It's a bearish start to the day for the majors. Failure to revisit early highs would leave support levels in play.
Ethereum fell by 3.35% on Sunday. Following on from a 4.45% decline on Saturday, Ethereum ended the week up by 4.23% to $2,241.45.
A mixed start to the day saw Ethereum rise to an early morning intraday high $2,341.00 before hitting reverse.
Falling short of the first major resistance level at $2,439, Ethereum slid to an early morning intraday low $2,000.00.
The extended sell-off saw Ethereum fall through the first major support level at $2,258 and the second major support level at $2,197.
Finding support at the third major support level at $2,016, Ethereum bounced back to end the day at $2,200 levels.
The partial recovery saw Ethereum break back through the second major support level at $2,197.
At the time of writing, Ethereum was down by 0.60% to $2,228.01. A mixed start to the day saw Ethereum rise to an early morning high $2,254.00 before falling to a low $2,205.01.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to avoid a fall through the pivot level at $2,194 to support a run at the first major resistance level at $2,388.
Support from the broader market would be needed, however, for Ethereum to break back through to $2,300 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $2,341.00 would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $2,500 before any pullback. The second major resistance level sits at $2,535.
Failure to avoid a fall through the $2,194 pivot would bring the first major support level at $2,047 into play.
Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $1,853. The 23.6% FIB of $1,966 should limit the downside.
First Major Support Level: $2,047
Pivot Level: $2,194
First Major Resistance Level: $2,388
23.6% FIB Retracement Level: $1,976
38.2% FIB Retracement Level: $1,606
62% FIB Retracement Level: $1,023
Litecoin slid by 8.92% on Sunday. Following on from a 2.51% fall from Saturday, Litecoin ended the week up by 8.68% to $274.20.
A mixed start to the day saw Litecoin rise to an early morning high $305.33 before hitting reverse.
Falling short of the first major resistance level at $325, Litecoin slid to an early morning intraday low $241.09.
The sell-off saw Litecoin fall through the first major support level at $287 and the second major support level at $273.
More significantly, Litecoin also tumbled through the 23.6% FIB of $262.
Finding late morning support, Litecoin moved back through the 23.6% FIB and the second major support level to end the day at $274 levels.
At the time of writing, Litecoin was down by 1.12% to $271.13. A mixed start to the day saw Litecoin rise to an early morning high $275.62 before falling to a low $267.69.
Litecoin left the major support and resistance levels untested early on.
Litecoin would need to move back the $274 pivot level to support a run at the first major resistance level at $306.
Support from the broader market would be needed, however, for Litecoin to break back through to $300 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $305.33 would likely cap any upside.
In the event of a bounce back, Litecoin could test resistance at $320 before any pullback. The second major resistance level sits at $338.
Failure to move back through the $274 pivot level would bring the 23.6% FIB of $262 and the first major support level at $242 into play.
Barring an extended sell-off, Litecoin should steer clear of the the second major support level at $209. The 38.2% FIB of $217 should limit the downside.
First Major Support Level: $242
Pivot Level: $274
First Major Resistance Level: $306
23.6% FIB Retracement Level: $250
38.2% FIB Retracement Level: $207
62% FIB Retracement Level: $138
Ripple’s XRP slid by 8.28% on Sunday. Following a 0.62% decline from Saturday, Ripple’s XRP ended the week up by 4.67% to $1.41371.
A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.56714 before hitting reverse.
Falling short of the first major resistance level at $1.6802, Ripple’s XRP slid to an early morning intraday low $1.15000.
Ripple’s XRP slid through the day’s major support levels before finding support.
More significantly, Ripple’s XRP also fell through the 23.6% FIB of $1.5426 and the 38.2% FIB of $1.2807.
Steering clear of sub-$1.00 levels, Ripple’s XRP bounced back to end the day at $1.41 levels.
The partial recovery had seen Ripple’s XRP break back through the third major support level at $1.1848 and the second major support level at $1.3960.
Ripple’s XRP also broke back through the 38.2% FIB of $1.2807.
At the time of writing, Ripple’s XRP was down by 2.29% to $1.38138. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.43776 before falling to a low $1.36000.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to avoid a fall back through the $1.3770 pivot level to bring the first major resistance level at $1.6039 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through the 23.6% FIB of $1.5426.
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 $1.80 levels before any pullback. The second major resistance level sits at $1.7941.
Failure to avoid a fall back through the $1.3770 pivot would bring the 38.2% FIB of $1.2807 and the first major support level at $1.1868 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.00 levels. The second major support level sits at $0.9598.
First Major Support Level: $1.1868
Pivot Level: $1.3770
First Major resistance Level: $1.6039
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.