Ethereum, Litecoin & Ripple XRP Technical Analysis – Dec 1st

Crypto majors in a breakout as key resistance levels give way

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Last Updated December 1st 2021
5 Min Read

Ethereum

Ethereum was bullish all through Tuesday. By the end of the day, it was up by 6.5%.

Ethereum started Tuesday trading bullish and crossed through the 38.2% Fibonacci resistance at $4440.97 in the first hour of the day.

However, volumes were low, and just before daybreak, bears took control and pushed Ethereum through the 38.2% Fib, now support.

Bearish sentiment persisted until mid-morning when Ethereum hit the 50.0% Fibonacci support at $4342.17.

However, with the broader market turning bullish, Ethereum bears lost control at this price level.

What followed was a rally that saw Ethereum blast through multiple resistance levels, namely the 38.2% Fibonacci at $4440.97 and the 23.6% Fibonacci at $4565.47.

However, in the early evening, Ethereum bulls lost momentum just a few points shy of the all-time high of $4800.

This triggered a correction back to the 23.6% Fibonacci, now support at 4565.47. This support proved to be pretty strong, and Ethereum bounced off it all through the evening.

However, momentum was weak, and Ethereum failed to retest the day’s high of $4752.65. This triggered a minor correction in the last two hours of the day.

Ethereum started Wednesday trading bullish. This was in continuation of the bullish momentum that had built up on Tuesday.

Momentum was strong all through the morning, and at the time of going to press, Ethereum was edging closer to its all-time highs of $4800.

ETH/USD daily chart 120121

A glance at the day ahead

The key levels to watch in the day are the day’s high of $4765.05, which is now resistance, and the 23.6% Fibonacci support at $4565.47.

If bulls take control and push Ethereum through the day’s high of $4765.05, the next key level to watch would be the all-time high of $4800. If this resistance is broken, Ethereum could make new highs above $5000 in the day.

On the other hand, if bears take control and push Ethereum through the 23.6% Fibonacci support at $4565.47, the next key level to watch would be the 38.2% Fibonacci support at $4444.97.

If this support is broken, prices below $4400 could be seen in the day.

However, if volumes drop in the day, Ethereum could trade between the day’s high of $4765.05 and the 23.6% Fibonacci support at $4565.47.

A glance at the technicals

Key resistance: Day’s high at $4765.05

Key support: 23.6% Fibonacci at $4565.47

Litecoin

Litecoin had a mixed day on Tuesday but still closed the day higher by 4.5%.

Litecoin started Tuesday trading bearish. This was after the 50.0% Fibonacci resistance at $206.50 proved too strong for bulls in late Monday trading.

Litecoin was in the red all through Tuesday morning until daybreak, when it hit the 38.2% Fibonacci support at $200.86.

Litecoin bounced off this support, and by late afternoon, had pushed through two key support levels: the 50.0% Fibonacci at $206.50 and the 61.8% Fibonacci resistance at $212.25.

However, bullish momentum declined at this price level, and what followed was a correction back to the 50.0% Fibonacci support at $206.50.

Litecoin bounced off this support in the early evening, and by late evening was trading at the 61.8% Fib resistance at $212.25.

There was a minor correction of this resistance in the last two hours of the day.

Litecoin started Wednesday trading bearish, in a continuation of Tuesday’s late evening correction.

However, Litecoin hit the 50.0% Fibonacci support before daybreak at $206.50 and bounced off it.

When going to press, Litecoin pushed through the 61.8% Fibonacci resistance and gained upside momentum.

LTC/USD daily chart 120121

A glance at the day ahead

The key levels to watch in the day are the multi-week resistance at $217.43 and the 61.8% Fibonacci support at $212.25.

If bulls take control and push Litecoin through the multi-week resistance at $217.43, Litecoin could make new highs above $222 in the day.

On the other hand, if bears take control and push Litecoin through the 61.8% Fibonacci support at $212.25, the next key level to watch would be the 50.0% Fibonacci support at $206.50.

If this support is broken, prices below $200 could be seen in the day.

However, if volumes drop in the day, Litecoin could trade between the multi-week resistance at $217.43 and the 61.8% Fibonacci support at $212.25.

A glance at the technicals

Key resistance: Multi-week resistance at $217.43

Key support: 61.8% Fibonacci at $212.25

Ripple XRP

Ripple XRP was bullish on Tuesday, but volumes were low. By the end of the day, it was up by just about 1.8%.

XRP started trading bullish Tuesday, a continuation of the momentum that had built up on Monday.

However, this momentum was short-lived. Just before daybreak, bulls lost momentum a few points shy of the 61.8% Fibonacci resistance at $1.01730.

A correction followed that saw XRP push through the $0.99186, 50.0% Fibonacci support by daybreak.

By mid-morning, XRP was close to testing the 38.2% Fibonacci support at $0.96691.

With the broader market gaining upside momentum, XRP bulls took control at mid-morning. A rally through the 50.0% Fib now resistance followed, and by late afternoon, XRP tested the 61.8% Fibonacci resistance at $1.01730.

Buying momentum declined at this price level, and what followed was a correction back to the 50.0% Fib, now support, in the early evening.

The 50.0% Fib support proved to be quite strong, and XRP bounced off it for the better of the evening. However, there was a slight correction in the last two hours of the day.

XRP started Wednesday trading range-bound between the 61.8% Fibonacci resistance at $1.01730 and the 50.0% Fibonacci support at $0.99186. At the time of going to press, XRP was still range-bound.

XRP/USD daily chart 120121

A glance at the day ahead

The key levels to watch in the day are the 61.8% Fibonacci resistance at $1.01730 and the 50.0% Fibonacci support at $0.99186.

If bulls take control and push XRP through the 61.8% Fibonacci resistance at $1.01730, prices above $1.05 could be seen in the day. 

On the other hand, if bears take control and push XRP through the 50.0% Fibonacci support at $0.99186, the next key level to watch would be the 38.2% Fibonacci support at $0.96691.

If this support is broken, prices below $0.95 could be seen in the day.

However, if volumes drop in the day, XRP could trade between the 61.8% Fibonacci resistance at $1.01730 and the 50.0% Fibonacci support at $0.99186.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $1.01730

Key support: 50.0% Fibonacci at $0.99186