ETH, LTC, and XRP – Indicators Suggest Bearish Day ahead

By FX Empire | FX Empire | 11 Dec 2021

Following Friday’s pullback, the majors will need to move through the day’s pivot levels else face another day in the red. Crypto00 567

This is the technical analysis for Ethereum (ETH), Litecoin (LTC), 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 (ETH)

Ethereum (ETH) fell by 4.99% on Friday. Following a 7.54% slide on Thursday, Ethereum ended the day at $3,901.

After a mixed start to the day, Ethereum rose to an early afternoon intraday high $4,232 before hitting reverse. Falling short of the first major resistance level at $4,373, Ethereum slid to a late intraday low $3,891.

The extended sell-off saw Ethereum fall through the first major support level at $3,958 to end the day at sub-$3,910 levels.

At the time of writing, Ethereum was down by 0.07% to $3,898. A mixed start to the day saw Ethereum rise to an early morning high $3,920 before falling to a low $3,868.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to move through the $4,008 pivot to bring the first major resistance level at $4,125 into play. Support from the broader market would be needed, however, for Ethereum to break back through to $4,100 levels. Barring an extended rally, the first major resistance level and resistance at $4,200 should limit the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at the $4,400 levels before any pullback. The second major resistance level sits at $4,350.

Failure to move through the $4,008 pivot would bring the first major support level at $3,784 into play. Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $3,667. The 23.6% FIB of $3,738 should limit the downside.