Ethereum
Ethereum slid by 7.06% on Wednesday. Reversing a 0.26% gain from Tuesday, Ethereum ended the day at $1,964.23.
A bullish start to the day saw Ethereum rise to an early morning intraday high $2,128.99 before hitting reverse.
Falling short of the first major resistance level at $2,161, Ethereum fell to a mid-day intraday low $1,929.69.
The sell-off saw Ethereum fall through the first major support level at $2,056 and the second major support level at $1,998.
A choppy 2nd half of the day saw Ethereum revisit $2,000 levels and fall back through the first and second major support levels.
Late in the day, Ethereum revisited $2,000 levels for a 2nd time before falling back through the second major support level.
At the time of writing, Ethereum was down by 0.21% to $1,960.07. A mixed start to the day saw Ethereum rise to an early morning high $1,971.01 before falling to a low $1,949.34.
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 $2,008 to support a run at the first major resistance level at $2,086.
Support from the broader market would be needed, however, for Ethereum to break back through to $2,050 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $2,200 before any pullback. The second major resistance level sits at $2,207.
Failure to move through the $2,008 pivot would bring the first major support level at $1,886 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,808.
Looking at the Technical Indicators
First Major Support Level: $1,886
Pivot Level: $2,008
First Major Resistance Level: $2,086
23.6% FIB Retracement Level: $1,662
38.2% FIB Retracement Level: $1,360
62% FIB Retracement Level: $872
Litecoin
Litecoin slid by 7.68% on Wednesday. Reversing a 7.08% rally from Tuesday, Litecoin ended the day at $219.33.
A mixed start to the day saw Litecoin rise to an early morning high $242.96 before hitting reverse.
Falling short of the first major resistance level at $250, Litecoin slid to late morning intraday low $211.00.
Litecoin fell through the first major support level at $219 before briefly revisiting $226 levels.
A 2nd sell-off saw Litecoin briefly fall back through the first major support level before wrapping up the day at $219 levels.
At the time of writing, Litecoin was up by 0.21% to $219.78. A mixed start to the day saw Litecoin fall to an early morning low $217.70 before rising to a high $219.92.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $224 pivot level to support a run at the first major resistance level at $238.
Support from the broader market would be needed, however, for Litecoin to break back through to $230 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $242.96 would likely cap any upside.
In the event of an extended rally, Litecoin could test resistance at $250 before any pullback. The second major resistance level sits at $256.
Failure to move through the $224 pivot level would bring the first major support level at $206 into play.
Barring another extended sell-off, Litecoin should steer clear of the 23.6% FIB of $195. The second major support level sits at $193.
Looking at the Technical Indicators
First Major Support Level: $206
Pivot Level: $224
First Major Resistance Level: $238
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 16.64% on Wednesday. Partially reversing Tuesday’s 19.75% breakout, Ripple’s XRP ended the day at $0.91441.
A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.11142 before hitting reverse.
Falling short of the first major resistance level at $1.2093, Ripple’s XRP slid to a mid-day intraday low $0.85518.
The extended sell-off saw Ripple’s XRP fall through the 23.6% FIB of $0.8960 and the first major support level at $0.8951.
Steering clear of sub-$0.80 levels, Ripple’s XRP revisited $0.97 levels before ending the day at sub-$0.92 levels.
The 23.6% FIB of $0.8960 delivered support late in the day.
At the time of writing, Ripple’s XRP was down by 0.16% to $0.91297. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.92533 before falling to a low $0.90563.
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 $0.9603 pivot level to bring the first major resistance level at $1.0655 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.00 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $1.11142 would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $1.20 levels before any pullback. The second major resistance level sits at $1.2166.
Failure to move through the $0.9603 pivot would bring the 23.6% FIB of $0.8960 and the first major resistance level at $0.8093 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of the 38.2% FIB of $0.7577. The second major support level sits at $0.7041.
Looking at the Technical Indicators
First Major Support Level: $0.8093
Pivot Level: $0.9603
First Major resistance Level: $1.0655
23.6% FIB Retracement Level: $0.8960
38.2% FIB Retracement Level: $0.7577
62% FIB Retracement Level: $0.5340
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
