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Bob Mason
crypto currency mining concept

Ethereum

Ethereum slid by 6.06% on Wednesday. Following on from a 0.63% decline on Tuesday, Ethereum ended the day at $568.79.

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A mixed start to the day saw Ethereum fall from an intraday high $606.49 to a mid-morning low $579.35 before finding support.

Ethereum fell through the first major support level at $588.83 before a move back through to $600 levels by late morning.

Falling short of the first major resistance level at $622.6, however, Ethereum slid to a late intraday low $554.00.

Ethereum fell through the first major support level at $588.83 and the second major support level at $572.22.

A late move back through to $560 levels reduced the deficit, however.

At the time of writing, Ethereum was up by 1.16% to $569.19. A mixed start to the day saw Ethereum fall to an early morning low $562.10 before rising to a high $577.00.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to move through the pivot level at $576.43 to support a run at the first major resistance level at $598.85.

Support from the broader market would be needed, however, for Ethereum to break back through to $590 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Ethereum could test resistance at $610 before any pullback. The second major resistance level sits at $628.92.

Failure to move through the $576.43 pivot would bring the first major support level at $546.36 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$540 levels. The second major support level sits at $523.94.

Looking at the Technical Indicators

First Major Support Level: $546.36

Pivot Level: $576.43

First Major Resistance Level: $598.85

23.6% FIB Retracement Level: $495

38.2% FIB Retracement Level: $416

62% FIB Retracement Level: $288

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Litecoin

Litecoin slid by 8.51% on Wednesday. Reversing a 0.24% gain from Tuesday, Litecoin ended the day at $81.75.

It was a mixed start to the day. Litecoin rose to an early morning intraday high $90.74 before hitting reverse.

Falling short of the first major resistance level at $93.59, Litecoin fell to a mid-morning low $85.00.

Finding support at the first major support level at $85.54, Litecoin briefly revisited $90 levels before taking another hit.

Litecoin fell through the first major support level and the second major support level at $81.75 to a late intraday low $77.95

Finding support late in the day, however, Litecoin briefly broke back through to wrap up the day at $81 levels. The second major resistance level at $81.75 pinned Litecoin back late in the day.

At the time of writing, Litecoin was up by 1.31% to $82.82. A mixed start to the day saw Litecoin fall to an early morning low $80.56 before rising to a high $83.06.

Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to move through the $83.48 pivot to support a run at the first major resistance level at $89.01.

Support from the broader market would be needed, however, for Litecoin to break out from $85 levels.

Barring another extended crypto rally, the first major resistance level and Wednesday’s high $90.74 would likely cap any upside.

In the event of another extended breakout, Litecoin would likely test the second major resistance level at $96.27.

Failure to move through the $83.48 pivot level would bring the first major support level at $76.22 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$75 levels. The second major support level sits at $70.69.

Looking at the Technical Indicators

First Major Support Level: $76.22

Pivot Level: $83.48

First Major Resistance Level: $89.01

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP tumbled by 9.08% on Wednesday. Reversing most of a 12.39% rally from Tuesday, Ripple’s XRP ended the day at $0.63053.

It was also a mixed start to the day. Ripple’s XRP rose to an early morning high $0.70972 before hitting reverse.

Falling short of the major resistance levels, Ripple’s XRP fell to an early morning low $0.61570.

While steering clear of the major support levels, Ripple’s XRP fell through the 23.6% FIB of $0.6274.

Finding support through the late morning, however, Ripple’s XRP rose to a mid-afternoon intraday high $0.72399 before hitting reverse.

While breaking back through the 23.6% FIB, Ripple’s XRP fell well short of the first major resistance level at $0.7986.

The reversal saw Ripple’s XRP slide to a late intraday low $0.58126. Ripple’s XRP fell back through the 23.6% FIB briefly wrapping up the day at $0.63 levels.

At the time of writing, Ripple’s XRP was up by 2.19% to $0.64435. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.61782 before rising to a high $0.6500.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will need to move back through the $0.6453 pivot level to support a run at the first major resistance level at $0.7093.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.70 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test the second major resistance level at $0.7880.

Failure to move back through the $0.6453 pivot would bring the first major support level at $0.5665 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer well clear of sub-$0.50 levels. The second major support level at $0.5025 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.5665

Pivot Level: $0.6453

First Major Resistance Level: $0.7093

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob

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