For the day ahead
Ethereum would need to avoid a fall through the $347.04 pivot to support a run at the first major resistance level at $363.47.
Support from the broader market would be needed, however, for Ethereum to break back through to $360 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
Failure to avoid a fall through the $347.04 pivot would bring the first major support level at $334.66 into play.
Barring an extended sell-off, however, Ethereum should continue to avoid sub-$300 levels. The second major support level at $318.23 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $334.66
Pivot Level: $347.04
First Major Resistance Level: $363.47
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP
Ripple’s XRP rose by 1.11% on Wednesday. Partially reversing a 2.42% decline from Tuesday, Ripple’s XRP ended the day at $0.23918.
Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.23319 before making a move.
Steering clear of the first major support level at $0.2307, Ripple’s XRP rallied to a late intraday high $0.24302.
Coming up against the first major resistance level at $0.2430, Ripple’s XRP fell back to sub-$0.24 levels late in the day.
At the time of writing, Ripple’s XRP was up by 0.24% to $0.23976. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.23903 to a high $0.23976.
Ripple’s XRP left the major support and resistance levels untested early on.