Ethereum
Ethereum slid by 5.19% on Wednesday. Following on from a 0.79% decline on Tuesday, Ethereum ended the day at $1,581.79.
A bullish start to the day saw Ethereum rise to a mid-day intraday high $1,740.91 before hitting reverse.
Ethereum broke through the first major resistance level at $1,711 before sliding to a late intraday low $1,550.0.
The extended sell-off saw Ethereum fall through the first major support level at $1,639 and the second major support level at $1,610.
More significantly, Ethereum also fell through the 23.6% FIB of $1,579.
Finding late support, Ethereum broke back through the 23.6% FIB to end the day at $1,581 levels.
At the time of writing, Ethereum was up by 0.37% to $1,587.67. A mixed start to the day saw Ethereum fall to an early morning low $1,572.00 before rising to a high $1,588.93.
While leaving the major support and resistance levels untested early on, Ethereum fell through the 23.6% FIB of $1,579 before finding support.
For the day ahead
Ethereum would need to move through the pivot level at $1,624 to support a run at the first major resistance level at $1,699.
Support from the broader market would be needed, however, for Ethereum to break out from to $1,650 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $1,740.91 would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $1,800 before any pullback. The second major resistance level sits at $1,815.
Failure to move through the $1,624 pivot would bring the 23.6% FIB of $1,579 and the first major support level at $1,508 into play.
Barring another extended sell-off, however, Ethereum should steer clear of $1,450 levels. The second major support level sits at $1,433.
Looking at the Technical Indicators
First Major Support Level: $1,508
Pivot Level: $1,624
First Major Resistance Level: $1,699
23.6% FIB Retracement Level: $1,579
38.2% FIB Retracement Level: $1,292
62% FIB Retracement Level: $830
Litecoin
Litecoin slid by 5.33% on Wednesday. Following a 0.06% gain on Tuesday, Litecoin ended the day at $175.95.
A bullish start to the day saw Litecoin rise to an early afternoon intraday high $197.00 before hitting reverse.
Litecoin broke through the first major resistance level at $190 and the second major resistance level at $194.
More significantly, Litecoin also broke through the 23.6% FIB of $195 before sliding to a late intraday low $172.40.
The sell-off saw Litecoin fall back through the resistance levels and the 23.6% FIB.
Litecoin also fell through the first major support level at $181 and the second major support level at $177.
Finding late support, Litecoin revisited $178 levels before falling back through the second major support level.
At the time of writing, Litecoin was up by 0.09% to $176.10. A mixed start to the day saw Litecoin fall to an early morning low $174.92 before rising to a high $177.02.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $182 pivot level to support a run at the first major resistance level at $191 and the 23.6% FIB of $195.
Support from the broader market would be needed, however, for Litecoin to break back through to $190 levels.
Barring an extended crypto rally, the first major resistance level and 23.6% FIB would likely cap any upside.
In the event of an extended rally, Litecoin could test resistance at $200 before any pullback. The second major resistance level sits at $206.
Failure to move through the $182 pivot level would bring the first major support level at $167 into play.
Barring another extended sell-off, Litecoin should steer clear of the second major support level at $157.
The 38.2% FIB of $163 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $167
Pivot Level: $182
First Major Resistance Level: $191
23.6% FIB Retracement Level: $195
38.2% FIB Retracement Level: $163
62% FIB Retracement Level: $110
Ripple’s XRP
Ripple’s XRP tumbled by 12.77% on Wednesday. Following a modest 0.52% gain on Tuesday, Ripple’s XRP ended the day at $0.47929.
A bullish start saw Ripple’s XRP rally to an early afternoon intraday high $0.56260 before hitting reverse.
Falling short of the first major resistance level at $0.5843, Ripple’s XRP slid to a late intraday low $0.45319.
Ripple’s XRP fell through the first major support level at $0.5266 and the second major support level at $0.5036.
More significantly, Ripple’s XRP also fell through the 23.6% FIB of $0.5320 and the 38.2% FIB of $0.4632.
Finding late support, Ripple’s XRP moved back through 38.2% FIB to end the day at $0.47 levels.
At the time of writing, Ripple’s XRP was up by 0.61% to $0.48223. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.47481 before rising to a high $0.48611.
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 $0.4984 pivot level to bring 23.6% FIB of $0.5320 and the first major resistance level at $0.5435 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.50 levels.
Barring an extended crypto rally, the 23.6% FIB and first major resistance level would cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at Wednesday’s high $0.5626 before any pullback. The second major resistance level sits at $0.6078.
Failure to move through the $0.4984 pivot would bring the 38.2% FIB of $0.4632 and the first major support level at $0.4341 into play.
Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.40 levels. The second major support level sits at $0.3890.
Looking at the Technical Indicators
First Major Support Level: $0.4341
Pivot Level: $0.4984
First Major resistance Level: $0.5435
23.6% FIB Retracement Level: $0.5320
38.2% FIB Retracement Level: $0.4632
62% FIB Retracement Level: $0.3521
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
