Ethereum, Litecoin, & Ripple XRP Technical Analysis – Dec 8th

Crypto majors range-bound as volumes remain low

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Last Updated December 8th 2021
5 Min Read

Ethereum

Ethereum was range-bound all through Tuesday. By the end of the day, it was trading pretty much where it had started the day.

Ethereum started Tuesday trading bullish after it rallied through the 61.8% Fibonacci resistance in late Monday trading.

However, volumes were low, and just before daybreak, bears attempted to take control.  But they too did not have much momentum, and could not push Ethereum back to the 61.8% Fibonacci, now a key support level.

This saw bulls take control albeit with low volumes. Bulls were in control until mid-morning when the broader crypto market started to show weakness.

Weakness in the broader market saw Ethereum bears take control in the early afternoon, but failed to push it to the 61.8% Fibonacci support at $4289.97.

This saw bulls attempt to take control for the second time in the day. However, they too lost momentum at $4413.98, now a key intraday resistance.

Failure by bulls to push Ethereum through the $4413.98 resistance emboldened bears. Ethereum traded in the red all through the evening, and in the last hour of the day, it briefly pushed through the 61.8% Fibonacci support at $4289.97.

Ethereum started Wednesday trading with a bounce off the 61.8% Fibonacci support at $4289.97.

It traded in a range above this support all through the morning. However, bullish momentum started rising at daybreak. At the time of going to press, Ethereum was close to testing the $4413.98 intraday resistance.

ETH/USD daily chart 120821

A glance at the day ahead

The key levels to watch are the intra-day resistance at $4413.98 and the 61.8% Fibonacci support at $4289.97.

If bulls take control in the day and push Ethereum through the intra-day resistance at $4413.98, it would be indicative of a bullish breakout.  In such a scenario, prices above $4500 could be seen in the day.

On the other hand, if bears take control and push Ethereum through the 61.8% Fibonacci support at $4289.97, it would be indicative of bearish control.

In such a scenario, the next key level to watch would be the 50.0% Fibonacci support at $4142.34. If the 50.0% Fibonacci support is broken, prices below $4100 could be seen in the day.

However, if volumes remain low like they are at the moment, Ethereum could range between the intra-day resistance at $4413.98 and the 61.8% Fibonacci support at $4289.97.

A glance at the technicals

Key resistance: Intraday resistance at $4413.98

Key support: 61.8% Fibonacci at $4289.97

Litecoin

Litecoin was pretty much flat all through Tuesday. By the end of the day, it was trading pretty much where it had started the day.

Litecoin started Tuesday trading bearish after it hit strong resistance at $164.33 on the 38.2% Fibonacci in late Monday trading.

However, without much volume, bearish momentum was short-lived, and just before daybreak, selling volumes had completely thinned out.

This saw bulls take control at daybreak, but with low volumes as well. Litecoin kept edging higher, until early afternoon when it hit the 38.2% Fibonacci resistance at $164.33.

Without volumes, Litecoin bulls lost momentum at the 38.2% Fib resistance. What followed was a minor correction, but with selling volumes completely thinned out, bulls easily took control after just an hour.

This saw Litecoin range below the 38.2% Fibonacci support at $164.33 all through the day.   However, in the last hour of the day, there was a slight correction of this resistance.

Litecoin started Wednesday trading bearish, a continuation of the correction that started in the last hour of Tuesday trading.

However, bulls took control shortly after and pushed Litecoin back to 38.2% Fibonacci resistance at $164.33.

At the time of going to press, bulls were still testing this resistance level.

LTC/USD daily chart 120821

A glance at the day ahead

The key levels to watch are the 38.2% Fibonacci resistance at $164.33 and the 23.6% Fibonacci support at $151.18.

If bulls take control in the day and push Litecoin through the 38.2% Fibonacci resistance at $164.33, the next key level to watch would be the 50.0%, Fibonacci resistance at $174.76. If the 50.0% Fibonacci resistance is broken, prices above $180 could be seen in the day.

On the other hand, if bears take control and push Litecoin through the 23.6% Fibonacci support at $151.18, the next key level to watch would be the two-day low of $141.80. If the two-day low is broken, prices below $130 could be seen in the day.

However, if volumes remain low like they are at the moment, Litecoin could range between the 38.2% Fibonacci resistance at $164.33 and the 23.6% Fibonacci support at $151.18.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $164.33

Key support: 23.6% Fibonacci at $151.18

Ripple XRP

Ripple XRP was range-bound all through Tuesday. By the end of the day, it was trading at the same price level where it had started the day.

XRP started the day slightly bullish, after pushing through the 50.0% Fibonacci resistance at $0.8118 in late Monday trading.

However, momentum was weak, and by early afternoon, buying volumes had thinned out.

XRP bears took control at this price level and pushed it back to the 50.0% Fibonacci, now support, at $0.8118.

However, bears were not strong enough to push XRP through this support. This saw bulls attempt to take control for the second time in the day.

Without volumes, bulls too lost momentum quickly, and XRP traded bearish all through Tuesday evening. By the end of the day, XRP was trading at the 50.0% Fib support.

XRP started Wednesday trading at $0.8118 on the 50.0% Fib support. However, bullish momentum rose at daybreak. At the time of going to press, bulls were in control, and XRP was close to testing the 61.8% Fibonacci support at $0.86102.

XRP/USD daily chart 120821

A glance at the day ahead

The key levels to watch are the 61.8% Fibonacci resistance at $0.86102 and the 50.0% Fibonacci support at $0.81118.

If bulls take control in the day and push XRP through the 61.8% Fibonacci resistance at $0.86102, it would be an indicator of a bullish breakout. In such a scenario, prices above $0.95 could be seen in the day.

On the other hand, if bears take control and push XRP through the 50.0% Fibonacci support at $0.81118, the next key level to watch would be the 38.2% Fibonacci support at $0.76134. If the 38.2% Fib is broken, prices below $0.73 could be seen in the day.

However, if volumes remain low, XRP could range between the 61.8% Fibonacci resistance at $0.86102 and the 50.0% Fibonacci support at $0.81118.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.86102

Key support: 50.0% Fibonacci at $0.81118