It's been a mixed start to the day for the majors. Failure to revisit Wednesday's highs would leave the majors under pressure.
Ethereum rose by 0.01% on Wednesday. Following a 4.31% fall on Tuesday, Ethereum ended the day at $3,012.14.
A mixed start to the day saw Ethereum fall to an early morning intraday low $2,951.00 before making a move.
Steering clear of the first major support level at $2,904, Ethereum rose to a late afternoon intraday high $3,126.51.
Falling short of the first major resistance level at $3,205, Ethereum fell back to end the day at sub-$3,020 levels.
At the time of writing, Ethereum was down by 0.31% to $3,002.83. A mixed start to the day saw Ethereum rise to an early morning high $3,039.17 before falling to a low $3,002.51.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move through $3,030 pivot to bring the first major resistance level at $3,109 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $3,100 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $3,126.51 would likely cap any upside.
In the event of another broad-based crypto rally, Ethereum could test resistance at $3,250. The second major resistance level sits at $3,205.
Failure to move through the $3,030 pivot would bring the first major support level at $2,933 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,800 levels. The second major support level at $2,854 should limit the downside.
First Major Support Level: $2,933
Pivot Level: $3,030
First Major Resistance Level: $3,109
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin fell by 1.25% on Wednesday. Following a 5.28% decline on Tuesday, Litecoin ended the day at $166.45.
A mixed start to the day saw Litecoin fall to an early morning intraday low $162.93 before making a move.
Finding support at the first major support level at $163, Litecoin rose to a late afternoon intraday high $174.58.
Falling short of 23.6% FIB of $178 and the first major resistance level at $179, Litecoin eased back to end the day at $166 levels.
At the time of writing, Litecoin was down by 0.13% to $166.66. A mixed start to the day saw Litecoin rise to an early morning high $168.08 before falling to a low $166.60.
Litecoin left the major support and resistance levels untested early on.
Litecoin would need to move through the $168 pivot to bring the first major resistance level at $173 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $170 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $174.58 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at the 23.6% FIB of $178 and the second major resistance level at $180.
Failure to move through the $168 pivot would bring the first major support level at $161 into play.
Barring an extended sell-off, however, Litecoin should steer clear of the second major support level at $156.
First Major Support Level: $161
Pivot Level: $168
First Major Resistance Level: $173
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP rose by 4.46% on Wednesday. Partially reversing a 7.41% slide from Tuesday, Ripple’s XRP ended the day at $1.14600.
Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $1.05050 before making a move.
Finding support at the first major support level at $1.0521, Ripple’s XRP rallied to a late afternoon intraday high $1.19591.
Ripple’s XRP broke through the first major resistance level at $1.1864 before briefly falling back to $1.10 levels.
A bullish end to the day delivered the upside, however.
At the time of writing, Ripple’s XRP was up by 0.90% to $1.15632. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.14482 before rising to a high $1.15803.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to avoid a fall through the $1.1409 pivot to bring first major resistance level at $1.1864 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.15 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $1.22965 would likely cap any upside.
In the event of another breakout, Ripple’s XRP could test resistance at $1.30 before any pullback. The second major resistance level sits at $1.2752.
A fall through the $1.1409 pivot would bring the 38.2% FIB of $1.0659 and the first major support level at $1.0521 into play.
Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.00 levels. The second major support level at $1.0066 should limit the downside.
First Major Support Level: $1.0521
Pivot Level: $1.1409
First Major resistance Level: $1.1864
23.6% FIB Retracement Level: $0.8533
38.2% FIB Retracement Level: $1.0659
62% FIB Retracement Level: $1.4096
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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.