For the day ahead
Ethereum would need to move through the $238.70 pivot to support a run at the first major resistance level at $241.06.
Support from the broader market would be needed, however, for Ethereum to break back through to $240 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $241.44 should cap any upside.
Failure to move through the $238.70 pivot would bring the first major support level at $235.98 into play.
Barring another extended sell-off, Ethereum should continue to steer clear of sub-$230 levels. The second major support level at $233.63 should limit any downside.
Looking at the Technical Indicators
Major Support Level: $235.98
Pivot Level: $238.71
Major Resistance Level: $241.06
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP
Ripple’s XRP fell by 0.92% on Wednesday. Reversing a 0.10% rise from Tuesday, Ripple’s XRP ended the day at $0.19740.
A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.19999 before hitting reverse.
Falling short of the first major resistance level at $0.2012, Ripple’s XRP slid to a late morning intraday low $0.19644.
Steering clear of the first major support level at $0.1963, Ripple’s XRP recovered to $0.199 levels before easing back.
At the time of writing, Ripple’s XRP was down by 0.44% to $0.19653. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19755 to a low $0.19609.
Ripple’s XRP left the major support and resistance levels untested early on.