Yahoo Finance Ethereum, Litecoin, and Ripple’s XRP – A Bearish Tuesday to Test Support – 8th December 2021
This is the technical analysis for Ethereum, Litecoin, and Ripple’s XRP. We will be looking at previous day price action and today’s support, resistance, and pivot levels and, when in play, the Fibonacci’s.
Ethereum
Ethereum fell by 1.01% on Tuesday. Partially reversing a 3.59% gain from Monday, Ethereum ended the day at $4,310.
A mixed start to the day saw Ethereum rise to a late morning intraday high $4,434 before hitting reverse. Falling well short of the first major resistance level at $4,519, Ethereum slid to a late intraday low $4,261.
Steering clear of the first major support level at $4,051, however, Ethereum found support to wrap up the day at $4,310 levels.
At the time of writing, Ethereum was down by 0.44% to $4,291. A mixed start to the day saw Ethereum rise to an early morning high $4,318 before falling to a low $4,291.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $4,335 pivot to bring the first major resistance level at $4,410 into play. Support from the broader market would be needed, however, for Ethereum to break back through to $4,400 levels. Barring an extended rally, the first major resistance level and Tuesday’s high $4,434 should limit the upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at the $4,600 levels before any pullback. The second major resistance level sits at $4,508.
Failure to move through the $4,335 pivot would bring the first major support level at $4,236 into play. Barring another extended sell-off, however, Ethereum should steer clear of sub-$4,000 levels. The second major support level at $4,163 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $4,236
Pivot Level: $4,335
First Major Resistance Level: $4,410
23.6% FIB Retracement Level: $3,738
38.2% FIB Retracement Level: $3,039
62% FIB Retracement Level: $1,909
Litecoin
Litecoin rose by 0.24% on Tuesday. Following a 3.20% rally on Monday, Litecoin ended the day at $162.03.
A bearish start to the day saw Litecoin fall to a mid-morning intraday low $158.30 before making a move. Steering clear of the first major support level at $148, however, Litecoin rallied to a midday intraday high $166.00.
Falling short of the first major resistance level at $170, however, Litecoin eased back to end the day at 162 levels.
At the time of writing, Litecoin was down by 0.38% to $161.42. A mixed start to the day saw Litecoin rise to an early morning high $162.19 before falling to a low $160.14.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $162 pivot to bring the first major resistance level at $166 into play. Support from the broader market would be needed, however, for Litecoin to break out from $165 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $166.00 would likely cap the upside. In the event of an extended rally, Litecoin could test resistance at the second major resistance level at $170 before any pullback.
Failure to move through the $162 pivot would bring the first major support level at $158 into play. Barring another extended sell-off, Litecoin should steer clear of sub-$150 levels. The second major support level at $155 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $158
Pivot Level: $162
First Major Resistance Level: $166
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP
Ripple’s XRP fell by 1.26% on Tuesday. Partially reversing a 2.84% gain from Monday, Ripple’s XRP ended the day at $0.81699.
A mixed morning saw Ripple’s XRP rise to an early morning intraday high $0.84587 before hitting reverse. Falling short of the 23.6% FIB of $0.8533 and the first major resistance level at $0.8563, Ripple’s XRP slid to a late intraday low $0.80431.
Steering clear of the first major support level at $0.7757, however, Ripple’s XRP moved back through to $0.81 levels to reduce the deficit.
At the time of writing, Ripple’s XRP was down by 0.40% to $0.81369. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.81651 to a low $0.80549.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP would need to move through the $0.8224 pivot to bring the first major resistance level at $0.8405 into play.
Support would be needed, however, for Ripple’s XRP to break back through to $0.83 levels. Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.84587 would likely cap the upside.
In the event of a broad-based crypto rally, Ripple’s XRP could test the 23.6% FIB of $0.8533 before any pullback. The second major resistance level sits at $0.8640.
Failure to move through the $0.8224 pivot would bring first major support level at $0.7989 into play. Barring another extended sell-off, however, Ripple’s XRP should avoid the second major support level at $0.7808.
Looking at the Technical Indicators
First Major Support Level: $0.7989
Pivot Level: $0.8224
First Major resistance Level: $0.8405
23.6% FIB Retracement Level: $0.8533
38.2% FIB Retracement Level: $1.0659
62% FIB Retracement Level: $1.4096
Daily Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP
This article was originally posted on FX Empire
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