It's a slow start to the day, with the majors struggling for direction early on. Avoiding heavy losses early on should lead to an afternoon rally.
EOS slid by 2.36% on Wednesday. Reversing a 1.09% gain from Tuesday, EOS ended the day at $2.4888.
Bearish from the start of the day, EOS fell from an early morning intraday high $2.5541 to an early afternoon intraday low $2.4580.
Steering clear of the resistance levels, EOS fell through the first major support level at $2.5025. A partial recovery to $2.50 levels late in the day was short-lived, with EOS closing out at sub-$2.50.
At the time of writing, EOS was up by 0.12% to $2.4919. A range-bound start to the day saw EOS rise from an early morning low $2.4833 to a high $2.4929.
EOS left the major support and resistance levels untested early on.
EOS would need to move through to $2.50 levels to support a run at the first major resistance level at $2.5426.
Support from the broader market would be needed, however, for EOS to break back through to $2.50 levels.
Barring an extended broad-based crypto rally, the first major resistance level and Wednesday’s high $2.5541 would likely limit any upside on the day.
Failure to move through to $2.50 levels could see EOS hit reverse. A fall through the morning low $2.4833 would bring the first major support level at $2.4465 into play.
Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.4042.
Major Support Level: $2.4465
Major Resistance Level: $2.5426
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum fell by 2.12% on Wednesday. Following on from a 0.03% decline on Tuesday, Ethereum ended the day at $124.96.
A bearish start to the day saw Ethereum fall from an early morning intraday high $127.77 to a mid-day intraday low $123.16.
Steering clear of the major resistance levels, Ethereum fell through the first major support level at $126.31 and second major support level at $124.90.
Finding support late in the day, Ethereum broke back through the second major support level to revisit $125 levels before easing back.
The second major support level limited the downside at the day end.
At the time of writing, Ethereum was down by 0.26% to $124.64. A bearish start to the day saw Ethereum fall from an early morning high $125.30 to a low $124.50.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move back through the morning high $125.30 to support a run at the first major resistance level at $127.43.
Support from the broader market would be needed for Ethereum to break back through to $125 levels.
Barring a broad-based crypto rally, however, the first major resistance level and Wednesday’s high $127.77 would likely limit any upside.
Failure to move through to $125.30 levels could see Ethereum see red for a 4th consecutive day. A pullback through the morning low $124.50 to $123 levels would bring the first major support level at $122.82 into play.
Barring a crypto sell-off, however, Ethereum should steer clear of sub-$120 levels on the day. The second major support level at $120.69 should limit the downside in the event of a pullback.
Major Support Level: $122.82
Major Resistance Level: $127.43
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP fell by 1.11% on Wednesday. Reversing a 0.70% gain from Tuesday, Ripple’s XRP ended the day at $0.18919.
At the time of writing, Ripple’s XRP was up by 0.1% to $0.18938. A range-bound start to the day saw Ripple’s XRP rise from an early morning low $0.18901 to a high $0.18988 before easing back.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to move back through to $0.1890 levels support a run at the first major resistance level at $0.1918.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.19 levels.
Barring a broad-based crypto rebound, Wednesday’s high $0.19182 and the first major resistance level would likely limit any upside.
Failure to move through to $0.1890 levels could see Ripple’s XRP struggle throughout the day.
A fall through to the morning low $0.18901 would bring the first major support level at $0.1867 into play.
Barring a crypto meltdown, however, Ripple’s XRP should steer well clear of sub-$0.18 levels. The second major support level at $0.1841 should limit the downside on the day.
Major Support Level: $0.1867
Major Resistance Level: $0.1918
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
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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.