move.

While steering clear of the first major support level at $92.65 Litecoin fell through the 23.6% FIB of $101.

Finding support through the rest of the day, however, Litecoin rallied to a late intraday high $112.30.

Falling short of the first major resistance level at $114.69, Litecoin eased back to end the day at $111 levels. Litecoin did break through the 23.6% FIB of $101, however.

At the time of writing, Litecoin was down by 0.91% to $110.19. A mixed start to the day saw Litecoin rise to an early morning high $112.67 before falling to a low $110.03.

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

For the day ahead

Litecoin would need to avoid a fall through the $107.39 pivot to support a run at the first major resistance level at $116.11.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $112.67.

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

In the event of an extended breakout, Litecoin could test resistance at $120 before any pullback. The second major resistance level sits at $121.01.

Failure to avoid a fall through the $107.39 pivot level would bring the first major support level at $102.49 and 23.6% FIB of $101 into play.

Barring an extended sell-off on the day, however, Litecoin should steer of the second major support level at $93.77.

Looking at the Technical Indicators

First Major Support Level: $102.49

Pivot Level: $107.39

First Major Resistance Level: $116.11

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP surged by 29.65% on Thursday. Partially reversing Wednesday’s 41.71% slump, Ripple’s XRP ended the day at $0.33782.

A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.3070 before hitting reverse.

Falling well short of the first major resistance level at $0.4054, Ripple’s XRP fell to a mid-morning intraday low $0.24008.

Steering clear of the first major support level at $0.1573, Ripple’s XRP rallied to a late intraday high $0.3800.

While falling short of the first major resistance level at $0.4054, Ripple’s XRP broke through the 23.6% FIB of $0.3386.

At the day end, however, Ripple’s XRP eased back to end the day at $0.33 levels. The 23.6% FIB of $0.3386 provided support late on.

At the time of writing, Ripple’s XRP was down by 3.21% to $0.32696. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.34728 before falling to a low $0.32633.

While leaving the major support and resistance levels untested, Ripple’s XRP broke through the 23.6% FIB of $0.3386 before hitting reverse.

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.3193 pivot level to bring the 23.6% FIB of $0.3386 and the first major resistance level at $0.3985 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.3800.

Barring another extended crypto rally, resistance at Thursday’s high $0.38 would likely leave Ripple’s XRP short of the first major resistance.

In the event of an extended rally, the first major resistance level at $0.3985 and the 38.2% FIB of 0.4243 would likely cap any upside. The second major resistance sits at $0.4592.

Failure to avoid a fall through the $0.3193 pivot would bring the first major support level at $0.2586 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.20 levels. The second major support level sits at $0.1794.

Looking at the Technical Indicators

First Major Support Level: $0.2586

Pivot Level: $0.3193

First Major Resistance Level: $0.3985

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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