It's been a mixed start to the day for the majors. Failure to move through the day's pivot levels would leave support levels in play.
Ethereum fell by 0.23% on Wednesday. Following a 5.67% rally on Tuesday, Ethereum ended the day at $2,316.82.
A mixed start to the day saw Ethereum fall to an early morning intraday low $2,294.16 before making a move.
Steering clear of the first major support level at $2,228, Ethereum rallied to a mid-morning intraday high $2,411.19.
Ethereum broke through the first major resistance level at $2,383 before a pullback to sub-$2,320 levels.
At the time of writing, Ethereum was up by 0.22% to $2,321.81. A mixed start to the day saw Ethereum fall to an early morning low $2,309.09 before rising to a high $2,325.46.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move through the $2,341 pivot to bring the first major resistance level at $2,387 into play.
Support from the broader market would be needed, however, for Ethereum to break out from $2,350 levels.
Barring an extended crypto rally, the first major resistance level and resistance at Wednesday’s high $2,411.19 would likely cap any upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at $2,500. The second major resistance level sits at $2,458.
Failure to move through the $2,341 pivot would bring the first major support level at $2,270 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,200 levels. The second major support level at $2,224 should limit the downside.
First Major Support Level: $2,270
Pivot Level: $2,341
First Major Resistance Level: $2,387
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin fell by 1.05% on Wednesday. Reversing a 0.78% gain from Tuesday, Litecoin ended the day at $137.42.
A mixed start to the day saw Litecoin fall an early intraday low $137.01 before making a move.
Steering clear of the first major support level at $136, Litecoin rallied to a midday intraday high $142.98.
Coming up against the first major resistance level at $143, Litecoin slid back to $137 levels and into the red.
At the time of writing, Litecoin was up by 0.04% to $137.47. A mixed start to the day saw Litecoin fall to an early morning low $137.08 before rising to a high $137.80.
Litecoin left the major support and resistance levels untested early on.
Litecoin would need to move through the $139 pivot to bring the first major resistance level at $141 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $140 levels.
Barring an extended crypto rally, the first major resistance level and resistance at Wednesday’s high $142.98 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $150. The second major resistance level sits at $145.
Failure to move through the $139 pivot would bring the first major support level at $135 into play.
Barring another extended sell-off, however, Litecoin should steer clear of sub-$130 levels. The second major support level at $133 should limit the downside.
First Major Support Level: $135
Pivot Level: $139
First Major Resistance Level: $141
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP fell by 1.66% on Wednesday. Partially reversing a 1.96% gain from Tuesday, Ripple’s XRP ended the day at $0.65237.
A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.65965 before making a move.
Steering clear of the first major support level at $0.6517, Ripple’s XRP rose to an early morning intraday high $0.67370.
Falling short of the first major resistance level at $0.6793, however, Ripple’s XRP slid to a late intraday low $0.65055.
Ripple’s XRP fell through the first major support level at $0.6517 before ending the day at $0.652 levels.
At the time of writing, Ripple’s XRP was up by 0.02% to $0.65247. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.65092 before rising to a high $0.65256.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to move through the $0.6589 pivot to bring the first major resistance level at $0.6672 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.6650 levels.
Barring an extended crypto rally, the first major resistance level and resistance at Wednesday’s high $0.67370 would likely cap any upside.
In the event of another breakout, Ripple’s XRP could test resistance at $0.69. The second major resistance level sits at $0.6820.
Failure to move through the $0.6589 pivot would bring the first major support level at $0.6440 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of the third major support level at $0.6126. The second major support level sits at $0.6357.
First Major Support Level: $0.6440
Pivot Level: $0.6589
First Major resistance Level: $0.6672
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.