Ethereum, Litecoin & Ripple XRP Technical Analysis – Nov 23rd

Key support in focus after a volatile start to the week

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Last Updated November 23rd 2021
5 Min Read

Ethereum

Ethereum had a mixed day on Monday but ended the day bearish. By the end of the day, it was down by about 1%. 

Ethereum started Monday trading be bearish, a continuation of the bearish momentum that started on Sunday. 

The selloff was quite strong, and by the third hour of the day, it had pushed through the 38.2% Fibonacci support at $4280.89.

By daybreak, Ethereum had hit the 23.6% Fibonacci support at $4156.49. However, this support proved to be quite strong, and Ethereum bounced off it.

Bulls took control at this point, and by early afternoon, had hit the 38.2% Fibonacci, now resistance at $4280.89.

Ethereum bulls did not have enough momentum to push through this resistance. What followed was a selloff that saw Ethereum easily push through the 23.6% Fibonacci support towards the end of the day. 

By the end of the day, bears had pushed Ethereum to a low of $4051.00. After such a heavy selloff in late Monday trading, Ethereum was in the oversold territory by the end of the day. 

This saw bulls take control in early Tuesday trading. At the time of going to press, Ethereum was trading at the 23.6% Fibonacci, now resistance, at $4156.49. 

ETH/USD daily chart 112321

A glance at the day ahead

The key levels to watch in the day are the 23.6% Fibonacci resistance at $4156.49 and the intra-day support at $4051.00. 

If bulls take control and push Ethereum through the 23.6% Fibonacci resistance at $4156.49, the next key level to watch would be the 38.2% Fibonacci resistance at $4280.89. If this resistance is broken, prices above $4300 could be seen in the day. 

On the other hand, if bears take control and push Ethereum through the intra-day support at $4051, the next key level to watch would be the multi-month support at $3953.07. If it’s broken, prices below $3800 could be seen in the day. 

However, if volumes drop, Ethereum could trade between the 23.6% Fibonacci resistance at $4156.49 and the intra-day support at $4051.00.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $4156.49

Key support: Intraday support at $4051.00

Litecoin

Litecoin was bearish all through Monday. By the end of the day, it was down by 2.5%. 

Litecoin started Monday trading bearish, and by the third hour of the day, it had pushed through the 23.6% Fibonacci support at $218.96. 

The selloff eased off at daybreak, and bulls tried to retake control. However, upside momentum was weak, and in the late afternoon, Litecoin had tested the 23.6% Fibonacci, now resistance, and bulls strongly rejected. 

This saw the selloff that had started in the morning accelerate for the rest of the day.

After the heavy selloff in yesterday’s trading session, Litecoin was oversold by the end of the day. 

This saw bulls took control for the better part of Tuesday morning. At the time of going to press, bulls were losing momentum. 

LTC/USD daily chart 112321

A glance at the day ahead

The key levels to watch in the day are the 23.6% Fibonacci resistance at $218.96, and the multi-month support at $199.32. 

If bulls take control and push Litecoin through the 23.6% Fibonacci resistance at $218.96, the next key level to watch would be the 38.2% Fibonacci resistance at $231.08. If this resistance is broken, prices above $236 could be seen in the day. 

On the other hand, if bears take control of the day and push Litecoin through the multi-month support at $199.32, prices below $180 could be seen. 

However, if volumes drop in the day, Litecoin could trade between the 23.6% Fibonacci resistance at $218.96 and the multi-month support at $199.32.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $218.96

Key support: Multi-month support at $199.32

Ripple XRP

Ripple XRP was highly volatile in Monday’s trading session. By the end of the day, it was down by 7%. 

XRP started Monday trading bearish, a continuation of the bear trend that started on Sunday. 

By the second hour of the day, XRP had pushed through the 23.6% Fibonacci support at $1.06558.

The selloff accelerated until XRP hit multiple-week support at $1.03660 at daybreak. This support held strong, and XRP bounced off it. Bulls were in control until late afternoon when XRP retested the 23.6% Fibonacci, now resistance at $1.06558. 

With the broader market bearish, bulls lost momentum at this resistance. What followed was a selloff that lasted for the rest of the day. By the end of the day, it was trading at the multi-week support at $1.03790. 

XRP started Tuesday trading bullish after the multi-week support at $1.03790 proved too strong for bears. 

However, with bearish momentum on the rise, XRP was turning bearish at the time of going to press.

XRP/USD daily chart 112321

A glance at the day ahead

The key levels to watch in the day are the 23.6% Fibonacci resistance at $1.06558 and the multi-week support at $1.03790. 

If bulls take control and push Ripple through the 23.6% Fibonacci resistance at $1.06558, the next key level to watch would be the 38.2% Fibonacci resistance at $1.09745. If this resistance is broken, prices above $1.11 could be seen in the day. 

On the other hand, if bears take control in the day and push XRP through the multi-week support at $1.03790, the next key level to watch would be the monthly support at $1.01424. If this support is broken, prices below $1 could be seen in the day. 

However, if volumes drop in the day, XRP could trade between the 23.6% Fibonacci resistance at $1.06568 and the multi-week support at $1.03790.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $1.06558

Key support: Multi-week support at $1.03790