Following a bearish Wednesday, failure to revisit Wednesday's highs would put further downward pressure on the majors.
Ethereum fell by 1.63% on Wednesday. Partially reversing a 6.17% slide from Tuesday, Ethereum ended the day at $4,271
A mixed start to the day saw Ethereum rise to an early morning intraday high $4,360 before hitting reverse.
Falling short of the first major resistance level at $4,467, Ethereum slid to an early afternoon intraday low $4,169.
Steering clear of the first major support level at $4,139, however, Ethereum revisited $4,280 levels before easing back.
At the time of writing, Ethereum was down by 0.03% to $4,270. A mixed start to the day saw Ethereum rise to an early morning high $4,288 before falling to a low $4,269.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to avoid the $4,267 pivot to bring the first major resistance level at $4,364 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $4,300 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $4,360 would likely cap the upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at $4,500 levels before any pullback. The second major resistance level sits at $4,457.
A fall through the $4,267 pivot would bring the first major support level at $4,173 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$4,000 levels. The second major support level at $4,076 should limit the downside.
First Major Support Level: $4,173
Pivot Level: $4,267
First Major Resistance Level: $4,364
23.6% FIB Retracement Level: $3,738
38.2% FIB Retracement Level: $3,039
62% FIB Retracement Level: $1,909
Litecoin fell by 1.88% on Wednesday. Partially reversing a 3.44% gain from Tuesday, Litecoin ended the day at $212.2.
Tracking the broader market, Litecoin rose to an early morning intraday high $216.7 before hitting reverse.
Falling short of the first major resistance level at $222, however, Litecoin slid to an early afternoon intraday low $206.0.
Litecoin fell through the first major support level at $208 before a partial recovery to end the day at $212 levels.
At the time of writing, Litecoin was down by 0.20% to $211.8. A mixed start to the day saw Litecoin rise to an early morning high $212.9 before falling to a low $211.6.
Litecoin left the major support and resistance levels untested early on.
Litecoin would need to move back through the $212 pivot to bring the first major resistance level at $217 into play.
Support from the broader market would be needed, however, for Litecoin to break out from $215 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $217 would likely cap the upside.
In the event of an extended rally, Litecoin could test resistance at the 38.2% FIB of $223. The second major resistance level sits at $222.
Failure to move back through the $212 pivot would bring the first major support level at $207 into play.
Barring another extended sell-off, Litecoin should steer clear of sub-$200 levels. The second major support level at $201 should limit the downside.
First Major Support Level: $207
Pivot Level: $212
First Major Resistance Level: $217
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP slid by 3.19% on Wednesday. Reversing a 2.84% gain from Tuesday, Ripple’s XRP ended the day at $1.0340.
A choppy start to the day saw Ripple’s XRP rise to an early morning intraday high $1.0741 before hitting reverse.
Falling short of the first major resistance level at $1.0855, Ripple’s XRP fell through the 38.2% FIB of $1.0659 to an early afternoon intraday low $1.0077.
The extended sell-off also saw Ripple’s XRP fall through the first major support level at $1.0344. Steering clear of the second major support level at $1.0021, however, Ripple’s XRP revisited $1.034 levels before easing back.
At the time of writing, Ripple’s XRP was down by 0.18% to $1.0321. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.0339 before falling to a low $1.0312.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP would need to move through the $1.0386 pivot to bring the 38.2% FIB of $1.0659 and the first major resistance level at $1.0695 into play.
Support would be needed, however, for Ripple’s XRP to break out from $1.05 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $1.0741 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 $1.1050.
Failure to move through the $1.0386 pivot would bring first major support level at $1.0031 into play.
Barring another extended sell-off, however, Ripple’s XRP should avoid sub-$0.98 levels. The second major support level sits at $0.9722.
First Major Support Level: $1.0031
Pivot Level: $1.0386
First Major resistance Level: $1.0695
23.6% FIB Retracement Level: $0.8533
38.2% FIB Retracement Level: $1.0659
62% FIB Retracement Level: $1.4096
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.