For the day ahead
Ethereum would need to avoid sub-$241 levels to support a run at the first major resistance level at $248.90.
Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $245.39.
Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high should cap any upside.
Failure to avoid sub-$241 levels could see Ethereum fall deeper into the red.
A fall back through the morning low $242.99 to sub-$241 levels would bring the first major support level at $236.79 into play.
Barring an extended crypto sell-off, however, Ethereum should steer clear sub-$230 levels on the day.
Looking at the Technical Indicators
Major Support Level: $236.79
Major Resistance Level: $248.90
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 0.59% on Wednesday. Following Tuesday’s 3.75% slide, Ripple’s XRP ended the day at $0.20420.
It was also a choppy start to the day. Ripple’s XRP fell to an early morning intraday low $0.20069 before making a move.
Steering clear of the first major support level at $0.1952, Ripple’s XRP rose to a late intraday high $0.20485.
Falling short of the first major resistance level at $0.2133, Ripple’s XRP fell back into the red before finding late support.
At the time of writing, Ripple’s XRP was down by 0.12% to $0.20396. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.2037 before rising to a high $0.20420.
Ripple’s XRP left the major support and resistance levels untested early on.
