Ethereum, Litecoin & Ripple XRP Technical Analysis – Dec 2nd

Key support levels under pressure as bears take control

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Last Updated December 2nd 2021
5 Min Read

Ethereum

Ethereum had a mixed day on Wednesday. By the end of the day, it was trading pretty much where it had started the day.

Ethereum started Wednesday bullish, a continuation of the bullish momentum that started on Tuesday.

However, before daybreak, it hit strong resistance at $4765.05, a key intraday resistance level.

This resistance proved to be quite strong, and Ethereum experienced a correction off it for about 2 hours.

Bulls attempted to retake control but failed to push through the $4765.05 for a second time in the day.

This led to an increase in bearish sentiment up until midday. However, with bullish momentum rising in the broader market, Ethereum made a second attempt at the $4765.05 resistance but failed.

This was confirmation that bullish momentum was weak. The result was an accelerated selloff, and by the end of the day, Ethereum was trading at the 23.6% Fibonacci support at $4563.54.

Ethereum started Thursday trading with Wednesday’s bearish momentum. By hour two of the day, it had pushed through the 23.6% Fibonacci support. At the time of going to press, Ethereum bears were still in control.

ETH/USD daily chart 120221

A glance at the day ahead

The key levels to watch in the day are the 23.6% Fibonacci support at $4563.54 and the intra-day resistance at $4765.05.

If bears sustain momentum through the 23.6% Fibonacci support at $4563.54, the next key level to watch would be the 38.2% Fibonacci at $4440.97.

If the 38.2% Fib support is broken, prices below $4400 could be seen in the day.

On the other hand, if bulls take control in the day and push Ethereum through the intra-day resistance at $4765.05, the next key level to watch would be Ethereum’s all-time highs of $4800.

If Ethereum pushes through $4800, prices above $5000 could be seen in the day.

However, if volumes drop in the day, Ethereum could trade between the intra-day resistance at $4765.05 and the 23.6% Fibonacci support at $4563.54.

A glance at the technicals

Key resistance: Intraday resistance at $4765.05

Key support: 23.6% Fibonacci support at $4563.54

Litecoin

Litecoin had a volatile day on Wednesday, and by the end of the day, was trading pretty much where it had started.

Litecoin started Wednesday's trading bullish after bouncing off the 50.0% Fibonacci support at $206.50 in the early hours of the day.

The bullish momentum was quite strong, and by daybreak, Litecoin had pushed through the 61.8% Fibonacci support at $212.25.

However, momentum dropped a few points shy of the multi-week resistance at $217.43. The result was a crash back to the 61.8% Fibonacci support at $212.25 by mid-morning.

While bears attempted to push Litecoin through the 61.8% Fibonacci support, the dip was quickly bought up.

The result was a bounce off until late afternoon when Litecoin hit the multi-week resistance at $217.43.

However, bulls were unable to push Litecoin through this resistance. With bearish momentum on the rise in the broader market, a selloff ensued.

The selloff was quite strong and saw Litecoin crash through the 61.8% Fibonacci support and test the 50.0% Fibonacci support at $206.50 towards the end of the day.

At the time of going to press, Litecoin was trading at the 50.0% Fibonacci support.

LTC/USD daily chart 120221

A glance at the day ahead

The key levels to watch in the day are the 50.0% Fibonacci support at $206.50 and the 61.8% resistance at $212.25.

If bears sustain momentum through the 50.0% Fibonacci support at $206.50, the next key level to watch would be the 38.2% Fibonacci support at $200.86.

If bears push through the 38.2% Fib support, prices below $195 could be seen in the day.

On the other hand, if bulls take control in the day and Litecoin pushes through the 61.8% resistance at $212.25, the next key level to watch would be the multi-week resistance at $217.43.

If Litecoin pushes through the multi-week resistance, prices above $222 could be seen in the day.

However, if volumes drop, Litecoin could trade between the 61.8% Fibonacci resistance at $212.25 and the 50.0% Fibonacci support at $206.50.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $212.25

Key support: 50.0% Fibonacci at $206.50

Ripple XRP

Ripple XRP was range-bound for most of Wednesday. However, towards the end of the day, bears took control, and XRP ended the day lower by 1.2%.

XRP started Wednesday bearish, and by hour 3 of the day, tested the 50.0% Fibonacci support at $0.99186.

However, this support proved to be quite strong, and bulls took control shortly after. Buying momentum increased, and by mid-morning, XRP hit the 61.8% Fibonacci at $1.01730.

However, bulls did not have the momentum to push XRP through this resistance. A selloff followed shortly after, and XRP tested the 50.0% Fibonacci support at $0.99186 by early afternoon.

Without much volume, this support held strong, and XRP bounced back to the 61.8% Fibonacci at $1.01730 by early evening.

However, with bearish momentum rising in the broader market, XRP crashed and pushed through the 50.0% Fibonacci support in the last hour of the day.

XRP started Thursday trading bearish. When going to press, it was trending towards the 38.2% Fibonacci support at $0.96691.

XRP/USD daily chart 120221

A glance at the day ahead

The key levels to watch in the day are the 38.2% Fibonacci support at $0.96691 and the 50.0% Fibonacci resistance at $0.99186.

If bears sustain momentum through the 38.2% Fibonacci support at $0.96691, prices below $0.94 could be seen in the day.

On the other hand, if bulls take control in the day and push XRP through the 50.0% resistance at $0.99186, the next key level to watch would be the 61.8% Fibonacci resistance at $1.01730. 

If XRP pushes through the 61.8% Fibonacci at $1.01730, prices above $1.05 could be seen in the day.

However, if volumes drop, XRP could trade between the 50.0% Fibonacci resistance at $0.99186 and the 38.2% Fibonacci support at $0.96691.

A glance at the technicals

Key resistance: 50.0% Fibonacci at $0.99186

Key support: 38.2% Fibonacci at $0.96691