For the day ahead
Ethereum would need to move back through to $200 levels to bring the first major resistance level at $204.89 into play.
Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $201.59.
Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.
Failure to move back through to $200 levels could see Ethereum take a bigger hit.
A fall back through to sub-$196.60 levels would bring the first major support level at $191.66 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $183.39.
Looking at the Technical Indicators
Major Support Level: $191.66
Major Resistance Level: $204.89
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 2.53% on Wednesday. Following on from a 2.47% gain on Tuesday, Ripple’s XRP ended the day at $0.2019.
It was a mixed start to the day. Ripple’s XRP rose to an early morning high $0.19949 before sliding to a late morning intraday low $0.19589.
Steering clear of the first major support level at $0.1922, Ripple’s XRP bounced back to a late intraday high $0.20430.
Ripple’s XRP broke through the first major resistance level at $0.2008 to wrap up the day at $0.20 levels.
The second major resistance level at $0.2047 pinned Ripple’s XRP back late in the day.
At the time of writing, Ripple’s XRP was down by 0.29% to $0.20131. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.20298 before falling to a low $0.20102.
Ripple’s XRP left the major support and resistance levels untested early on.
