Ethereum
Ethereum slid by 9.28% on Wednesday. Reversing a 3.79% gain from Tuesday, Ethereum ended the day at $1,240.96.
A mixed start to the day saw Ethereum rise to an early morning intraday high $1,375.91 before hitting reverse.
Falling short of the first major resistance level at $1,416, Ethereum slid to an early afternoon intraday low $1,206.05.
The sell-off saw Ethereum fall through the first major support level at $1,283 before finding support.
Steering clear of sub-$1,200 support levels, Ethereum revisited $1,300 levels before falling back into the deep red.
At the time of writing, Ethereum was up by 2.16% to $1,267.71. A mixed start to the day saw Ethereum fall to an early morning low $1,220.08 before rising to a high $1,274.31.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the pivot level at $1,274.31 to support a run at the first major resistance level at $1,343.
Support from the broader market would be needed, however, for Ethereum to break out from $1,300 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $1,375.91 would likely cap any upside.
In the event of an extended crypto rally, Ethereum could test the second major resistance level at $1,444 and resistance at the swing hi $1,477.30.
Failure to move through the $1,274 pivot would bring the first major support level at $1,173 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,105. The 23.6% FIB of $1,148 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $1,173
Pivot Level: $1,274
First Major Resistance Level: $1,343
23.6% FIB Retracement Level: $1,148
38.2% FIB Retracement Level: $944
62% FIB Retracement Level: $614
Litecoin
Litecoin slid by 9.08% on Wednesday. Following on from a 1.66% decline on Tuesday, Litecoin ended the day at $122.63.
A mixed start to the day saw Litecoin rise to an early morning intraday high $135.13 before hitting reverse.
Falling short of the first major resistance level at $140.25, Litecoin slid to an early afternoon intraday low $118.00.
Litecoin fell through the first major support level at $128.87 and the second major support level at $122.05. The selloff also saw Litecoin fall through the 38.2% FIB of $125.
Finding support at sub-$120 levels, Litecoin briefly revisited $127 levels before falling back through the 38.2% FIB.
The second major support level limited the downside late in the day
At the time of writing, Litecoin was up by 2.05% to $125.15. A mixed start to the day saw Litecoin fall to an early morning low $120.91 before rising to a high $125.48.
While Litecoin left the major support and resistance levels untested, Litecoin broke through the 38.2% FIB of $125.
For the day ahead
Litecoin would need to move back through the $125.25 pivot level to support a run at the first major resistance level at $132.51.
Support from the broader market would be needed, however, for Litecoin to break back through to $130 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $135.13 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $140 before any pullback. The second major resistance level sits at $142.38.
Failure to move back through the $125.25 pivot level would bring the 38.2% FIB of $125 and the first major support level at $115.38 into play.
Barring another extended sell-off, Litecoin should steer clear of the second major support level at $108.12.
Looking at the Technical Indicators
First Major Support Level: $115.38
Pivot Level: $125.25
First Major Resistance Level: $132.51
23.6% FIB Retracement Level: $148
38.2% FIB Retracement Level: $125
62% FIB Retracement Level: $87
Ripple’s XRP
Ripple’s XRP fell by 6.51% on Wednesday. Reversing a 0.43% gain from Tuesday, Ripple’s XRP ended the day at $0.25103.
A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.26870 before hitting reverse.
Falling short of the first major resistance level at $0.2738, Ripple’s XRP slid to an early afternoon intraday low $0.24369.
The sell-off saw Ripple’s XRP fall through the first major support level at $0.2609 and the second major support level at $0.2530.
Steering clear of the third major support level at $0.2401, Ripple’s XRP revisited $0.257 levels before falling back through the second major support level.
At the time of writing, Ripple’s XRP was up by 0.98% to $0.25348. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.24749 before rising to a high $0.25349
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 $0.2545 pivot level to bring the first major resistance level at $0.2653 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.26 levels.
Barring an extended crypto rally, the first major resistance and Wednesday’s high $0.2687 would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $0.28 before any pullback. The second major resistance sits at $0.2795.
Failure to move through the $0.2545 pivot would bring the first major support level at $0.2402 into play.
Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.23 levels. The second major support level sits at $0.2295.
Looking at the Technical Indicators
First Major Support Level: $0.2402
Pivot Level: $0.2545
First Major Resistance Level: $0.2653
23.6% FIB Retracement Level: $0.6274
38.2% FIB Retracement Level: $0.5285
62% FIB Retracement Level: $0.3687
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
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