For the day ahead
Ethereum would need to avoid sub-$247 levels to support a run at the first major resistance level at $251.68.
Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high to $250.56.
Barring an extended crypto rally, the first major resistance level at $251.68 and Wednesday’s high should cap any upside.
Failure to avoid sub-$247 levels could see Ethereum give up Wednesday’s gain.
A fall through the $246.90 pivot would bring the first major support level at $243.25 into play.
Barring another extended crypto sell-off, however, Ethereum should steer clear of sub-$240 and the second major support level at $238.37.
Looking at the Technical Indicators
Major Support Level: $243.25
Major Resistance Level: $251.68
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 0.91% on Wednesday. Partially reversing a 1.49% fall from Tuesday, Ripple’s XRP ended the day at $0.20302.
A relatively bullish start to the day saw Ripple’s XRP rise to an early morning high $0.20274 before easing back.
Falling short of the first major resistance level at $0.2045, Ripple’s XRP fell back to $0.2011 levels before making a move.
Through the late afternoon, Ripple’s XRP rallied to an intraday high $0.20389 before sliding to an intraday low $0.19973.
Steering clear of the major support and resistance levels, Ripple’s XRP recovered to $0.2030 levels to end the day in the green.
At the time of writing, Ripple’s XRP was up by 0.09% to $0.20321. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.20311 before rising to a high $0.20321.
Ripple’s XRP left the major support and resistance levels untested early on.