Ethereum
Ethereum fell by 0.63% on Wednesday. Following on from a 1.40% decline on Tuesday, Ethereum ended the day at $378.97.
It was another mixed start to the day. Ethereum rose to an early morning high $385.5 before falling to a late morning low $378.01.
Steering clear of the major support and resistance levels, Ethereum rose to an early afternoon intraday high $387.63.
Falling short of the first major resistance level at $388.07, Ethereum fell to a late afternoon intraday low $373.29.
Ethereum fell through the first major support level at $374.48 before a partial recovery to end the day at $378 levels.
At the time of writing, Ethereum was down by 0.02% to $378.90. A mixed start to the day saw Ethereum rise to an early morning high $379.09 before falling to a low $378.38.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $379.96 pivot to support a run at the first major resistance level at $386.64
Support from the broader market would be needed, however, for Ethereum to break back through to $385 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $387.63 would likely cap any upside.
In the event of a breakout, Ethereum could test the second major resistance level at $394.3. Resistance at $400 would likely pin Ethereum back, however.
Failure to move through the $379.96 pivot would bring the first major support level at $372.30 into play.
Barring another extended sell-off, however, Ethereum should avoid the 38.2% FIB and the second major support level at $365.62.
Looking at the Technical Indicators
First Major Support Level: $372.30
Pivot Level: $379.96
First Major Resistance Level: $386.64
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Litecoin
Litecoin fell by 0.24% on Wednesday. Following on from a 1.30% decline on Tuesday, Litecoin ended the day at $49.84.
A relatively bullish start to the day saw Litecoin rise to an early afternoon intraday high $51.04 before hitting reverse.
Litecoin broke through the first major resistance level at $50.82 before falling to a late afternoon intraday low $49.29.
Steering clear of the first major support level at $48.96 Litecoin recovered to end the day at $49.8 levels. Resistance at $50 pinned Litecoin back late in the day.
At the time of writing, Litecoin was down by 0.28% to $49.70. A bearish start to the day saw Litecoin fall from an early morning high $49.81 to a low $49.64.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $50.06 pivot to support a run at the first major resistance level at $50.82.
Support from the broader market would be needed, however, for Litecoin to break out from $50.50 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $51.04 would likely cap any upside.
In the event of another breakout, Litecoin would likely test the second major resistance level at $51.81. Resistance at $52 would likely cap any upside, however.
Failure to move through the $50.06 pivot level would bring the first major support level at $49.07 into play.
Barring an extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $48.31.
Looking at the Technical Indicators
First Major Support Level: $49.07
Pivot Level: $50.06
First Major Resistance Level: $50.82
23.6% FIB Retracement Level: $45.30
38.2% FIB Retracement Level: $71
62% FIB Retracement Level: $100
Ripple’s XRP
Ripple’s XRP slid by 2.83% on Wednesday. Reversing a 0.25% gain from Tuesday, Ripple’s XRP ended the day at $0.24937.
A mixed start to the day saw Ripple’s XRP rise to a late morning intraday high $0.25867 before hitting reverse.
Coming up against the first major resistance level at $0.2603, Ripple’s XRP slid to a late afternoon intraday low $0.24632.
Ripple’s XRP fell through the first major support level at $0.2529 and the second major support level at $0.2491.
A late move back through to $0.249 levels saw Ripple’s XRP move back through the second major support level.
At the time of writing, Ripple’s XRP was down by 0.20% to $0.24887. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.24911 to a low $0.24883.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move through the $0.2515 pivot to support a run at the first major resistance level at $0.2566.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2550 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.25867 would likely cap any upside.
In the event of an extended rally, the second major resistance level at $0.2638 would likely come into play.
Failure to move through the $0.2515 pivot would bring the first major support level at $0.2442 into play.
Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.24 levels. The second major support level sits at $0.2391.
Looking at the Technical Indicators
First Major Support Level: $0.2442
Pivot Level: $0.2515
First Major Resistance Level: $0.2566
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
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Thanks, Bob
This article was originally posted on FX Empire