It's a bearish start to the day for the majors. Failure to move through the day's pivot levels would leave the majors in the deep red once more.
Ethereum slid by 4.98% on Thursday. Partially reversing a 6.72% gain from Wednesday, Ethereum ended the day at $2,745.51.
A mixed start to the day saw Ethereum rise to an early morning intraday high $2,893.96 before hitting reverse.
Falling short of the first major resistance level at $2,987, Ethereum fell to an early morning intraday low $2,639.32.
Ethereum fell through the 38.2% FIB of $2,740 and the first major support level at $2,720.
Finding late morning support, Ethereum revisited $2,880 levels before another sell-off late in the day.
Ethereum fell back through the 38.2% FIB and the first major support level before ending the day at $2,745 levels.
At the time of writing, Ethereum was down by 0.58% to $2,729.68. A bearish start to the day saw Ethereum fall from an early morning high $2,745.25 to a low $2,709.44.
While leaving the major support and resistance levels untested, Ethereum fell through the 38.2S% FIB of $2,740 early on.
Ethereum would need to move back through the 38.2% FIB of $2,740 and the $2,760 pivot to bring the first major resistance level at $2,880 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $2,800 levels.
Barring an extended crypto rally, the first major resistance level and resistance at Thursday’s high $2,893.96 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 $3,014.
Failure to move through the 38.2% FIB and the $2,760 pivot would bring the first major support level at $2,625 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,500 levels. The second major support level at $2,505 should limit the downside.
First Major Support Level: $2,625
Pivot Level: $2,760
First Major Resistance Level: $2,880
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin fell by 2.43% on Thursday. Partially reversing an 8.28% rally from Wednesday, Litecoin ended the day at $194.41.
A bearish start to the day saw Litecoin fall to an early morning intraday low $180.61 before finding support.
Litecoin fell through the first major support level at $184 before rising to an early afternoon intraday high $208.98.
Coming up against the first major resistance level at $209, however, Litecoin slid back to end the day at $194 levels.
At the time of writing, Litecoin was down by 1.80% to $190.92. A bearish start to the day saw Litecoin fall from an early morning high $194.57 to a low $190.40.
Litecoin left the major support and resistance levels untested early on.
Litecoin would need to move through the $195 pivot to bring the first major resistance level at $209 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $200 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $208.98 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $230. The second major resistance level sits at $223.
Failure to move through the $195 pivot would bring the first major support level at $180 into play.
Barring an extended sell-off, however, Litecoin should steer clear of the 62% FIB of $174. The second major support level sits at $166.
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: $180
Pivot Level: $195
First Major Resistance Level: $209
23.6% FIB Retracement Level: $322
38.2% FIB Retracement Level: $265
62% FIB Retracement Level: $174
Ripple’s XRP fell by 5.79% on Thursday. Reversing a 5.83% gain from Wednesday, Ripple’s XRP ended the day at $0.97083.
A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.04420 before hitting reverse.
Falling short of the first major resistance level at $1.0853, Ripple’s XRP fell to an early morning intraday low $0.93482.
Ripple’s XRP fell through the first major support level at $0.9650 before briefly revisiting $1.03 levels.
A bearish end to the day, however, saw Ripple’s XRP fall back to sub-$0.96 levels before ending the day at $0.97 levels.
The first major support level at $0.9650 limited the downside late in the day.
At the time of writing, Ripple’s XRP was down by 1.16% to $0.95955. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.97450 to a low $0.95799.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to move through the $0.9833 pivot to bring the first major resistance level at $1.0317 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.00 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $1.04420 would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $1.15. The second major resistance level sits at $1.0927.
Failure to move through the $0.9833 pivot would bring the first major support level at $0.9224 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.90 levels. The second major support level sits at $0.8739.
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: $0.9224
Pivot Level: $0.9833
First Major resistance Level: $1.0317
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.