Ethereum, Litecoin & Ripple XRP Technical Analysis – Nov 16th

Key support levels in focus after a huge selloff in early morning trading

By
Last Updated November 16th 2021
5 Min Read

Ethereum

Ethereum had a mixed day on Monday and ended the day pretty much where it had started.

It started the day bullish after pushing through the 50.0% Fibonacci resistance at $4562.16 in late Sunday trading.

Just before daybreak, Ethereum crossed through the 61.8% Fibonacci resistance at $4633.96, and with high volumes.

It sustained this momentum until early afternoon, when it hit weekly resistance at $4771.92.

However, with bears taking control in the broader market, Ethereum dropped hard and crashed through the 61.8% Fibonacci, now support at $4633.96, in the early evening.

The selloff continued through the evening, and by the end of the day, Ethereum was trading back at the 50.0% Fibonacci, now support at $4562.16.

Ethereum started Tuesday with the same bearish momentum that started on Monday.

Within the first hour of the day, it had crashed through the 38.2% Fibonacci support at $4490.37 and came close to testing the 23.6% Fibonacci support at $4401.68.

By hour two of the day, it had pushed through the 23.6% Fibonacci support. At the time of going to press, Ethereum was close to testing the multi-month support at $4258.09.

ETH/USD daily chart 111621

A glance at the day ahead

The key levels to watch in the day are the 23.6% Fibonacci resistance at $4401.68 and the multi-month support at $4258.09.

If bulls take control and push Ethereum through the 23.6% Fibonacci resistance at $4401.68, the next key level to watch is the 38.2% Fibonacci resistance at $4490.37.

If bulls sustain momentum through this resistance, prices above $4500 could be seen in the day.

On the other hand, if bears take control and push Ethereum through the multi-month support at $4258.09, prices below $4200 could be seen in the day.

However, if volumes drop, Ethereum could range between the 23.6% Fib at $4401.68 and the multi-month support at $4258.09.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $4401.68

Key support: Multi-month support at $4258.09

Litecoin

Litecoin was bearish for the better part of Monday. By the end of the day, it was close to where it had started.

Litecoin started Monday bullish after it crossed through the 23.6% Fibonacci resistance at $271.15 in early morning trading.

However, momentum was weak, and Litecoin turned bearish just before daybreak and pushed through the 23.6% Fibonacci, now support, by early afternoon.

The selloff sustained from that point on and all through the day. 

Litecoin started Tuesday trading bullish, but this momentum could not sustain for long. By the third hour of the day, bearish momentum increased and pushed it through the 38.2% Fibonacci support at $256.37.

By the end of the day, Litecoin was trading at the 50.0% Fibonacci support at $244.2.

LTC/USD daily chart 111621

A glance at the day ahead

The key levels to watch in the day are the 38.2% Fibonacci resistance at $256.37 and the 50.0% Fibonacci support at $244.26.

If bulls take control and push Litecoin through the 38.2% Fibonacci resistance at $256.37, the next key level to watch is the 23.6% Fibonacci resistance at $271.15.

If bulls sustain momentum through this resistance, prices above $277 could be seen in the day. 

On the other hand, if bears take control and push Litecoin through the 50.0% Fibonacci support at $244.26, the next key level to watch would be the 61.8% Fibonacci support at $244.26.

If this level is broken, then prices below $240 could be seen in the day.

However, if volumes drop, Litecoin could range between the 38.2% Fib resistance at $256.37 and the 50.0% Fibonacci support at $244.26.

A glance at the technicals

Key resistance: 38.2% Fibonacci at $256.37

Key support: 50.0% Fibonacci at $244.26

Ripple XRP

Ripple XRP was bearish for the better part of Monday. By the end of the day, it was down by 5%.

XRP started the day bullish, but momentum was weak. By mid-morning, XRP bears had taken control.

Bears pushed it rallied through the 61.8% Fibonacci at $1.19582, now support by mid-morning. The selloff accelerated from that point on and lasted through the day.

XRP started Tuesday trading with the same bearish momentum that characterized most of Monday.

When going to press, XRP was close to testing the multi-month support at $1.10062.

XRP/USD daily chart 111621

A glance at the day ahead

The key levels to watch in the day are the 61.8% Fibonacci resistance at $1.19582 and the multi-month support at $1.10062.

If bulls take control and push XRP through the 61.8% Fibonacci resistance at $1.19582, the next key level to watch is the 50.0% Fibonacci resistance at $1.12254.

If bulls sustain momentum through this resistance, prices above $1.24 could be seen in the day. 

On the other hand, if bears take control and push XRP through the multi-month support at $1.1006, then prices below $1.05 could be seen in the day. If this level is broken, prices below $240 could be seen in the day.

However, if volumes drop, XRP could range between the 61.8% Fib resistance at $1.19582 and the multi-month support at $1.10062.

A glance at the day ahead

Key resistance: 61.8% Fibonacci at $1.19582

Key support: Multi-month support at $1.10062