It's a mixed start to the day for the pack. Failure to break through Wednesday's highs could see the majors struggle on the day...
EOS rose by 1.68% on Wednesday. Following on from a 3.74% gain on Tuesday, EOS ended the day at $2.0086.
A bullish start to the day saw EOS rise to an early morning intraday high $2.0149 before hitting reverse.
Falling short of the first major resistance level at $2.0547, EOS slid to a late morning intraday low $1.8772.
EOS fell through the first major support level at $1.8913 before moving back through to $2.00 levels and into the green.
At the time of writing, EOS was down by 0.48% to $1.9990. A mixed start to the day saw EOS rise to an early morning high $2.0428 before sliding to a low $1.9747.
EOS left the major support and resistance levels untested early on.
EOS would need to move through to $2.00 levels to bring the first major resistance level at $2.0566 into play.
Support from the broader market would be needed, however, for EOS to break out from the Wednesday’s high $2.0149.
Barring an extended rally, the first major resistance level at $2.0566 would likely cap any upside.
Failure to move through to $2.00 levels could see EOS fall deeper into the red.
A fall back through to sub-$1.9670 levels would bring the first major support level at $1.9189 into play.
Barring another crypto meltdown, however, EOS should steer well clear of the second major support level at $1.8292.
Major Support Level: $1.9189
Major Resistance Level: $2.0566
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum rose by 2.19% on Wednesday. Following on from a 4.25% rally on Tuesday, Ethereum ended the day at $118.6.
A relatively bullish start to the day saw Ethereum rise to an early morning high $118.3 before hitting reverse.
Falling short of the major resistance levels, Ethereum fell to an early afternoon intraday low $110.18.
Finding support at the first major support level at $110.0, Ethereum rallied to a final hour intraday high $118.88.
While closing out the day in the green, Ethereum came up well short of the first major resistance level at $121.83.
At the time of writing, Ethereum was down by 1.83% to $116.43. A mixed start to the day saw Ethereum rise to an early morning high $120.49 before falling to a low $115.72.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move back through to $120 levels to support a run at the first major resistance level at $121.50.
Support from the broader market would be needed, however, for Ethereum to breakout from Wednesday’s high $118.88.
Barring a broad-based rebound, resistance at $120 would likely leave Ethereum short of the first major resistance level.
Failure to move through to $120 levels could see Ethereum struggle throughout the day.
A fall back through to sub-$115.90 levels would bring the first major support level at $112.89 into play.
Barring an extended crypto sell-off, however, Ethereum should steer clear of the second major support level at $107.19.
Major Support Level: $112.89
Major Resistance Level: $121.59
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP rose by 0.49% on Wednesday. Following on from a 4.04% gain on Tuesday, Ripple’s XRP ended the day at $0.14819.
Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.15 before hitting reverse.
Falling short of the first major resistance level at $0.1536, Ripple’s XRP fell to an early afternoon intraday low $0.14035.
Finding support at the first major support level at $0.1413, Ripple’s XRP bounced back to wrap up the day in the green.
At the time of writing, Ripple’s XRP was down by 1.30% to $0.14627. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.14938 before falling to a low $0.14466.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to move back through the morning high to $0.14938 levels to support a run at the first major resistance level at $0.1520.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the Wednesday’s high $0.1500.
Barring a broad-based crypto rebound, the first major resistance level at S0.1520 would likely limit any upside.
Failure to move back through the morning high $0.14938 could see Ripple’s XRP fall deeper into the red.
A fall back through to sub-$0.1460 levels would bring the first major support level at $0.1424 into play.
Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.14 levels on the day.
Major Support Level: $0.1424
Major Resistance Level: $0.1520
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
Please let us know what you think in the comments below.
Thanks, Bob
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.