Advertisement
Advertisement

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 11th, 2021

By:
Bob Mason
Updated: Nov 11, 2021, 00:38 UTC

Following a bearish Wednesday, the majors will need to move through the day's pivot levels to avoid another day in the red.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Ethereum

Ethereum fell by 2.10% on Wednesday. Following a 1.67% decline on Tuesday, Ethereum ended the day at $4,632.22.

After a mixed start to the day, Ethereum rallied to an early afternoon new ATH $4,867.81 before hitting reverse.

Ethereum broke through the first major resistance level at $4,811 before sliding to a late intraday low $4,460.00.

The extended sell-off saw Ethereum fall through the day’s major support levels.

Late in the day, Ethereum broke back through the third major support level at $4,506, however, to end the day at $4,600 levels.

The second major support level at $4,634 pegged Ethereum back, however.

At the time of writing, Ethereum was down by 0.46% to $4,611.07. A bearish start to the day saw Ethereum fall from an early morning high $4,632.23 to a low $4,605.50.

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

ETHUSD 111121 Hourly Chart

For the day ahead

Ethereum would need to move through the $4,653 pivot to bring the first major resistance level at $4,847 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $4,800 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s ATH would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at $5,000 levels before any pullback. The second major resistance level sits at $5,061.

Failure to move through the $4,653 pivot would bring the first major support level at $4,439 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$4,200 levels. The second major support level at $4,246 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $4,439

Pivot Level: $4,653

First Major Resistance Level: $4,847

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 0.72% on Wednesday. Partially reversing a 14.42% surge from Tuesday, Litecoin ended the day at $260.18.

Tracking the broader market, Litecoin rallied to a mid-afternoon intraday high $302.08 before hitting reverse.

Litecoin broke through the first major resistance level at $282.

Coming up against the second major resistance level at $303, Litecoin slid to a late intraday low $252.30.

Steering clear of the first major support level at $234, Litecoin ended the day at $260 levels.

At the time of writing, Litecoin was down by 0.90% to $257.84. A bearish start to the day saw Litecoin fall from an early morning high $260.23 to a low $257.24.

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

LTCUSD 111121 Hourly Chart

For the day ahead

Litecoin would need to move through the $272 pivot to bring the first major resistance level at $291 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $280 levels.

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

In the event of another breakout, Litecoin could retest resistance at $300 before easing back. The second major resistance level sits at $321.

Failure to move through the $272 pivot would bring the first major support level at $241 into play.

Barring another extended sell-off, Litecoin should steer clear of the 38.2% FIB of $223. The second major support level sits at $222.

Looking at the Technical Indicators

First Major Support Level: $241

Pivot Level: $272

First Major Resistance Level: $291

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP slid by 5.07% on Wednesday. Following a 2.25% loss on Tuesday, Ripple’s XRP ended the day at $1.9282.

After a mixed morning, Ripple’s XRP rallied to a late afternoon intraday high $1.34813 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $1.2877 and the second major resistance level at $1.3190.

Coming up against resistance at $1.35, however, Ripple’s XRP slid to a late intraday low $1.12102.

The extended sell-off saw Ripple’s XRP slide through the day’s major support levels.

A late partial recovery, however, saw Ripple’s XRP move back through the third major support level at $1.1322 to end the day at $1.19 levels.

The second major resistance level at $1.1945 pegged Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 0.94% to $1.18155. A bearish start to the day saw Ripple’s XRP fall from an early morning high $1.18900 to a low $1.18155.

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

XRPUSD 111121 Hourly Chart

For the day ahead

Ripple’s XRP would need to move through the $1.2207 pivot to bring the first major resistance level at $1.3203 into play.

Support would be needed, however, for Ripple’s XRP to break back through to $1.30 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $1.34813 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at the 62% FIB of $1.4096 before any pullback. The second major resistance level sits at $1.4478.

Failure to move through the $1.2207 pivot would bring the first major support level at $1.0932 into play.

Barring another extended sell-off, however, Ripple’s XRP should avoid the 38.2% FIB of $1.0659. The second major support level sits at $0.9935.

Looking at the Technical Indicators

First Major Support Level: $1.0932

Pivot Level: $1.2207

First Major resistance Level: $1.3203

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.

Did you find this article useful?

Advertisement