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Ethereum
Ethereum fell 0.79% on Wednesday. Partially reversing Tuesday’s 4.73% rally, Ethereum ended the day at $ 478.96.
It was a bullish start to the day. Ethereum hit a morning intraday high $ 495.68 before reversing.
Ethereum broke through the first major resistance level at $ 491.77 before sliding to a mid-morning intraday low $ 456.5.
The sell-off saw Ethereum fall through the first major support level at $ 466.82 to below $ 460 before finding support.
Ethereum briefly revisited $ 482 levels before returning to the red. However, late support limited the day’s downside.
At the time of writing, Ethereum was down 0.51% to $ 476.53. A mixed start to the day saw Ethereum rise to a morning high $ 480.88 before falling to a low $ 474.27.
Ethereum left the major support and resistance levels untested in the beginning.
For the day ahead
Ethereum is expected to return to the pivot level of $ 477.05 to support a run at the first major resistance level at $ 497.59.
However, support from the broader market would be needed for Ethereum to return to the $ 490 levels.
Barring an extended cryptocurrency rally, the first major resistance level and high of $ 495.68 on Wednesday could limit any upside.
In the event of another breakout, Ethereum could test resistance at $ 510 before any pullback. The second major resistance level is found at $ 516.23.
Failure to return to the pivot of $ 477.05 would bring the first major support level at $ 458.41 into play.
Barring another extended sell-off, however, Ethereum should avoid levels below $ 450. The second major support level is at $ 437.87.
Looking at the technical indicators
First major support level: $ 458.41
Pivot Level: $ 477.05
First major resistance level: $ 497.59
23.6% FIB Retracement Level: $ 257
38.2% FIB Retracement Level: $ 367
62% FIB Retracement Level: $ 543
Litecoin
Litecoin fell 3.78% on Wednesday. Reversing a 3.51% rally since Tuesday, Litecoin ended the day at $ 73.48.
It was a bearish start to the day. Litecoin slipped from a morning intraday high $ 77.17 to a morning intraday low $ 68.34.
The sell-off saw Litecoin fall through the first major support level at $ 72.91 and the second major support level at $ 69.42. More significantly, Litecoin also fell 38.2% FIB of $ 71.00.
Finding late support, however, Litecoin briefly revisited $ 74 levels before ending the day at $ 73.
The late recovery saw Litecoin break support levels and 38.2% FIB.
At the time of writing, Litecoin was up 0.38% to $ 73.76. A mixed start to the day saw Litecoin drop to a morning low $ 72.87 before climbing to a high of $ 73.99.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin should avoid a fall through the $ 73.00 pivot to support a run at the first major resistance level at $ 77.66.
However, support from the broader market would be needed for Litecoin to break out of Wednesday’s high of $ 77.18.
Barring another extended cryptocurrency rally, the first major resistance level would likely limit any upside.
In the event of another sustained breakout, Litecoin would likely test resistance at $ 80 before any pullback. The second major resistance level is found at $ 81.84.
Failure to avoid a fall through the pivot level of $ 73.00 would bring into play the 38.2% FIB of $ 71 and the first major support level at $ 68.82.
Barring another extended sell-off later in the day, however, Litecoin should avoid exceeding $ 68. The second major support level is at $ 64.16.
Looking at the technical indicators
First major support level: $ 68.82
Pivot Level: $ 73.00
First major resistance level: $ 77.66
23.6% FIB Retracement Level: $ 45.30
38.2% FIB Retracement Level: $ 71
62% FIB Retracement Level: $ 100
Ripple’s XRP
Ripple’s XRP slid 3.01% on Wednesday. Partially reversing a 5.08% gain from Tuesday, Ripple’s XRP ended the day at $ 0.29366.
It was a mixed start to the day. Ripple’s XRP rose to a morning intraday high $ 0.30820 before reversing.
Failing to hit the first major resistance level at $ 0.3096, Ripple’s XRP slid to a mid-morning intraday low $ 0.28049.
Ripple’s XRP fell through the first major support level at $ 0.2918 before a late recovery to $ 0.29.
On the back of the late support, Ripple’s XRP broke through the first major support level at $ 0.2918.
At the time of writing, Ripple’s XRP was down by 0.61% to $ 0.29186. A mixed start to the day saw Ripple’s XRP rise to a morning high $ 0.29431 before falling to a low $ 0.29007.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to return to the pivot level of $ 0.2941 to support a run at the first major resistance level at $ 0.3077.
However, broader market support would be needed for Ripple’s XRP to return to $ 0.30 levels.
Barring an extended cryptocurrency rally, Wednesday’s first major resistance level, the high of $ 0.30820, would likely limit any upside.
In the event of a sustained rally, Ripple’s XRP could test the resistance at $ 0.31 before any pullback. The second major resistance level is found at $ 0.3218.
Failure to return to the pivot of $ 0.2941 would bring the first major support level at $ 0.2800 into play.
Barring another extended cryptocurrency sale, Ripple’s XRP should avoid levels below $ 0.27. The second major support level is at $ 0.2664.
Looking at the technical indicators
First major support level: $ 0.2800
Pivot Level: $ 0.2941
First major resistance level: $ 0.3077
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
