Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 16th, 2021

By November 16, 2021Ethereum
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Ethereum

Ethereum fell by 1.33% on Monday. Following a 0.37% decline on Sunday, Ethereum ended the day at $4,565.06.

A bullish start to the day saw Ethereum rise to an early afternoon intraday high $4,770.00 before hitting reverse.

Ethereum broke through the first major resistance level at $4,709 before sliding to a late intraday low $4,541.00.

Steering clear of the first major support level at $4,530, however, Ethereum ended the day at $4,560 levels.

At the time of writing, Ethereum was down by 0.49% to $4,542.65. A mixed start to the day saw Ethereum rise to an early morning high $4,564.98 before falling to a low $4,527.43.

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

For the day ahead

Ethereum would need to move through the $4,625 pivot to bring the first major resistance level at $4,710 into play.

Support from the broader market would be needed, however, for Ethereum to break out from to $4,650 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $4,770.00 would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at the ATH $4,867.81 before any pullback. The second major resistance level sits at $4,854.

Failure to move through the $4,625 pivot would bring the first major support level at $4,481 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$4,300 levels. The second major support level at $4,396 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $4,481

Pivot Level: $4,625

First Major Resistance Level: $4,710

23.6% FIB Retracement Level: $3,738

38.2% FIB Retracement Level: $3,039

62% FIB Retracement Level: $1,909

Litecoin

Litecoin slid by 5.85% on Monday. Partially reversing an 8.38% rally from Sunday, Litecoin ended the day at $263.05.

A bullish start to the day saw Litecoin rise to a mid-morning intraday high $281.46 before hitting reverse.

Falling short of the first major resistance level at $290, Litecoin slid to a late intraday low $259.20.

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