After a mixed first half of the week, avoiding the day's pivot levels will be key to support a recovery of the losses from earlier in the week.
Ethereum rose by 2.77% on Wednesday. Partially reversing a 4.43% fall from Tuesday, Ethereum ended the day at $1,994.11.
A bearish start to the day saw Ethereum fall to a late morning intraday low $1,865.50 before making a move.
Ethereum fell through the first major support level at $1,890 before rallying to an early afternoon intraday high $2,019.90.
Coming up against the first major resistance level at $2,020, however, Ethereum slipped back to end the day at sub-$2,000 levels.
At the time of writing, Ethereum was down by 0.27% to $1,988.64. A mixed start to the day saw Ethereum rise to an early morning high $1,998.58 before falling to a low $1,986.64.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to avoid the $1,960 pivot to bring the first major resistance level at $2,054 into play.
Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $2,019.90.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $2,114.
A fall through the $1,960 pivot would bring the first major support level at $1,900 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,800 levels. The second major support level at $1,805 should limit the downside.
First Major Support Level: $1,900
Pivot Level: $1,960
First Major Resistance Level: $2,054
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin fell by 0.31% on Wednesday. Following a 1.45% fall from Tuesday, Litecoin ended the day at $131.02.
In a bearish start to the day saw Litecoin slide to an early morning intraday low $123.88 before making a move.
Litecoin fell through the first major support level at $129 and the second major support level at $127.
Steering clear of the third major support level at $122, however, Litecoin struck an early afternoon intraday high $132.39.
Falling well short of the first major resistance level at $134, Litecoin eased back to end the day at $131 levels.
At the time of writing, Litecoin was down by 0.08% to $130.91. a mixed start to the day saw Litecoin rise to an early morning high $131.51 before falling to a low $130.80.
Litecoin left the major support and resistance levels untested early on.
Litecoin would need to avoid the $129 pivot to bring the first major resistance level at $134 into play.
Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $132.09.
Barring an extended crypto rally, the first major resistance level and resistance at $135 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $140. The second major resistance level sits at $137.
A fall through the $129 pivot would bring the first major support level at $126 into play.
Barring another extended sell-off, however, Litecoin should steer clear of sub-$120 levels. The second major support level at $121 should limit the downside.
First Major Support Level: $126
Pivot Level: $129
First Major Resistance Level: $134
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP rose by 0.21% on Wednesday. Following a 1.76% fall from Tuesday, Ripple’s XRP ended the day at $0.62000.
A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $0.58370 before making a move.
Ripple’s XRP fell through the first major support level at $0.6030 and the second major support level at $0.5881.
Steering clear of sub-$0.58 levels, Ripple’s XRP rallied to a late afternoon intraday high $0.62407.
Falling well short of the first major resistance level at $0.6381, however, Ripple’s XRP eased back to end the day at $0.62000.
At the time of writing, Ripple’s XRP was down by 0.60% to $0.61625. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.62186 before falling to a low $0.61625.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to avoid the $0.6093 pivot to bring the first major resistance level at $0.6348 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.63 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another breakout, Ripple’s XRP could test the second major resistance level at $0.6496.
A fall through the $0.6093 pivot would bring the first major support level at $0.5944 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.58 levels. The second major support level sits at $0.5689.
First Major Support Level: $0.5944
Pivot Level: $0.6093
First Major resistance Level: $0.6348
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.