After a mixed day on Wednesday, the majors would need to avoid the day's pivot levels to begin the recovery process...
Ethereum rose by 1.89% on Wednesday. Partially reversing a 7.77% slide from Tuesday, Ethereum ended the day at $4,289.40.
A bearish day saw Ethereum fall to an early morning intraday low $$4,068.24 before making a move.
Steering clear of the first major support level at $4,023, Ethereum rose to a late intraday high $4,300.01
Falling short of the first major resistance level at $4,480, however, Ethereum eased back to end the day at sub-$4,300 levels.
At the time of writing, Ethereum was up by 0.22% to $4,298.90. A mixed start to the day saw Ethereum fall to an early low $4,272.28 before rising to a high $4,304.88.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to avoid the $4,219 pivot to bring the first major resistance level at $4,370 into play.
Support from the broader market would be needed, however, for Ethereum to break out from this morning’s high $4,304.88.
Barring an extended crypto rally, the first major resistance level would likely cap the upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at $4,500 levels before any pullback. The second major resistance level sits at $4,451.
A fall through the $4,219 pivot would bring the first major support level at $4,138 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,900 levels. The second major support level at $3,988 should limit the downside.
First Major Support Level: $4,138
Pivot Level: $4,219
First Major Resistance Level: $4,370
23.6% FIB Retracement Level: $3,738
38.2% FIB Retracement Level: $3,039
62% FIB Retracement Level: $1,909
Litecoin fell by 0.39% on Wednesday. Following a 12.40% tumble on Tuesday, Litecoin ended the day at $229.57.
A mixed start to the day saw Litecoin fall to an early morning intraday high $218.23 before making a move.
While steering clear of the first major support level at $215, Litecoin fell through the 38.2% FIB of $223.
Through the late morning, Litecoin break back through the 38.2% FIB to strike a late morning intraday high $235.49.
Falling well short of the first major resistance level at $255, however, Litecoin slid back to $225 levels before steadying.
A late move back through to $229 levels reversed the heavier losses from the day.
At the time of writing, Litecoin was up by 0.41% to $230.51. A mixed start to thee day saw Litecoin fall to an early morning low $228.22 before rising to a high $230.64.
Litecoin left the major support and resistance levels untested early on.
Litecoin would need to avoid the $228 pivot to bring the first major resistance level at $237 into play.
Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $235.49.
Barring an extended crypto rally, the first major resistance level would likely cap the upside.
In the event of an extended rally, Litecoin could test resistance at $250. The second major resistance level sits at $245.
A fall through the $228 pivot would bring the 38.2% FIB of $223 and the first major support level at $220 into play.
Barring another extended sell-off, Litecoin should steer clear of sub-$210 levels. The second major support level at $211 should limit the downside.
First Major Support Level: $220
Pivot Level: $228
First Major Resistance Level: $237
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP rose by 0.76% on Wednesday. Partially reversing a 7.10% slide from Tuesday, Ripple’s XRP ended the day at $1.09664.
Tracking the broader market, Ripple’s XRP slid to an early morning intraday low $1.05879 before making a move.
While steering clear of the first major support level at $1.0289, Ripple’s XRP fell through the 38.2% FIB of $1.0659.
Finding mid-morning support, however, Ripple’s XRP rose to an early afternoon intraday high $1.11199.
While breaking back through the 38.2% FIB, Ripple’s XRP fell well short of the first major resistance level at $1.1604.
Late in the day, Ripple’s XRP briefly fell back to sub-$1.08 levels before wrapping up the day at $1.09 levels.
At the time of writing, Ripple’s XRP was up by 0.19% to $1.09874. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.09168 before rising to a high $1.10026.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP would need to avoid the $1.0891 pivot to bring the first major resistance level at $1.1195 into play.
Support would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $1.11199.
Barring an extended crypto rally, the first major resistance level would likely cap the upside.
In the event of a broad-based crypto rebound, Ripple’s XRP could test resistance at $1.15 levels before any pullback. The second major resistance level sits at $1.1423.
A fall through the $1.0891 pivot would bring the first major support level at $1.0663 and the 38.2% FIB of $1.0659 into play.
Barring another extended sell-off, however, Ripple’s XRP should avoid sub-$1.00 levels. The second major support level at $1.0359 should limit the downside
First Major Support Level: $1.0663
Pivot Level: $1.0891
First Major resistance Level: $1.1195
23.6% FIB Retracement Level: $0.8533
38.2% FIB Retracement Level: $1.0659
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.