Ethereum, Litecoin, & Ripple’s XRP Technical Analysis – Nov 17th

Crypto majors bounce off key support levels after a heavy sell-off on Tuesday

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Last Updated November 17th 2021
5 Min Read

Ethereum

Ethereum was in a correction all through Tuesday and closed the day lower by 2.5%.

It started Tuesday trading in the green. This was after the 61.8% Fibonacci support held in late Monday trading.

However, buying volumes were low, and by hour two of the day, bears took control. What followed was a crash that saw Ethereum easily breach two key support levels namely: The 50.0% Fibonacci at $4466.13, and the 38.2% Fibonacci at $4371.58.

Just before daybreak, Ethereum tested the 23.6% Fibonacci support at $4254.79. However, this move was rejected, and there was a sharp pullback to the 38.2% Fib.

With the broader market heavily bearish, the selloff continued, and by mid-morning, the 23.6% Fib support at $4254.79 was breached.

However, after such a heavy selloff, buyers attempted to re-enter the market. What followed was a minor pullback until late afternoon, when bears retook control.

By the end of the day, Ethereum had breached the 23.6% Fibonacci support and with high volumes.

Ethereum started Wednesday trading with a pullback to the 23.6% Fib, now resistance. However, bulls did not have the momentum to push ETH through this resistance level.

What followed was a continuation of the selloff that has lasted for the last 48-hours. At the time of writing, Ethereum was testing the multi-month support at $4065.69.

ETH/USD daily chart 111721

A glance at the day ahead

In the day, the key levels to watch are the multi-month support at $4065.69 and the 23.6% Fibonacci resistance at $4254.79.

If bears sustain momentum and push Ethereum through the multi-month support at $4065.69, then prices below $4000 could be seen within the day.

On the other hand, if bulls take control and push Ethereum through the 23.6% Fibonacci resistance at $4254.79, the next key level to watch would be the 38.2% Fibonacci resistance at $4371.58.

If it’s broken, then prices above $4400 could be seen in the day.

However, if volumes drop, Ethereum could trade between the multi-month support at $4065.69, and the 23.6% Fibonacci resistance at $4254.79.

A glance at the technicals

Key resistance: 23.6% Fibonacci at $4254.79

Key support: Multi-month support at $4065.69

Litecoin

Litecoin was bearish all through Tuesday and ended the day lower by 6.9%.

Litecoin started the day bearish, a continuation of the selloff that had characterized most of Monday trading.

The selloff was so strong that, just before daybreak, Litecoin had breached two major support levels, namely: The 38.2% Fib at $255.64, and the 50.0% Fib at $243.53.

However, there was a slight pullback that saw it consolidate above the 50.0% Fibonacci support until mid-morning.

That’s when bears retook control, and by early afternoon, Litecoin had pushed through the 61.8% Fibonacci support at $231.18.

This move was strongly rejected, and Litecoin consolidated above the 61.8% Fibonacci support for the rest of the day.

Litecoin started Wednesday trading in a continuation of the range-bound trading that started on Tuesday.

However, by the second hour of the day, bearish volumes increased. This saw Litecoin breach the 61.8% Fib, and drop below Tuesday’s low of $222.80.

At the time of going to press, bears were still in control.

LTC/USD daily chart 111721

A glance at the day ahead

In the day, the key levels to watch are the multi-month support at $191.45 and the 61.8% Fibonacci resistance at $211.18.

If bears sustain momentum and push Litecoin through the multi-month support at $191.45, prices below $190 could be seen within the day.

On the other hand, if bulls take control and push Litecoin through the 61.8% Fibonacci resistance at $231.18, the next key level to watch would be the 50.0% Fibonacci resistance at $243.53.

If it’s broken, prices above $250 could be seen in the day.

However, if volumes drop, Litecoin could trade between the multi-month support at $191.45 and the 61.8% Fibonacci resistance at $231.18.

A glance at the technicals

Key resistance: 61.8% Fibonacci at $231.18

Key support: Multi-month support at $191.45

Ripple’s XRP

Ripple’s XRP was bearish all through Tuesday, and by the end of the day, was down by 2.1%.

XRP started Tuesday trading bearish, a continuation of the selloff that started on Monday.

By midday, XRP had breached two key support levels namely: the 38.2% Fibonacci at $1.15731, and the 23.6% Fibonacci at $1.11199.

The selloff was so strong that XRP also tested the multi-month support at $1.03789.

However, the push towards the multi-month support was strongly rejected. This saw XRP consolidate between the 23.6% Fibonacci, now resistance at $1.11199, and intra-day support at $1.08034 for the rest of the day.

XRP started Wednesday trading bearish, and just before daybreak, pushed through the intra-day support at $1.08034.

However, bearish momentum was weakening, and at the time of writing, XRP was retesting $1.08034, now the day’s resistance.

XRP/USD daily chart 111721

A glance at the day ahead

In the day, the key levels to watch are the intra-day resistance at $1.08034 and the multi-month support at $1.03789.

If bears sustain momentum and push XRP through the multi-month support at $1.03789, then prices below $1 could be seen in the day.

On the other hand, if bulls take control and push XRP through the intra-day resistance at $1.08034, the next key level to watch would be the 23.6% Fibonacci resistance at $1.11199.

If it’s broken, prices above $1.128 could be seen in the day.

However, if volumes drop, XRP could trade between the multi-month support at $1.03789 and the intra-day resistance at $1.08034.

A glance at the technicals

Key resistance: Intraday resistance at $1.08034

Key support: Multi-month support at $1.03789