For the day ahead
Ethereum would need to avoid sub-$211 levels to support a run at the first major resistance level at $224.62.
Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $219.59.
Barring an extended crypto rally, resistance at $220 would likely leave Ethereum short of the first major resistance level.
Failure to avoid sub-$211 levels could see Ethereum give up some of Wednesday’s gains.
A fall back through to sub-$210.50 levels would bring the first major support level at $201.67 into play before any recovery.
Barring a crypto meltdown, however, Ethereum should steer clear of sub-$200 levels on the day.
Looking at the Technical Indicators
Major Support Level: $201.67
Major Resistance Level: $224.62
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 5.60% on Wednesday. Following on from an 8.44% rally on Tuesday, Ripple’s XRP ended the day at $0.22617.
A relatively range-bound start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.21401 before making a move.
Steering clear of the first major support level at $0.2000, Ripple’s XRP rallied to a late afternoon intraday high $0.23035.
Ripple’s XRP broke through the first major resistance level at $0.2231 before falling back to $0.22 levels.
The pullback saw Ripple’s XRP briefly fall back through the first major resistance level before wrapping up the day at $0.226 levels.
At the time of writing, Ripple’s XRP was up by 2.52% to $0.23186. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.22525 to a high $0.23200.
Ripple’s XRP left the major support and resistance levels untested early on.
