Following a mixed day for the majors on Wednesday, avoiding the day's pivot levels would be key to supporting a bullish day ahead.
Ethereum rose by 1.85% on Wednesday. Partially reversing a 12.52% slide from Tuesday, Ethereum ended the day at $3,500.34.
A mixed start to the day saw Ethereum fall to a late morning intraday low $3,216.00 before making a move.
Steering clear of the first major support level at $2,981, Ethereum rose to a late afternoon intraday high $3,562.98.
While falling short of the first major resistance level at $3,465, Ethereum broke through the 23.6% FIB of $3,369 to end the day at $3,500 levels.
At the time of writing, Ethereum was down by 0.69% to $3,476.33. A mixed start to the day saw Ethereum rise to an early morning high $3,516.42 before falling to a low $3,467.83
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to avoid the $3,426 pivot to bring the first major resistance level at $3,637 into play.
Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $3,562.98.
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 $3,800 before any pullback. The second major resistance level sits at $3,773.
A fall through the $3,426 pivot would bring the 23.6% FIB of $3,369 and the first major support level at $3,290 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,300 levels. The second major support level sits at $3,080.
First Major Support Level: $3,290
Pivot Level: $3,426
First Major Resistance Level: $3,637
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin rose by 0.65% on Wednesday. Following an 18.73% tumble on Tuesday, Litecoin ended the day at $179.70.
A mixed start to the day saw Litecoin rise to an early morning intraday high $189.00 before hitting reverse.
While falling short of the first major resistance level at $213, Litecoin broke through the 23.6% FIB of $178.
The reversal saw Litecoin fall to a late morning intraday low $169.31 before finding support.
Steering clear of the first major support level at $152, Litecoin broke back through the 23.6% FIB to end the day at $179 levels.
At the time of writing, Litecoin was up by 0.40% to $180.42. A mixed start to the day saw Litecoin rise to an early morning high $182.98 before falling to a low $179.09.
Litecoin left the major support and resistance levels untested early on.
Litecoin would need to avoid the $179 pivot to bring the first major resistance level at $189 into play.
Support from the broader market would be needed, however, for Litecoin to break out from $185 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $189.00 would likely cap the upside.
In the event of broad-based crypto rally, Litecoin could the second major resistance level at $199.
A fall through the $179 pivot and the 23.6% FIB of $178 would bring the first major support level at $170 into play.
Barring another extended sell-off, however, Litecoin should steer clear of sub-$170 levels. The second major support level sits at $160.
First Major Support Level: $170
Pivot Level: $179
First Major Resistance Level: $189
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP fell by 2.62% on Wednesday. Following a 19.26% slump on Tuesday, Ripple’s XRP ended the day at $1.09997.
A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.14731 before hitting reverse.
Falling short of the first major resistance level at $1.3739, Ripple’s XRP fell to a late morning intraday low $1.01291.
While steering clear of the first major support level at $0.8915, Ripple’s XRP fell through the 38.2% FIB of $1.0659.
Finding late morning support, however, Ripple’s XRP broke back through the 38.2% FIB to end the day at $1.09 levels.
At the time of writing, Ripple’s XRP was up by 0.93% to $1.11021. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.09806 before rising to a high $1.11838.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP would need to avoid the $1.0867 pivot to bring first major resistance level at $1.1606 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $1.14731.
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 $1.20 levels before any pullback. The second major resistance level sits at $1.2211.
A fall through the $1.0867 pivot would bring the 38.2% FIB of $1.0659 and the first major support level at $1.0262 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.00 levels. The second major support level sits at $0.9523.
First Major Support Level: $1.0262
Pivot Level: $1.0867
First Major resistance Level: $1.1606
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.