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Ethereum
Ethereum slipped 4.22% on Wednesday. Reversing a 3.22% gain from Tuesday, Ethereum ended the day at $ 388.63.
It was a bullish start to the day. Ethereum rose to a morning intraday high of $ 409.52 before reversing.
Failing to reach the first major resistance level at $ 414.89, Ethereum plunged to an afternoon intraday low $ 380.50.
Ethereum broke through the first major support level at $ 393.47 and the second major support level at $ 381.20.
Avoiding above $ 380, Ethereum broke through the second major support level to end the day at $ 388.
At the time of writing, Ethereum was down by 0.01% to $ 388.61. A mixed start to the day saw Ethereum rise to a morning high $ 389.05 before falling to a low $ 388.02.
Ethereum left the major support and resistance levels untested in the beginning.
For the day ahead
Ethereum is expected to break out of the $ 392.88 pivot to support a run at the first major resistance level at $ 405.27.
However, broader market support would be needed for Ethereum to return to $ 400 levels.
Barring an extended cryptocurrency rally, the first major resistance level and Wednesday’s high $ 409.52 would likely limit any upside.
In the event of a breakout, Ethereum could test the resistance at $ 415 before any pullback. The second major resistance level is found at $ 421.90.
Failure to break out of the pivot of $ 392.88 would bring the first major support level at $ 376.25 into play.
Barring another extended sell-off, however, Ethereum is expected to avoid the 38.2% FIB of $ 367. The second major support level stands at $ 363.86.
Looking at the technical indicators
First major support level: $ 376.25
Pivot Level: $ 392.88
First major resistance level: $ 405.27
23.6% FIB Retracement Level: $ 257
38.2% FIB Retracement Level: $ 367
62% FIB Retracement Level: $ 543
Litecoin
Litecoin fell 4.02% on Wednesday. Reversing a 2.20% gain from Tuesday, Litecoin ended the day at $ 55.84.
It was a bullish start to the day. Litecoin hit a morning intraday high at $ 60.90 before reversing.
The initial rally saw Litecoin break through the first major resistance level at $ 59.32 and the second major resistance level at $ 60.50.
Meeting resistance at $ 61, however, Litecoin slipped to an intraday low at $ 54.71.
The sell-off saw Litecoin fall through the first major support level at $ 56.73 and the second major support level at $ 55.33.
Finding late support, however, Litecoin broke through the second major support level to end the day at $ 55.6.
At the time of writing, Litecoin was up 0.04% to $ 55.86. A mixed start to the day saw Litecoin drop to a morning low $ 55.74 before climbing to a high of $ 55.89.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin is expected to break out of the $ 57.15 pivot to support a run at the first major resistance level at $ 59.59.
However, support from the broader market would be needed for Litecoin to return to $ 59 levels.
Barring an extended cryptocurrency rally, the first major resistance level would likely limit any upside.
In the event of a breakout, Litecoin would likely test resistance at $ 60 before any pullback. The second major resistance level is found at $ 63.34.
Failure to move to the pivot level of $ 57.15 would bring the 23.6% FIB of $ 54 and the first major support level at $ 53.40 into play.
Barring another extended sell-off later in the day, however, Litecoin should avoid the sub $ 50 levels. The second major support level at $ 50.96 should limit any downside.
Looking at the technical indicators
First major support level: $ 53.40
Pivot Level: $ 57.15
First major resistance level: $ 59.59
23.6% FIB Retracement Level: $ 45.30
38.2% FIB Retracement Level: $ 71
62% FIB Retracement Level: $ 100
Ripple’s XRP
Ripple’s XRP fell 2.84% on Wednesday. Reversing a 1.72% gain since Tuesday, Ripple’s XRP ended the day at $ 0.24559.
Following the broader market, Ripple’s XRP climbed to a morning intraday high $ 0.25676 before reversing.
Ripple’s XRP broke through the first major resistance level at $ 0.2553 before sliding to an intraday low $ 0.24448.
Ripple’s XRP broke through the first major support level at $ 0.2491 and the second major support level at $ 0.2454.
Finding late support, a return to the second major support level reduced the deficit for the day.
At the time of writing, Ripple’s XRP was down 0.37% to $ 0.24467. A bearish start to the day saw Ripple’s XRP fall from a morning high of $ 0.24557 to a low of $ 0.24466.
Ripple’s XRP left major support and resistance levels untested at the start.
For the day ahead
Ripple’s XRP will need to break above the pivot of $ 0.2489 to support a run at the first major resistance level at $ 0.2534.
However, broader market support would be required for Ripple’s XRP to return to $ 0.25 levels.
Barring an extended cryptocurrency rally, the first major resistance level would likely limit any upside.
In the event of a sustained rally, Ripple’s XRP could test the resistance at $ 0.26 before any pullback. The second major resistance level is found at $ 0.2612.
Failure to break out of the pivot of $ 0.2489 would bring the first major support level at $ 0.2411 into play.
Barring another extended cryptocurrency sell-off, Ripple’s XRP should avoid the second major support level at $ 0.2367.
Looking at the technical indicators
First major support level: $ 0.2411
Pivot Level: $ 0.2489
First major resistance level: $ 0.2534
23.6% FIB Retracement Level: $ 0.3638
38.2% FIB Retracement Level: $ 0.4800
62% FIB Retracement Level: $ 0.6678
Let us know what you think in the comments below.
Thanks, Bob
This article was originally published on FX Empire
