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For the day ahead
Ethereum should avoid levels below $ 247 to support a run at the first major resistance level at $ 251.68.
However, support from the broader market would be needed for Ethereum to break out of Wednesday’s high $ 250.56.
Barring a sustained rally in cryptocurrencies, the first major resistance level at $ 251.68 and Wednesday’s high should limit any upside.
Failure to avoid levels below $ 247 could see Ethereum give up on Wednesday’s gain.
A downside through the $ 246.90 pivot would bring the first major support level at $ 243.25 into play.
Barring another extended cryptocurrency sell-off, however, Ethereum should avoid below $ 240 and the second major support level at $ 238.37.
Looking at the technical indicators
Main Support Level: $ 243.25
Major Resistance Level: $ 251.68
23.6% FIB Retracement Level: $ 257
38.2% FIB Retracement Level: $ 367
62% FIB Retracement Level: $ 543
Ripple’s XRP
Ripple’s XRP was up 0.91% on Wednesday. Partially reversing Tuesday’s 1.49% decline, Ripple’s XRP ended the day at $ 0.20302.
A relatively bullish start to the day saw Ripple’s XRP rise to a morning high $ 0.20274 before easing back.
Failing to hit the first major resistance level at $ 0.2045, Ripple’s XRP dipped to $ 0/2011 levels before making a move.
In the late afternoon, Ripple’s XRP rose to an intraday high $ 0.20389 before sliding to an intraday low $ 0.19973.
Avoiding major support and resistance levels, Ripple’s XRP rallied to $ 0.2030 to end the day positively.
At the time of writing, Ripple’s XRP was up by 0.09% to $ 0.20321. A mixed start to the day saw Ripple’s XRP drop to a morning low $ 0.20311 before climbing to a high $ 0.20321.
Ripple’s XRP left major support and resistance levels untested at the start.
