Ethereum, Litecoin, & Ripple’s XRP Technical Analysis – Nov 29th

Crypto majors bounce off key support levels after Friday’s selloff 

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Last Updated November 29th 2021
5 Min Read

Ethereum

Ethereum was highly volatile and ended the week pretty much where it had started.  

Ethereum started bearish last week, a continuation of the selloff that had started a week earlier. 

By the end of Monday, Ethereum was trading at the 23.6% Fibonacci support at $4017.92. 

The 23.6% Fibonacci support held strong, and this energized bulls to enter the market on Tuesday. 

Bullish momentum was quite strong on Tuesday and saw Ethereum form a bullish engulfing pattern. 

However, with bearish momentum on the rise in the broader market, Ethereum bulls lost momentum on Wednesday. 

Ethereum bears were not strong enough to cancel out the gains made on Tuesday despite the loss of bullish momentum.

This was an indicator that bullish sentiment was still strong. The result was an increase in bullish momentum that saw Ethereum rally on Thursday and cancel out most of the losses from the previous week. 

However, following the selloff in the financial markets on Friday, Ethereum crashed. The crash was quite heavy, and at some point in the day, Ethereum briefly pushed through the 23.6% Fibonacci support. 

Nonetheless, it still closed the day above the 23.6% Fibonacci support. What followed was a pullback over the weekend, albeit with low volumes. 

Ethereum has started the week bullish, a continuation of the momentum that started over the weekend. 

When going to press, bullish momentum was on the rise, but volumes were low. 

ETH/USD daily chart 112921

A glance at the week ahead

The key levels to watch in the week are the 23.6% Fibonacci support at $4017.92 and the all-time high of $4862.04.

If bulls maintain control and push Ethereum through the all-time highs of $4862.04, Ethereum could make new highs above $5000 in the week. 

On the other hand, if bears take control and push Ethereum through the 23.6% Fibonacci support, the next level to watch would be the 38.2% Fibonacci support at $3496.55. 

If this support is broken, prices below $3400 could be seen in the week. 

However, if volumes drop, Ethereum could trade between the all-time high of $4862.04 and the 23.6% Fibonacci support at $4017.92. 

A glance at the technicals

Key resistance: All-time high of $4862.04

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 6.2%. 

Litecoin started last week bearish, and by the end of Monday, had pushed through the 38.2% Fibonacci support at $222.62 and with high volumes. 

By the end of the day, it was trading at $199.71, a key multi-week support. 

The multi-week support proved to be quite strong, and on Tuesday, bulls attempted to retake control of the market. 

However, volumes were low, and this saw bears attempt to retake control on Wednesday. 

Again, bears failed to push Litecoin through the multi-week support at $199.71. 

This energized bulls and triggered a Litecoin rally on Thursday. By the end of the day, Litecoin was trading at the 38.2% Fibonacci, now resistance. 

However, after Friday's financial markets selloff, Litecoin crashed and pushed through the multi-week support at $199.71. 

Litecoin traded below this support all through the weekend but with low volumes. 

Litecoin has started the week bullish, but with the same low volumes trading that characterized most of the weekend. At the time of going to press, Litecoin was back above the $199.71 multi-week support.  

LTC/USD daily chart 112921

A glance at the week ahead

The key levels to watch in the week are the multi-week support at $199.71 and the 38.2% Fibonacci resistance at $222.62. 

If bulls maintain control and push Litecoin through the 38.2% Fibonacci resistance at $222.62, the next key level to watch would be the 50.0% Fibonacci resistance at $258.42. 

If this resistance is broken, prices above $260 could be seen in the week. 

On the other hand, if bears take control and push Litecoin through the multi-week support at $199.71, the next level to watch would be the 23.6% Fibonacci support at $177.52. 

If this support is broken, prices below $160 could be seen in the week. 

However, if volumes drop, Litecoin could trade between the 38.2% Fibonacci resistance at $222.62 and the multi-week support at $199.71. 

A glance at the technicals 

Key resistance: 38.2% Fibonacci at $222.62  

Key support: Multi-week support at $199.71 

Ripple’s XRP

Ripple’s XRP was bearish all through last week. By the end of the week, XRP was down by 5.3%. 

XRP started last week bearish, a continuation of the bearish trend that had started a week earlier. 

However, XRP regained some upside momentum on Tuesday, but volumes were low. This led to a continuation of the bearish trend on Wednesday. 

Without much activity in the broader market, bearish momentum was low as well. Bulls attempted to retake the market on Thursday, but with bears taking over control in the broader market, momentum was weak. 

The real volumes came on Friday, after a huge selloff across financial markets. The selloff was quite strong and saw XRP breach the 61.8% Fibonacci support at $0.97267.

Bulls attempted to make a comeback over the weekend but couldn’t make a dent in the losses made on Friday. 

XRP has started the week bullish. In early Monday trading, an increase in buying volumes has seen it push back through the 61.8% Fibonacci. 

At the time of going to press, bullish momentum was on the rise. 

XRP/USD daily chart 112921

A glance at the week ahead

The key levels to watch in the week are the 61.8% Fibonacci support at $0.97267 and the 50.0% Fibonacci resistance at $1.15805. 

If bulls maintain control and push XRP through the 50.0% Fibonacci resistance, the next key level to watch would be 38.2% Fibonacci resistance at $1.34715. 

If this resistance is broken, prices above $1.45 could be seen in the week. 

On the other hand, if bears take control and push XRP through the 61.8% Fibonacci support at $0.97267, the next level to watch would be the multi-month support at $0.85773.  

If this support is broken, prices below $0.80 could be seen in the week. 

However, if volumes drop, XRP could trade between the 50.0% Fibonacci resistance at $1.15805 and the 61.8% Fibonacci support at $0.97267. 

A glance at the technicals

Key resistance: 50.0% Fibonacci at $1.15805

Key support: 61.8% Fibonacci at $0.97267