Ethereum, Litecoin, & Ripple XRP Technical Analysis – 12th Nov

Crypto majors are in the red as short-term traders book profits

Last Updated November 12th 2021
5 Min Read

Ethereum

Ethereum was bullish for the better part of Thursday, albeit with low volumes. By the end of the day, it was up by 0.90%.

It started the day bullish, after a bearish push through the 38.2% Fibonacci support at $4593.56 was rejected in late Wednesday trading.

However, bullish momentum was weak, and by the 3rd of the day, bears attempted to retake control. What followed was a minor correction that saw Ethereum retest the 38.2% Fibonacci support at $4593.56.

This support proved to be quite strong, and bulls took control from that point on.  By mid-morning, bulls had pushed Ethereum through the 23.6% Fibonacci resistance at $4696.73.

Momentum dropped slightly and Ethereum traded in a range just above the 23.6% Fib, now support until late afternoon.

It is at this point that an increase in buying volumes in the broader market led to a second Ethereum breakout in the day.

Bulls were in control for most of the early evening. However, towards the end of the day, bears attempted to retake the market but failed to push Ethereum back to the 23.6% Fibonacci support at $4696.73.

Ethereum started Friday trading bearish, a continuation of the bearish momentum that had built up in late Thursday trading.

However, just before daybreak, it hit the 23.6% Fibonacci support at $4696.73 and bounced off it. 

However, the upside momentum was short-lived. At the time of going to press, Ethereum was trading at the 23.6% Fibonacci support.

ETH/USD daily chart 111221

A glance at the day ahead

In the day, the key levels to watch are the 23.6% Fibonacci support at $4696.73 and the new all-time high at $4866.46.

If bulls take control and push Ethereum through the new all-time highs at $4866.46, then it could easily make new highs above $5000 today, or at some point in the weekend.

On the other hand, if bears push Ethereum through the 23.6% Fib support, the next key level to watch would be the 38.2% Fibonacci support at $4593.56.

If it’s broken, then prices below $4500 could be seen today, or within the weekend.

However, if volumes drop, Ethereum could trade in a range between its new all-time highs at $4866.46 and the 23.6% Fib support at $4696.73.

A glance at the technicals

Key resistance: New all-time highs at $4866.46

Key support: 23.6% Fibonacci at $4696.73

Litecoin

Litecoin was bullish for the better part of Thursday, but volumes were low. By the end of the day, it was up by about 1%.

Litecoin started Thursday trading bullish after bears tried to push it through the 38.2% Fibonacci support at $254.1, but were rejected within the first hour of the day.

Bears attempted to take control a second time just before daybreak, but again, the 38.2% Fib support proved too strong.  What followed was a bullish breakout that saw Litecoin test the 23.6% Fib resistance at $269.88 by mid-morning.

Litecoin had a slight correction at this resistance, up until late evening. However, selling volumes were low and bears could not push it back to the 38.2% Fibonacci support at $254.17.

This bearish weakness saw bulls take control for the better part of the evening.

Litecoin started Friday trading bullish, a continuation of the momentum that had built up in late Thursday trading.

Momentum was quite strong, and just before daybreak, it had pushed through the 23.6% Fib resistance at $269.88.

At the time of going to press, bears were in control, but the 23. 6% Fibonacci, now support, was holding up quite well. 

LTC/USD daily chart 111221

A glance at the day ahead

In the day, the key levels to watch are the 23.6% Fibonacci support at $269.88, and the multi-month resistance at $295.31.

If bulls take control and push Litecoin through the multi-month resistance at $295.31, then it could easily trade at $300 or more today, or at some point in the weekend.

On the other hand, if bears push Litecoin through the 23.6% Fib support, the next key level to watch would be the 38.2% Fibonacci support at $254.17.

If it’s broken, then prices below $250 could be seen today, or within the weekend.

However, if volumes drop, Litecoin could trade in a range between the multi-month resistance at $295.31 and the 23.6% Fib support at $269.88.

A glance at the technicals

Key resistance: Multi-month resistance at $295.31

Key support: 23.6% Fibonacci at $269.88

Ripple XRP

Ripple XRP had a mixed day on Thursday but closed the day higher by 1.5%. It started the day bullish after the 61.8% Fibonacci support at $1.17638 held strongly in Wednesday’s selloff. 

This energized bulls and saw XRP rally through the 50.0% Fib resistance at $1.20941 and test the 38.2% Fibonacci resistance at $1.24244 by mid-morning.

However, with the broader market bearish, XRP turned bearish from that point until late afternoon when it retested the 50.0% Fib, now support.

Without much volume, XRP traded in a range around this support for the rest of the day.

XRP started Friday trading bullish after bears failed to push it through the 50.0% Fibonacci support at $1.20941.

However, it turned bearish shortly after and breached the 50.0% Fib support.

At the time of going to press, it was trading at the 61.8% Fib support at $1.17638.

XRP/USD daily chart 111221

A glance at the day ahead

In the day, the key levels to watch are the 61.8% Fibonacci support at $1.17638 and the 50.0% Fib resistance at $1.20941.

If bulls take control and push XRP through the 50.0% Fib resistance at $1.20941, then it could easily make new highs above $1.23 today, or at some point in the weekend.

On the other hand, if bears push XRP through the 61.8% Fib support at $1.17638, then prices below $1.17 could be seen today, or within the weekend.

However, if volumes drop, XRP could trade in a range between the 50.0% Fib resistance at $1.20941 and the 61.8% Fib support at $1.17638.

A glance at the technicals

Key resistance: 50.0% Fibonacci at $1.20941

Key support: 61.8% Fibonacci at $1.17638

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