Ethereum, Litecoin, & Ripple XRP Weekly Technical Analysis – 6th Dec

Key support levels holding firm despite bearish pressure

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Last Updated December 6th 2021
5 Min Read

Ethereum

Ethereum had mixed fortunes last week, and by the end of the week, was trading pretty much where it had started.

Ethereum started the week bullish after it bounced off the 23.6% Fibonacci support at $4017.92 in the previous week.

Bullish momentum continued on Tuesday, and by Wednesday, Ethereum hit weekly resistance at $4784.70.

Ethereum bulls lost momentum at the $4784.70 weekly resistance, with the broader market turning bearish.

A correction followed on Wednesday and Thursday, albeit with low volumes.

By Friday, bears were fully in control of the market, and Ethereum dropped hard to test the 23.6% Fibonacci support at $4017.92.

The selloff accelerated on Saturday, and Ethereum briefly tested the 38.2% Fibonacci support at $3496.55 before a pullback that saw it close the day at the 23.6% Fib.

Bearish momentum remained strong on Sunday, but the 23.6% Fibonacci support at $4017.92 proved too strong for bears.

Ethereum has started the new week bearish, but bears have not breached the 23.6% Fib support. When going to press, bears were still putting pressure on the 23.6% Fib.

ETH/USD daily chart 120621

A glance at the week ahead

The key levels to watch are the 23.6% Fibonacci support at $4017.92 and the weekly resistance at $4784.70. 

If bulls take control and push Ethereum through the weekly resistance at $4784.70, the next key level to watch would be the all-time highs at $4862.04.

If the all-time highs are broken, then prices above $5000 could be seen in the week.

On the other hand, if bears take control in the week and breach 23.6% Fibonacci support at $4017.92, it would mean that bearish sentiment is accelerating.

In such a scenario, prices below $3600 could be seen in the week.

However, if volumes drop, Ethereum could trade between the $4784.70 weekly resistance and the 23.6% Fibonacci support at $4017.92.

A glance at the technicals

Key resistance: Weekly resistance at $4784.70

Key support: 23.6% Fibonacci at $4017.92

Litecoin

Litecoin was bearish for the better part of last week. By the end of the week, it was down by 5.7%.

Litecoin started last week bullish, after forming a strong bullish reversal pattern towards the end of the previous week.

On Tuesday, Litecoin was still bullish, but momentum was weakening. By the end of the day, Tuesday, Litecoin had lost momentum just below the 38.2% Fibonacci resistance at $221.19. 

This saw bears take control on Wednesday, but momentum was weak. The same weak bearish sentiment sustained on Thursday.

However, on Friday, bears took full control and ate into any gains that Litecoin had made all through the week.

The selloff accelerated on Saturday and saw Litecoin push through the 23.6% Fibonacci support at $176.09 and with high volumes.

Saturday’s selloff was quite strong, and at some point, Litecoin had pushed through multi-month support at $144.

However, by the end of the day, a sharp reversal saw Litecoin trade back above the multi-month support at $144.

The selloff accelerated on Sunday, but the $144 support level held strongly.

Litecoin has started the new week with the same bearish sentiment that started late last week.

When going to press, Litecoin was putting pressure on the $144 support level.

LTC/USD daily chart 120621

A glance at the week ahead

The key levels to watch are the multi-week support at $144, and the 23.6% Fibonacci resistance at $176.09.

If bulls take control in the week and push Litecoin through the 23.6% Fibonacci resistance, the next key level to watch would be the 38.2% Fibonacci at $221.19.

If the 38.2% Fibonacci resistance is broken, prices above $223 could be seen in the week.

On the other hand, if bears take control and breach the multi-month support at $144, it would mean that bearish sentiment is accelerating. In such a scenario, prices below $120 could be seen in the week.

However, if volumes drop, Litecoin could trade between the 23.6% Fib resistance and the multi-month support at $144.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $176.09

Key support: Multi-month support at $144

Ripple XRP

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

XRP started last week bullish, but this momentum was short-lived. XRP lost momentum at $1.00295 on the 61.8% Fibonacci resistance by Tuesday.

Bulls tried the 61.8% Fibonacci for a second time on Wednesday but failed to push through it.

This saw bears take control on Thursday, albeit with volumes. The selloff accelerated on Friday as bearish momentum rose in the broader market.

By Saturday, bears were fully in control, and XRP dropped so hard that it tested July support of $0.60.

However, this dip was quickly bought up, and by the end of the day, XRP was back above $0.84. Bears remained in control, though, and on Sunday, the selloff continued.

XRP has started the new week bearish, a continuation of the selloff that started last week.

At the time of going to press, XRP was still going down, and bearish volumes were on the rise.

XRP/USD daily chart 120621

A glance at the week ahead

The key levels to watch are the July support at $0.60 and the 61.8% Fibonacci resistance at $1.00295.

If bulls take control in the week and push XRP through the 61.8% Fibonacci resistance, the next key level to watch would be the 50.0% Fibonacci at $1.18470.

If the 50.0% Fibonacci resistance is broken, prices above $1.3 could be seen in the week.

On the other hand, if bears take control in the week and breach July’s support at $0.60, it would mean that bearish sentiment is accelerating. In such a scenario, prices below $0.50 could be seen in the week.

However, if volumes drop, XRP could trade between the 61.8% Fib resistance and the July support at $0.60.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $1.00295

Key support: July support at $0.60