It was another bearish day for the majors on Tuesday. Failure to move through the today's pivot levels would likely deliver heavier losses, however.
Ethereum slid by 7.08% on Tuesday. Following a 10.58% slide on Monday, Ethereum ended the day at $2,765.69.
A choppy start to the day saw Ethereum fall to an early morning low $2,805.00.
Finding support at the first major support level at $2,810, Ethereum rose to a late morning intraday high $3,104.82.
Falling well short of the first major resistance level at $3,245, however, Ethereum slid to a late intraday low $2,651.00.
Ethereum fell through first major support level at $2,810 and the 38.2% FIB of $2,740 before a partial recovery to $2,760 levels.
At the time of writing, Ethereum was up by 0.46% to $2,778.35. A mixed start to the day saw Ethereum fall to an early morning low $2,756.72 before rising to a high $2,791.00.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move through the $2,841 pivot to bring the first major resistance level at $3,030 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $3,000 levels.
Barring an extended crypto rally, the first major resistance level would likely cap the upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at the 23.6% FIB of $3,369 before any pullback. The second major resistance level sits at $3,294.
Failure to move through the $2,841 pivot would bring the 38.2% FIB of $2,740 and the first major support level at $2,576 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,500 levels. The second major support level sits at $2,389.
First Major Support Level: $2,576
Pivot Level: $2,841
First Major Resistance Level: $3,030
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin fell by 5.50% on Tuesday. Following a 10.55% slide on Monday, Litecoin ended the day at $148.52.
After a choppy start to the day, Litecoin rose to a late morning intraday high $162.32 before hitting reverse.
Falling short of the first major resistance level at $171, Litecoin slid to a late intraday low $144.60.
The reversal saw Litecoin fall through the first major support level at $148 before a partial recovery to $148 levels.
At the time of writing, Litecoin was down by 0.16% to $148.28. A mixed start to the day saw Litecoin fall to an early morning low $147.85 before rising to a high $149.35.
Litecoin left the major support and resistance levels untested early on.
Litecoin would need to move through the $152 pivot to bring the first major resistance level at $159 into play.
Support from the broader market would be needed, however, for Litecoin to break out from $155 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $162.32 would likely cap the upside.
In the event of another breakout, Litecoin could test the second major resistance level at $170.
Failure to move through the $152 pivot would bring the first major support level at $141 into play.
Barring another extended sell-off, Litecoin should steer clear of sub-$140. The second major support level sits at $134.
First Major Support Level: $141
Pivot Level: $152
First Major Resistance Level: $159
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP fell by 5.22% on Tuesday. Following a 12.16% tumble on Monday, Ripple’s XRP ended the day at $0.87352.
A bearish start to the day saw Ripple’s XRP fall to an early morning low $0.86287 before making a move.
Steering clear of the 23.6% FIB of $0.8533 and the major support levels, Ripple’s XRP rose to a mid-day intraday high $0.95887.
Falling short of the first major resistance level at $1.0223, Ripple’s XRP slid to a late intraday low $0.85800.
Continuing to steer clear of the 23.6% FIB of $0.8533 and major support levels, however, Ripple’s ended the day at $0.87 levels.
At the time of writing, Ripple’s XRP was up by 0.14% to $0.87471. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.87168 before rising to a high $0.88279.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP would need to move through the $0.8968 pivot to bring the first major resistance level at $0.9356 into play. Support would be needed, however, for Ripple’s XRP to move back through to $0.90 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.95887 would likely cap the upside.
In the event of a broad-based crypto rally, Ripple’s XRP could test the second major resistance level at $0.9977.
Failure to move through $0.8968 pivot would bring the 23.6% FIB of $0.8533 and the first major support level at $0.8347 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level sits at $0.7959.
First Major Support Level: $0.8347
Pivot Level: $0.8968
First Major resistance Level: $0.9356
23.6% FIB Retracement Level: $0.8533
38.2% FIB Retracement Level: $1.0659
62% FIB Retracement Level: $1.4096
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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.