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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 4th, 2021

By:
Bob Mason

Following Friday's sell-off, a move through the day's pivot levels would be needed to avoid another day in the deep red.

E-coins on tablet computer with charts on screen

Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

Ethereum

Ethereum slid by 6.59% on Friday. Following a 1.58% loss on Thursday, Ethereum ended the day at $4,217.

After a mixed morning, Ethereum rose to an early afternoon intraday high $4,663 before hitting reverse. Ethereum broke through the first major resistance level at $4,623 before sliding to a late intraday low $4,036.

The extended sell-off saw Ethereum fall through the day’s major support levels. Steering clear of sub-$4,000 levels, however, Ethereum broke back through the third major resistance level at $4,124 to end the day at $4,200 levels.

At the time of writing, Ethereum was down by 0.35% to $4,202. A mixed start to the day saw Ethereum rise to an early morning high $4,240 before falling to a low $4,193.

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

ETHUSD 041221 Hourly Chart

For the day ahead

Ethereum would need to move through the $4,305 pivot to bring the first major resistance level at $4,575 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $4,300 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 ATH $4,868 before any pullback. The second major resistance level sits at $4,932.

Failure to move through the $4,305 pivot would bring the first major support level at $3,948 into play. Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,700 levels and the second major support level at $3,679. The 23.6% FIB of $3,738 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,948

Pivot Level: $4,305

First Major Resistance Level: $4,575

23.6% FIB Retracement Level: $3,738

38.2% FIB Retracement Level: $3,039

62% FIB Retracement Level: $1,909

Litecoin

Litecoin slid by 7.52% on Friday. Following a 2.56% decline on Thursday, Litecoin ended the day at $188.21.

Tracking the broader market, Litecoin rose to an early afternoon intraday high $208.24 before hitting reverse. Falling short of the first major resistance level at $209, Litecoin slid to a late intraday low $180.15.

Litecoin fell through the day’s major support levels before finding support. Steering clear of the 23.6% FIB of $178, Litecoin broke back through the third major support level at $184 to end the day at $188 levels.

At the time of writing, Litecoin was down by 0.63% to $187.02. A mixed start to the day saw Litecoin rise to an early morning high $189.28 before falling to a low $186.51.

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

LTCUSD 041221 Hourly Chart

For the day ahead

Litecoin would need to move through the $192 pivot to bring the first major resistance level at $204 into play. Support from the broader market would be needed, however, for Litecoin to break back through to $200 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $208.24 would likely cap the upside.

In the event of an extended rally, Litecoin could test resistance at $215 before any pullback. The second major resistance level sits at $220.

Failure to move through the $192 pivot would bring the 23.6% FIB of $178 and the first major support level at $176 into play. Barring another extended sell-off, Litecoin should steer clear of sub-$170 levels. The second major support level sits at $164.

Looking at the Technical Indicators

First Major Support Level: $176

Pivot Level: $192

First Major Resistance Level: $204

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP fell by 5.14% on Friday. Following a 1.73% fall on Thursday, Ripple’s XRP ended the day at $0.92282.

After a mixed morning, Ripple’s XRP rose to an early afternoon intraday high $0.9841 before hitting reverse. Falling short of the first major resistance level at $0.9896, Ripple’s XRP slid to a late intraday low $0.8945.

The extended sell-off saw Ripple’s XRP fall through the day’s major support levels. Finding late support, however, Ripple’s XRP broke back through the third major support level at $0.9080 to end the day at $0.92 levels.

At the time of writing, Ripple’s XRP was down by 0.68% to $0.91659. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.92424 before falling to a low $0.91489.

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

XRPUSD 041221 Hourly Chart

For the day ahead

Ripple’s XRP would need move through the $0.9338 pivot to bring the first major resistance level at $0.9731 into play.

Support would be needed, however, for Ripple’s XRP to break out from $0.95 levels. Barring an extended crypto rally, the first major resistance level and Friday’s high $0.9841 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.00 before any pullback. The second major resistance level sits at $1.0234.

Failure to move through the $0.9338 pivot would bring first major support level at $0.8835 into play. Barring an extended sell-off, however, Ripple’s XRP should avoid the second major support level at $0.8443. The 23.6% FIB of $0.8533 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.8835

Pivot Level: $0.9338

First Major resistance Level: $0.9731

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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