Ethereum, Litecoin & Ripple XRP Technical Analysis – Dec 7th

Bulls in control but momentum weak, as volumes drop

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Last Updated December 7th 2021
5 Min Read

Ethereum

Ethereum had a mixed day on Monday, but closed higher by 5%. It started Monday trading bullish after pushing through the 50.0% Fibonacci resistance in late Sunday trading.

However, by the 3rd hour of the day, momentum slowed down, and bears attempted to retake the market. 

This saw Ethereum drop back to the 50.0% Fibonacci, then support, just before daybreak. Ethereum traded in a range above the 50.0% Fibonacci for a few hours before bears broke this support in mid-morning.

This triggered a selloff that saw Ethereum test and briefly push through the 38.2% Fibonacci support by midday. 

However, with the broader market turning bullish, Ethereum had a sharp bullish reversal off the 38.2% Fibonacci and with high volumes. 

Ethereum’s bullish momentum increased in the afternoon, and in the early evening, it had pushed through the 50.0% Fib at $4124.62. 

By the end of the day, Ethereum had also pushed through the 61.8% Fibonacci resistance at $4272.25.

Ethereum started Tuesday trading with the same upside momentum that characterized most of Monday. 

However, volumes had dropped by daybreak, and Ethereum was consolidating slightly above the 61.8% Fibonacci, now support. 

ETH/USD daily chart 120721

A glance at the day ahead

The key levels to watch are the 61.8% Fibonacci support at $4272.25 and $4617.70, a key resistance all through December. 

If Ethereum rallies and pushes through the Dec resistance of $4617.70, the next key level to watch would be $4747.62, which is the month’s high. 

If bulls manage to push Ethereum through the $4747.62 resistance, Ethereum could retest its all-time highs of $4800. 

However, if bears take control in the day and breach the 61.8% Fibonacci support, the next key level to watch would be the 50.0% Fibonacci support at $4124.62. 

If bears push Ethereum through this support, prices below $4000 could be seen in the day. 

On the other hand, if volumes drop, Ethereum could trade between the $4617.70 monthly resistance and the 61.8% Fibonacci support at $4272.25. 

A glance at the technicals

Key resistance: Monthly resistance at $4617.70

Key support:  61.8% Fibonacci at $4272.25

Litecoin

Litecoin was volatile in early Monday trading, but bulls were in control towards the end of the day. By the end of the day, Litecoin was higher by 5.7%.  

Litecoin started Monday trading bullish after bouncing off the 23.6% Fibonacci support at $151.16 in late Sunday trading.

However, a few hours into the day, bulls lost momentum, and bears took control of Litecoin. 

This saw Litecoin drop back to the 23.6% Fibonacci, just before daybreak. Litecoin was range-bound above the 23.6% Fibonacci support until daybreak when bearish volumes increased.  

This triggered a selloff that saw Litecoin test a low of $141.60. However, with the broader market gaining upside momentum, Litecoin bulls took control, and with high volumes. 

Bullish momentum accelerated for the better part of the day, and by early evening, Litecoin had pushed through the 23.6% Fibonacci, then resistance at $151.16.  

By the end of the day, Litecoin was close to testing the 38.2% Fibonacci resistance at $164.28. 

Litecoin started trading bullish Tuesday, a continuation of Monday’s momentum. 

However, just two hours into the day, Litecoin hit the 38.2% Fibonacci resistance at $164.28 but lost momentum. Litecoin has been in a downtrend, albeit with low volumes since that time. 

LTC/USD daily chart 120721

A glance at the day ahead

The key levels to watch are the 23.6% Fibonacci support at $151.16 and the 38.2% Fibonacci resistance at $164.28. 

If Litecoin rallies and pushes through the 38.2% Fibonacci resistance at $164.28, the next key level to watch would be the 50.0% Fibonacci resistance at $174.90.  

If bulls manage to push Litecoin through the 50.0% Fibonacci resistance, it could test prices above $180 in the day. 

However, if bears take control in the day and breach the 23.6% Fibonacci support, the next key level to watch would be yesterday’s low of $141.60. 

If bears push Litecoin through this support, prices below $130 could be seen in the day. 

On the other hand, if volumes drop, Litecoin could trade between the 38.2% Fibonacci resistance at $164.28 and the 23.6% Fibonacci support at $151.16. 

A glance at the technicals

Key resistance: 38.2% Fibonacci at $164.28

Key support: 23.6% Fibonacci at $151.16

Ripple XRP

Ripple XRP had a low volumes day on Monday. However, it still managed to close the day higher by 4.8%.  

XRP started Monday trading bullish, after it bounced off the 38.2% Fibonacci support at $0.76469 on Sunday. 

However, just a few hours into the day, bears took control of XRP. This saw it drop back to the 38.2% Fibonacci, now support, at mid-morning. 

However, with the broader market turning bullish, XRP had a sharp bullish reversal off the 38.2% Fibonacci, and with high volumes. 

XRP’s bullish momentum increased in the afternoon, and by the end of the day, it had tested the 50.0% Fibonacci resistance at $0.81533. 

XRP started Tuesday trading with the same upside momentum that characterized most of Monday. At the time of going to press, bulls were still in control. 

XRP/USD daily chart 120721

A glance at the day ahead

The key levels to watch are the 50.0% Fibonacci support at $0.81533 and the 61.8% Fibonacci resistance at $0.86596. 

If XRP rallies and pushes through the 61.8% Fibonacci resistance at $0.86596, then it could test prices above $0.91 in the day. 

However, if bears take control in the day and breach the 50.0% Fibonacci support, the next key level to watch would be the 38.2% Fibonacci support at $0.76469. If bears push XRP through this support, prices below $0.70 could be seen in the day. 

However, if volumes drop, XRP could trade between the 61.8% Fibonacci resistance at $0.86596 and the 50.0% Fibonacci support at $0.81533. 

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.86596

Key support: 50.0% Fibonacci at $0.81533