Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 1st, 2020

In This Article:

Ethereum

Ethereum rallied by 6.95% on Monday. Following on from a 7.21% breakout on Sunday, Ethereum ended the month up by 59.55% to $617.00.

A mixed start to the day saw Ethereum fall to a late morning intraday low $571.11 before making a move.

Steering clear of the first major support level at $545.99, Ethereum rallied to a late intraday high $617.

Ethereum broke through the first major resistance level at $592.54 and the second major resistance level at $608.32 to end the day at $617 levels.

At the time of writing, Ethereum was down by 0.60% to $613.29. A mixed start to the day saw Ethereum rise to an early morning high $617.87 before falling to a low $612.79.

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 $601.70 to support a run at the first major resistance level at $632.30.

Support from the broader market would be needed, however, for Ethereum to break through to $630 levels.

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

In the event of another breakout, Ethereum could test resistance at $650 before any pullback. The second major resistance level sits at $647.59.

Failure to avoid a fall through the $601.70 pivot would bring the first major support level at $586.41 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of the second major support level at $555.81.

Looking at the Technical Indicators

First Major Support Level: $586.41

Pivot Level: $601.70

First Major Resistance Level: $632.30

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

Litecoin

Litecoin surged by 10.95% on Monday. Following on from an 8.59% rally on Sunday, Litecoin ended the month up by 57.35% to $87.66.

It was a mixed start to the day. Litecoin fell to a late morning intraday low $76.75 before making a move.

Steering clear of the first major support level at $73.36, Litecoin rallied to a late afternoon intraday high $88.53.

Litecoin broke through the first major resistance level at $82.93 and the second major resistance level at $86.85.

Coming up short of $90 levels, however, Litecoin slipped back to end the day at $87 levels. The second major resistance level at $86.85 delivered support late in the day.

At the time of writing, Litecoin was down by 0.44% to $87.01. A mixed start to the day saw Litecoin rise to an early morning high $87.91 before falling to a low $87.01.

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