Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 21st, 2020

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 21st, 2020

Bob Mason

·6 min read
Ethereum

Ethereum fell by 3.10% on Sunday. Reversing a 0.66% gain from Saturday, Ethereum ended the week up by 8.12% to $638.4.

A bullish start to the day saw Ethereum rise to a late morning intraday high $661.40 before falling to $642 levels.

Ethereum fell through the first major support level at $646.31 before briefly revisiting $658 levels. A late sell-off, however, saw Ethereum slide to a late intraday low $621.46.

The sell-off saw Ethereum fall through the first major support level at $646.31 and the second major support level at $633.67.

Finding late support, however, Ethereum moved back through the second major support level to reduce the loss for the day.

At the time of writing, Ethereum was up by 0.67% to $642.65. A mixed start to the day saw Ethereum fall to an early morning low $634.16 before rising to a high $642.65.

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 $640.42 to support a run at the first major resistance level at $659.38.

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

Barring another extended crypto rally, the first major resistance level and resistance at $660 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $670 before any pullback. The second major resistance level sits at $680.36.

Failure to avoid a fall back through the $640.42 pivot would bring the first major support level at $619.44 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$600 levels. The second major support level at $600.48 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $619.44

Pivot Level: $640.42

First Major Resistance Level: $659.38

23.6% FIB Retracement Level: $536

38.2% FIB Retracement Level: $449

62% FIB Retracement Level: $308

Litecoin