Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 17th, 2021

By November 17, 2021Ethereum
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Ethereum

Ethereum slid by 7.77% on Tuesday. Following a 1.33% loss on Monday, Ethereum ended the day at $4,209.5.

A bearish day saw Ethereum slide from an early morning intraday high $4,564.98 to a late morning intraday low $4,108.00.

The extended reversal saw Ethereum fall through the day’s major support levels before finding support.

Through the 2nd half of the day, Ethereum broke back through the third major support level at $4,167 to end the day at $4,200 levels.

At the time of writing, Ethereum was down by 0.29% to $4,197.42. A mixed start to the day saw Ethereum rise to an early morning high $4,223.89 before falling to a low $4,192.29.

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

For the day ahead

Ethereum would need to move through the $4,294 pivot to bring the first major resistance level at $4,480 into play.

Support from the broader market would be needed, however, for Ethereum to break out from $4,300 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $4,564.98 would likely cap the upside.

In the event of a broad-based crypto rebound, Ethereum could test resistance at $4,700 levels before any pullback. The second major resistance level sits at $4,751.

Failure to move through the $4,294 pivot would bring the first major support level at $4,023 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,900 levels. The second major support level sits at $3,837.

Looking at the Technical Indicators

First Major Support Level: $4,023

Pivot Level: $4,294

First Major Resistance Level: $4,480

23.6% FIB Retracement Level: $3,738

38.2% FIB Retracement Level: $3,039

62% FIB Retracement Level: $1,909

Litecoin

Litecoin tumbled by 12.40% on Tuesday. Following a 5.85% slide on Monday, Litecoin ended the day at $230.37.

A mixed start to the day saw Litecoin rise to an early morning intraday high $263.2 before hitting reverse.

Falling short of the first major resistance level at $277, Litecoin slid to a late morning intraday low $223.13.

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