It's a mixed start to the day for the majors. A move back through early highs would bring resistance levels into play.
Ethereum fell by 2.71% on Tuesday. Partially reversing a 13.38% rally from Monday, Ethereum ended the day at $2,634.42.
A bullish start to the day saw Ethereum rally to an early morning intraday high $2,748.00 before hitting reverse.
Coming up against the 38.2% FIB of $2,740, Ethereum slid to a late afternoon intraday low $2,527.88.
Steering clear of the first major support level at $2,415, Ethereum moved back through to $2,600 levels to limit the downside.
At the time of writing, Ethereum was down by 0.35% to $2,625.33. A mixed start to the day saw Ethereum rise to an early morning high $2,649.00 before falling to a low $2,625.33.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move back through the $2,637 pivot to bring the 38.2% FIB of $2,740 and the first major resistance level at $2,746 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $2,700 levels.
Barring an extended crypto rally, the 38.2% FIB of $2,740 and the first major resistance level would likely cap any upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at $3,000. The second major resistance level sits at $2,857.
Failure to move back through the $2,637 pivot would bring the first major support level at $2,525 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,400 levels. The second major support level at $2,417 should limit the downside.
First Major Support Level: $2,525
Pivot Level: $2,637
First Major Resistance Level: $2,746
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin fell by 2.70% on Tuesday. Partially reversing a 10.21% gain from Monday, Litecoin ended the day at $182.98.
A bullish start to the day saw Litecoin strike an early morning intraday high $193.28 before hitting reverse.
Falling short of the first major resistance level at $197, Litecoin slid to an early afternoon intraday low $175.98.
Steering clear of the 62% FIB of $174 and the first major support level at $172, Litecoin revisited $185 levels before easing back.
At the time of writing, Litecoin was down by 0.37% to $182.31. A mixed start to the day saw Litecoin rise to an early morning high $184.12 before falling to a low $182.10.
Litecoin left the major support and resistance levels untested early on.
Litecoin would need to move through the $184 pivot to bring the first major resistance level at $192 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $200 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $210. The second major resistance level sits at $201.
Failure to move through the $184 pivot would bring the first major support level at $175 and the 62% FIB of $174 into play.
Barring an extended sell-off, however, Litecoin should steer clear of sub-$170. The second major support level sits at $167.
A sustained fall through the 62% FIB of $174 would form a near-term bearish trend from 10th May’s swing hi $413.91.
First Major Support Level: $175
Pivot Level: $184
First Major Resistance Level: $192
23.6% FIB Retracement Level: $322
38.2% FIB Retracement Level: $265
62% FIB Retracement Level: $174
Ripple’s XRP fell by 2.91% on Tuesday. Partially reversing Monday’s 15.12% rally, Ripple’s XRP ended the day at $1.01077.
A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $1.09942 before hitting reverse.
Coming up against the first major resistance level at $1.1011, Ripple’s XRP slid to a late intraday low $0.97312.
Steering clear of the first major support level at $0.9311, Ripple’s XRP moved back through to $1.00 levels to limit the downside.
At the time of writing, Ripple’s XRP was down by 0.53% to $1.00538. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.01888 before falling to a low $1.00433.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to move through the $1.0278 pivot to bring the first major resistance level at $1.0824 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.05 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $1.10 would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $1.20. The second major resistance level sits at $1.1541.
Failure to move through the $1.0278 pivot would bring the first major support level at $0.9561 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.90 levels. The second major support level at $0.9015 should limit the downside.
A sustained fall through the 62% FIB of $0.8573 would form a near-term bearish trend from 14th April’s swing hi $1.96598.
First Major Support Level: $0.9561
Pivot Level: $1.0278
First Major resistance Level: $1.0824
23.6% FIB Retracement Level: $1.5426
38.2% FIB Retracement Level: $1.2807
62% FIB Retracement Level: $0.8573
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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.