Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 16th, 2020

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Ethereum

Ethereum rose by 0.46% on Tuesday. Partially reversing a 0.69% gain from Monday, Ethereum ended the day at $589.08.

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A bullish start to the day saw Ethereum rose to an early morning intraday high $597.04 before hitting reverse.
Ethereum broke through the first major resistance level at $593.54 before sliding to a mid-morning intraday low $579.15.
Steering clear of the first major support level at $577.41, Ethereum briefly revisited $593 levels before easing back.
The first major resistance level pinned Ethereum back late in the day.
At the time of writing, Ethereum was down by 0.30% to $587.31. A mixed start to the day saw Ethereum rise to an early morning high $589.69 before falling to a low $587.30.
Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to move back through the pivot level at $588.42 to support a run at the first major resistance level at $597.70.
Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $597.04.
Barring an extended crypto rally, the first major resistance level and resistance at $600 would likely cap any upside.
In the event of an extended crypto rally, Ethereum could test resistance at $610 before any pullback. The second major resistance level sits at $606.31.
Failure to move back through the $588.42 pivot would bring the first major support level at $579.81 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$570 levels. The second major support level at $570.53 should limit any downside.
Looking at the Technical Indicators

First Major Support Level: $579.81
Pivot Level: $588.42
First Major Resistance Level: $597.70
23.6% FIB Retracement Level: $495
38.2% FIB Retracement Level: $416
62% FIB Retracement Level: $288
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Litecoin

Litecoin fell by 1.24% on Tuesday. Reversing a 0.19% gain from Monday, Litecoin ended the day at $81.35.
It was also a bullish start to the day. Litecoin rose to an early morning intraday high $85.00 before hitting reverse.
The early rally saw Litecoin break through the first major resistance level at $84.21 to test resistance at $85.
Falling short of the second major resistance level at $85.34, however, Litecoin slid to a mid-morning intraday low $80.38.
Steering clear of the first major support level at $80.01, Litecoin briefly revisited $83 levels before falling back into the red.
At the time of writing, Litecoin was down by 0.10% to $81.27. A mixed start to the day saw Litecoin rise to an early morning high $81.54 before falling to a low $81.24.
Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to move through the $82.24 pivot to support a run at the first major resistance level at $84.11.
Support from the broader market would be needed, however, for Litecoin to break back through to $84 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $85.00 would likely cap any upside.
In the event of an extended breakout, Litecoin could test the second major resistance level at $86.86.
Failure to move through the $82.24 pivot level would bring the first major support level at $79.49 into play.
Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$75 support levels. The second major support level at $77.62 should limit the downside.
Looking at the Technical Indicators

First Major Support Level: $79.49
Pivot Level: $82.24
First Major Resistance Level: $84.11
23.6% FIB Retracement Level: $45.30
38.2% FIB Retracement Level: $71
62% FIB Retracement Level: $100
Ripple’s XRP

Ripple’s XRP slid by 5.85% on Tuesday. Following on from a 3.00% decline on Monday, Ripple’s XRP ended the day at $0.46885.
Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.50711 before hitting reverse.
Falling short of the first major resistance level at $0.5146, Ripple’s XRP fell to an early afternoon intraday low $0.46605.
The reversal saw Ripple’s XRP fall through the first major support level at $0.4853 and the second major support level at $0.4728.
Finding late support, Ripple’s XRP briefly revisited $0.485 levels before falling back into the deep red.
The pullback saw Ripple’s XRP fall back through the second major support level to end the day at sub-$0.47 levels.
Resistance at the first major support level at $0.4853 had pinned Ripple’s XRP back ahead of the pullback.
At the time of writing, Ripple’s XRP was down by 0.80% to $0.46510. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.46876 before falling to a low $0.46510.
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 $0.4807 pivot level to bring the first major resistance level at $0.4953 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.48 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $0.50 would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test the second major resistance at $0.5217 and 38.2% FIB of $0.5285 before any pullback.
Failure to move through the $0.4807 pivot would bring the first major support level at $0.4542 into play.
Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.40 levels. The second major support level at $0.4396 should limit the downside.
Looking at the Technical Indicators

First Major Support Level: $0.4542
Pivot Level: $0.4807
First Major Resistance Level: $0.4953
23.6% FIB Retracement Level: $0.6274
38.2% FIB Retracement Level: $0.5285
62% FIB Retracement Level: $0.3687
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