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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 7th, 2021

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·5 min read
In this article:
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Daily Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

Ethereum

Ethereum rallied by 3.59% on Monday. Following a 1.90% gain on Sunday, Ethereum ended the day at $4,354.

A mixed start to the day saw Ethereum rise to an early high $4,210 before hitting reverse. Falling well short of the first major resistance level at $4,294, Ethereum slid to a late morning intraday low $3,913.

Ethereum fell through the first major support level at $4,075 and the second major support level at $3,947 before finding support. Through the 2nd half of the day, Ethereum rallied to a late intraday high $4,381.

The extended rally saw Ethereum break through the first major resistance level at $4,294. Coming up against the second major resistance level at $4,385, however, Ethereum eased back to end the day at $4,350 levels.

At the time of writing, Ethereum was down by 0.15% to $4,348. A mixed start to the day saw Ethereum rise to an early morning high $4,372 before falling to a low $4,341.

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

For the day ahead

Ethereum would need to avoid the $4,216 pivot to bring the first major resistance level at $4,519 into play. Support from the broader market would be needed, however, for Ethereum to break back through to $4,500 levels. Barring an extended rally, the first major resistance level should limit the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at the $4,700 levels before any pullback. The second major resistance level sits at $4,684.

A fall through the $4,216 pivot would bring the first major support level at $4,051 into play. Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,900 levels. The second major support level sits at $3,748.

Looking at the Technical Indicators

First Major Support Level: $4,051

Pivot Level: $4,216

First Major Resistance Level: $4,519

23.6% FIB Retracement Level: $3,738

38.2% FIB Retracement Level: $3,039

62% FIB Retracement Level: $1,909

Litecoin

Litecoin rallied by 3.20% on Monday. Following a 3.82% gain on Sunday, Litecoin ended the day at $161.61.

A bearish start to the day saw Litecoin slide through the first major support level at $148 to a late morning intraday low $141.48. Steering clear of the second major support level at $140, however, Litecoin rallied to a late intraday high $163.35.

Coming within range of the first major resistance level at $165, however, Litecoin eased back to end the day at sub-$162 levels.

At the time of writing, Litecoin was down by 0.45% to $160.88. A mixed start to the day saw Litecoin rise to an early morning high $162.50 before falling to a low $160.67.

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

For the day ahead

Litecoin would need to avoid the $156 pivot to bring the first major resistance level at $170 into play. Support from the broader market would be needed, however, for Litecoin to break out from $165 levels.

Barring an extended crypto rally, the first major resistance level would likely cap the upside. In the event of an extended rally, Litecoin could test resistance at the second major resistance level at $177 and the 23.6% FIB of $178 before any pullback.

A fall through the $156 pivot would bring the first major support level at $148 into play. Barring another extended sell-off, Litecoin should steer clear of sub-$140 levels. The second major support level sits at $134.

Looking at the Technical Indicators

First Major Support Level: $148

Pivot Level: $156

First Major Resistance Level: $170

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 2.84% on Monday. Partially reversing a 4.85% slide from Sunday, Ripple’s XRP ended the day at $0.82851.

A mixed morning saw Ripple’s XRP slide to a late morning intraday low $0.75060 before finding support. The extended sell-off saw Ripple’s XRP fall through the first major support level at $0.7643.

Steering clear of sub-$0.75 levels, however, Ripple’s XRP rallied to a late intraday high $0.83118. Falling short of the 23.6% FIB and the major resistance levels, however, Ripple’s XRP eased back to end the day at $0.828 levels.

At the time of writing, Ripple’s XRP was down by 0.52% to $0.82422. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.82999 before falling to a low $0.82288.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP would need to avoid the $0.8034 pivot to bring the 23.6% FIB of $0.8533 and the first major resistance level at $0.8563 into play.

Support would be needed, however, for Ripple’s XRP to break back through to $0.85 levels. Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $0.90 before any pullback. The second major resistance level sits at $0.8840.

A fall through the $0.8034 pivot would bring first major support level at $0.7757 into play. Barring another extended sell-off, however, Ripple’s XRP should continue to avoid sub-$0.75 levels. The second major support level sits at $0.7229.

Looking at the Technical Indicators

First Major Support Level: $0.7757

Pivot Level: $0.8034

First Major resistance Level: $0.8563

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

This article was originally posted on FX Empire

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