It's a mixed start to the day for the majors. Steering clear of the day's pivot levels would support a run at the resistance levels, however.
Ethereum rose by 5.76% on Wednesday. Following on from a 7.57% rally on Tuesday, Ethereum ended the day at $2,432.54.
A mixed start to the day saw Ethereum fall to an early morning intraday low $2,283.26 before making a move.
Steering clear of the first major support level at $2,185, Ethereum surged to a final hour intraday high and a new swing hi $2,446.91.
Ethereum broke through the first major resistance level at $2,366 and the second major resistance level at $2,432 before easing back.
While easing back, Ethereum managed to find support at the second major resistance level at $2,432.
At the time of writing, Ethereum was up by 0.35% to $2,440.98. A bullish start to the day saw Ethereum rise from an early morning low $2,432.12 to a new swing hi $2,449.99.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to avoid a fall through the pivot level at $2,388 to support a run at the first major resistance level at $2,492.
Support from the broader market would be needed, however, for Ethereum to break out from this morning’s new swing hi $2,449.99.
Barring an extended crypto rally, the first major resistance level and resistance at $2,500 would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $2,600 before any pullback. The second major resistance level sits at $2,551.
Failure to avoid a fall through the $2,388 pivot would bring the first major support level at $2,328 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$2,200 levels. The second major support level at $2,224 should limit the downside.
First Major Support Level: $2,328
Pivot Level: $2,388
First Major Resistance Level: $2,492
23.6% FIB Retracement Level: $1,889
38.2% FIB Retracement Level: $1,543
62% FIB Retracement Level: $985
Litecoin rose by 4.14% on Wednesday. Following on from a 9.56% rally on Tuesday, Litecoin ended the day at $278.85.
A bullish start to the day saw Litecoin rise to an early morning intraday high and a new swing hi $283.2 before hitting reverse.
Litecoin broke through the first major resistance level at $279 before falling to an early afternoon intraday low $255.0.
Steering clear of the first major support level at $250, Litecoin briefly broke back through the first major resistance level before falling back to sub-$279 levels.
At the time of writing, Litecoin was up by 0.25% to $279.54. A bullish start to the day saw Litecoin rise from an early morning low $278.75 to a high $282.80.
Litecoin left the major support and resistance levels untested early on.
Litecoin would need to avoid a fall through the $273 pivot level to support a run at the first major resistance level at $289.
Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s swing hi $283.20.
Barring an extended crypto rally, the first major resistance level and resistance at $290 would likely cap any upside.
In the event of an extended rally, Litecoin could test the second major resistance level at $300.
Failure to avoid a fall through the $273 pivot level would bring the first major support level at $262 into play.
Barring an extended sell-off, Litecoin should steer well clear of the second major support level at $245.
First Major Support Level: $262
Pivot Level: $273
First Major Resistance Level: $289
23.6% FIB Retracement Level: $222
38.2% FIB Retracement Level: $185
62% FIB Retracement Level: $124
Ripple’s XRP rose by 2.30% on Wednesday. Following on from a 22.24% jump on Tuesday, Ripple’s XRP ended the day at $1.83817.
A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high and a new swing hi $1.96598 before hitting reverse.
Falling short of the first major resistance level at $1.9839, Ripple’s XRP slid to an early afternoon intraday low $1.5454.
Steering clear of the first major support level at $1.5132, Ripple’s XRP recovered to end the day at $1.83 levels.
At the time of writing, Ripple’s XRP was down by 0.84% to $1.82281. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.88353 before falling to a low $1.82230.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to avoid a fall through the $1.7832 pivot level to bring the first major resistance level at $2.0210 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s new swing hi $1.96598.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $2.20 levels before any pullback. The second major resistance level sits at $2.2038.
Failure to avoid a fall through the $1.7832 pivot would bring the first major support level at $1.6004 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear the second major support level at $1.3626. The 23.6% FIB of $1.5426 should limit any downside.
First Major Support Level: $1.6004
Pivot Level: $1.7832
First Major resistance Level: $2.0210
23.6% FIB Retracement Level: $1.5426
38.2% FIB Retracement Level: $1.2807
62% FIB Retracement Level: $0.8573
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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.