Ethereum, Litecoin & Ripple XRP Technical Analysis – Dec 9th

A breakout is imminent as range-bound trading persists for the 3rd day in a row

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Last Updated December 9th 2021
5 Min Read

Ethereum

Ethereum was bullish for the better part of Wednesday, albeit with low volumes. By the end of the day, it was up by about 1.2%.

Ethereum started Wednesday trading bullish after it bounced off the 61.8% Fibonacci support at $4292.92 in late Tuesday trading.

It gained bullish momentum up until mid-morning when buying volumes thinned out completely.

What followed was a crash back to the 61.8% Fibonacci support at $4292.92.

Bearish momentum was quite strong and saw Ethereum briefly push through the 61.8% Fibonacci support.

However, this dip was quickly bought up, and bullish momentum rose sharply at this point. Bulls remained in control until early evening, when volumes dropped. What followed was range-bound trading that lasted for the rest of the evening.

Ethereum started Thursday trading with the same range-bound trading that characterized late Wednesday trading. However, by hour two of the day, an increase in buying momentum in the broader market saw Ethereum breakout of Wednesday’s trading range.

Just before daybreak, Ethereum bulls lost momentum. What followed was a correction that lasted until daybreak. At the time of going to press, bearish momentum declined, and Ethereum was trading at $4359.29, the same price level where it ranged in late Wednesday trading.

ETH/USD daily chart 120921

A glance at the day ahead

The key levels to watch are the $4359.29 intraday support and the day’s high of $4490.74.

If bulls take control and push Ethereum through the day’s high of $4490.74, it would indicate a bullish breakout.

In such a scenario, there could be a possibility of Ethereum pushing through $4600 in the day.

However, if the intra-day support at $4359.29 is broken, the next key level to watch would be the 61.1% Fibonacci support at $4292.92.

If this support is broken, prices below $4200 could be seen in the day.

On the other hand, if volumes drop, Ethereum could trade between the intra-day support at $4359.29 and the day’s high of $4490.74.

A glance at the technicals

Key resistance: Day’s high at $4490.74

Key support: Intraday support at $4359.29

Litecoin

Litecoin had a low volume day on Wednesday but still closed the day higher by 1.5%.

Litecoin started Wednesday trading bullish, continuing the upside momentum that started in late Tuesday trading.

Litecoin remained in the green until mid-morning and even briefly pushed through the 38.2% Fibonacci resistance at $164.33.

However, an increase in selling pressure in the broader market canceled Litecoin’s early morning rally. But bears did not have much momentum either. This saw Litecoin trade in a range around the 38.2% Fibonacci at $164.33 for the rest of the day.

Litecoin started Thursday trading with the same range-bound trading that had characterized most of Wednesday.

However, by the third hour of the day, bears tool control. Just before daybreak, Litecoin bears lost momentum, pushing Litecoin into a range. At the time of going to press, Litecoin was range-bound between the 38.2% Fibonacci resistance at $164.33 and the intra-day support of $160.

LTC/USD daily chart 120921

A glance at the day ahead

The key levels to watch are the $160.0 intraday support and the 38.2% Fibonacci resistance at $164.33.

If bulls take control and push Litecoin through the 38.2% Fibonacci resistance at $164.33, the next 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. 

However, if the intraday support at $160.0 is broken, the next key level to watch would be the 23.6% Fibonacci support at $151.18.

If this support is broken, then prices below $140 could be seen in the day.

On the other hand, if volumes drop, Litecoin could trade between the intra-day support at $160.0 and the 38.2% Fibonacci resistance at $164.33.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $164.33

Key support: Intraday support at $160.0

Ripple XRP

Ripple XRP was bullish for the better part of Wednesday, though trading volumes were low. By the end of the day, XRP was up by 2.5%.

XRP started Wednesday trading range-bound above the 50.0% Fibonacci support at 0.81517. This was after the bears lost momentum in late Tuesday trading.

Bulls attempted to take control at daybreak, but a selloff in the broader market pushed XRP back to the 50.0% Fibonacci support at daybreak.

Bearish momentum was quite strong and saw XRP briefly push through the 50.0% Fibonacci support.

However, this dip was quickly bought up, and bullish momentum rose sharply in the late afternoon. XRP stayed in the green for the rest of the day. It even pushed through the 61.8% Fibonacci resistance at $0.86500 towards the end of the day.

XRP started Thursday trading bearish after bulls lost momentum just above the 61.8% Fib in the last hour of Wednesday trading. However, bears were weak and lost momentum by the second hour of Thursday trading. When going to press, XRP was trading in a range just below the 61.8% Fibonacci resistance at $0.86500.

XRP/USD daily chart 120921

A glance at the day ahead

The key levels to watch are the day’s low of $0.84200, now support, and the 61.8% Fibonacci resistance at $0.86500. 

If bulls take control and push XRP through the 61.8% Fibonacci resistance at $0.86500, it would indicate a bullish breakout.

In such a scenario, there could be a possibility of XRP pushing testing $0.95 or more in the day. 

However, if the day’s low of $0.84200 is broken, the next key level to watch would be the 50.0% Fibonacci support at $0.81517. If this support is broken, prices below $0.70 could be seen in the day.

On the other hand, if volumes drop, XRP could trade between the day’s low at $0.84200 and the 61.8% Fibonacci resistance at $0.86500. 

A glance at the technicals

Key resistance: 61.8% Fibonacci at $0.86500

Key support: Day’s low of $0.84200