Following Wednesday's rallies, the majors will need to revisit the day's highs to avoid a pullback.
Ethereum rallied by 7.31% on Wednesday. Following a 3.55% gain on Tuesday, Ethereum ended the day at $4,161.94.
A mixed start to the day saw Ethereum fall to a mid-morning intraday low $4,144.00 before making a move.
Steering clear of the first major support level at $3,776, Ethereum rallied to a late intraday high $4,169.00.
Ethereum broke through day’s major resistance levels to end the day at $4,152 levels.
The third major resistance level at $4,152 delivered support late in the day.
At the time of writing, Ethereum was down by 0.34% to $4,147.95. A mixed start to the day saw Ethereum rise to an early morning high $4,166.43 before falling to a low $4,137.51.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to avoid the $4,054 pivot to bring the first major resistance level at $4,277 play.
Support from the broader market would be needed, however, for Ethereum to break through to $4,200 levels.
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 May’s all-time high $4,384.43. The second major resistance level sits at $4,393.
A fall through the $4,054 pivot would bring the first major support level at $3,938 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,800 levels. The second major support level sits at $3,714.
First Major Support Level: $3,938
Pivot Level: $4,054
First Major Resistance Level: $4,277
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin jumped by 9.85% on Wednesday. Following a 1.69% gain on Tuesday, Litecoin ended the day at $207.32.
A mixed start to the day saw Litecoin fall to an early morning intraday low $185.69 before making a move.
Steering clear of the first major support level at $184, Litecoin rallied to a late afternoon intraday high $209.64.
Litecoin broke through the day’s major resistance levels before a fall back to $203 levels.
The pullback saw Litecoin briefly fall back through the third major resistance level at $205 before ending the day at $207 levels.
At the time of writing, Litecoin was down by 0.23% to $206.84. A mixed start to the day saw Litecoin rise to an early morning high $207.50 before falling to a low $206.62.
Litecoin left the major support and resistance levels untested early on.
Litecoin would need to avoid the $201 pivot to bring the first major resistance level at $216 into play.
Support from the broader market would be needed, however, for Litecoin to breakout from Wednesday’s high $209.64.
Barring an extended crypto rally, the first major resistance level would likely cap the upside.
In the event of another breakout, Litecoin could test resistance at the 38.2% FIB of $223 before any pullback. The second major resistance level sits at $225.
A fall through the $201 pivot would bring the first major support level at $192 into play.
Barring an extended sell-off, Litecoin should steer clear of sub-$190 and the 23.6% FIB of $178. The second major support level sits at $177.
First Major Support Level: $177
Pivot Level: $201
First Major Resistance Level: $216
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP rose by 4.90% on Wednesday. Following a 0.74% increase on Tuesday, Ripple’s XRP ended the day at $1.14466.
A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $1.08687 before making a move.
Steering clear of the first major support level at $1.0722, Ripple’s XRP rallied to a late intraday high $1.15282.
Ripple’s XRP broke through the day’s major resistance levels before a pullback to sub-$1.135 levels.
The pullback saw Ripple’s XRP fall back through the third major resistance level at $1.1505 to end the day at $1.144 levels.
At the time of writing, Ripple’s XRP was down by 0.25% to $1.14176. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.14790 before falling to a low $1.14065.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP would need to avoid the $1.1281 pivot to bring the first major resistance level at $1.1694 into play.
Support would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $1.15282.
Barring an extended crypto rally, the first major resistance level would likely cap the upside.
In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.22 levels before any pullback. The second major resistance level sits at $1.1941.
A fall through the $1.1281 pivot would bring the first major support level at $1.1034 into play.
Barring another extended sell-off, however, Ripple’s XRP should avoid the 38.2% FIB of $1.0659. The second major support level sits at $1.0622.
First Major Support Level: $1.1034
Pivot Level: $1.1281
First Major resistance Level: $1.1694
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.