It's a bearish start to the day for the majors. Failure to move through early highs would bring support levels into play.
Ethereum rose by 5.9% on Tuesday. Following on from a 6.32% rally on Monday, Ethereum ended the day at $1,103.73.
Another mixed start to the day saw Ethereum rise to an early morning intraday high $1,136.93 before hitting reverse.
Falling short of the first major resistance level at $1,178.80, Ethereum slid to a mid-morning intraday low $975.00.
Steering clear of the first major support level at $896.14, Ethereum bounced back to $1,100 levels late in the day.
At the time of writing, Ethereum was down by 1.70% to 1,082.83. A mixed start to the day saw Ethereum rise to an early morning high $1,114.24 before falling to a low $1,066.62.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to avoid a fall back through the pivot level at $1,071.89 to support a run at the first major resistance level at $1,168.80.
Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $1,136.93.
Barring an extended crypto rally, the first major resistance level and resistance at $1,150 would likely cap any upside.
In the event of another extended crypto rally, Ethereum could test resistance at $1,300 before any pullback. The second major resistance level sits at $1,233.82.
Failure to avoid a fall back through the $1,071.89 pivot would bring the first major support level at $1,006.84 into play.
Barring an extended sell-off, however, Ethereum should continue to steer clear sub-$950 levels. The second major support level sits at $909.96.
First Major Support Level: $1,006.84
Pivot Level: $1,071.89
First Major Resistance Level: $1,168.77
23.6% FIB Retracement Level: $912
38.2% FIB Retracement Level: $753
62% FIB Retracement Level: $496
Litecoin rose by 2.28% on Tuesday. Partially reversing a 3.72% fall from Monday, Litecoin ended the day at $159.03.
A mixed start to the day saw Litecoin rise to an early morning high $160.00 before hitting reverse.
Falling short of the first major resistance level at $173.29, Litecoin slid to a mid-morning intraday low $146.62.
Steering clear of the first major support level at $138.79, however, rallied to a late intraday high $163.36 before easing back.
At the time of writing, Litecoin was down by 1.33% to $156.91. A mixed start to the day saw Litecoin rise to an early morning high $160.51 before falling to a low $155.44.
Litecoin left the major support and resistance levels untested early on.
Litecoin would need to avoid a fall back through the $156.34 pivot level to support a run at the first major resistance level at $166.05.
Support from the broader market would be needed, however, for Litecoin to break out from Tuesday’s high $163.36.
Barring an extended crypto rally, the first major resistance level and resistance at $170 would likely cap any upside.
In the event of another extended breakout, Litecoin could test resistance at $180 before any pullback. The second major resistance level sits at $173.08.
Failure to avoid a fall back through the $156.34 pivot level would bring the first major support level at $149.31 into play.
Barring an extended sell-off, Litecoin should steer clear of sub-$140 levels and the second major support level at $139.60.
First Major Support Level: $149.31
Pivot Level: $156.34
First Major Resistance Level: $166.05
23.6% FIB Retracement Level: $139
38.2% FIB Retracement Level: $117
62% FIB Retracement Level: $82
Ripple’s XRP slid by 4.09% on Tuesday. Reversing a 4.54% gain from Monday, Ripple’s XRP ended the day at $0.22635.
Recovering from a mid-morning low $0.22551, Ripple’s XRP rallied to a late morning intraday high $0.24298 before hitting reverse.
Falling short of the first major resistance level at $0.2646. Ripple’s XRP slid to an early afternoon intraday low $0.21800.
Steering clear of the first major support level at $0.2109, Ripple’s XRP revisited $0.23 levels before falling back to $0.226 levels.
At the time of writing, Ripple’s XRP was down by 1.39% to $0.22321. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.22662 before falling to a low $0.22200.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to move through the $0.2291 pivot level to bring the first major resistance level at $0.2402 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.24 levels.
Barring another extended crypto rally, the first major resistance and Tuesday’s high $0.24298 would likely cap any upside.
In the event of another extended rally, Ripple’s XRP could test resistance at $0.26 before any pullback. The second major resistance sits at $0.2541.
Failure to move through the $0.2291 pivot would bring the first major support level at $0.2152 into play.
Barring an extended crypto sell-off, Ripple’s XRP should continue to avoid sub-$0.21 levels. The second major support level sits at $0.2041.
First Major Support Level: $0.2152
Pivot Level: $0.2291
First Major Resistance Level: $0.2402
23.6% FIB Retracement Level: $0.6274
38.2% FIB Retracement Level: $0.5285
62% FIB Retracement Level: $0.3687
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Thanks, Bob
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.