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Ethereum
Ethereum rallied by 2.86% on Wednesday. After a 1.36% gain on Tuesday, Ethereum ended the day at $ 463.79.
It was a mixed start to the day. Ethereum fell to a morning intraday low $ 449.95 before making a move.
Avoiding the first major support level at $ 441.66, Ethereum hit a late afternoon intraday high $ 476.80.
Ethereum broke through the first major resistance level at $ 457.81 and the second major resistance level at $ 464.74.
A late withdrawal, however, saw Ethereum fall back through the second major resistance level to end the day at $ 463.
At the time of writing, Ethereum was down by 0.47% to $ 461.59. A mixed start to the day saw Ethereum rise to a morning high $ 464.82 before falling to a low $ 460.03.
Ethereum left the major support and resistance levels untested in the beginning.
For the day ahead
Ethereum should move back through the pivot level at $ 463.51 to support a run at the first major resistance level at $ 477.08.
However, support from the broader market would be needed for Ethereum to break out of Wednesday’s high of $ 476.80.
Barring another extended cryptocurrency rally, the first major resistance level and resistance at $ 480 would likely limit any upside.
In the event of a breakout, Ethereum might test the resistance at $ 490 before any pullback. The second major resistance level is found at $ 490.36.
Failure to return to the pivot of $ 463.51 would bring the first major support level at $ 450.23 into play.
Barring an extended sell-off, however, Ethereum should avoid levels below $ 450. The second major support level is found at $ 436.66.
Looking at the technical indicators
First major support level: $ 450.23
Pivot Level: $ 463.51
First major resistance level: $ 477.08
23.6% FIB Retracement Level: $ 257
38.2% FIB Retracement Level: $ 367
62% FIB Retracement Level: $ 543
Litecoin
Litecoin was up 2.33% on Wednesday. Reversing a 2.23% decline from Tuesday, Litecoin ended the day at $ 59.34.
It was also a mixed start for the day. Litecoin fell to a morning intraday low $ 57.87 before moving on.
Avoiding the first major support level at $ 56.85, Litecoin hit a morning high $ 60.27.
Litecoin broke through the first major resistance level at $ 59.36 before returning to levels below $ 59.
Finding support in the late afternoon, however, Litecoin hit an afternoon intraday high $ 60.63.
Litecoin broke through the first major resistance level to end the day at $ 59.3.
At the time of writing, Litecoin was down 1.03% to $ 58.73. A bearish start to the day saw Litecoin fall from a morning high $ 59.40 to a low $ 58.47.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin should slide back through the $ 59.28 pivot to support a run at the first major resistance level at $ 60.69.
However, support from the broader market would be needed for Litecoin to break out of Wednesday’s $ 60.63 high.
Barring an extended cryptocurrency rally, the first major resistance and resistance level at $ 61 would likely limit any upside.
In the event of a sustained breakout, Litecoin would likely test resistance at $ 63 before any pullback. The second major resistance level is found at $ 62.04.
Failure to return to the pivot level of $ 59.28 would bring the first major support level at $ 57.93 into play.
Barring an extended sell-off later in the day, however, Litecoin is expected to avoid the 23.6% FIB of $ 54.00. The second major support level at $ 56.52 should limit any downside.
Looking at the technical indicators
First major support level: $ 57.93
Pivot Level: $ 59.28
First major resistance level: $ 60.69
23.6% FIB Retracement Level: $ 45.30
38.2% FIB Retracement Level: $ 71
62% FIB Retracement Level: $ 100
Ripple’s XRP
Ripple’s XRP was up 0.71% on Wednesday. After a 1.41% gain on Tuesday, Ripple’s XRP ended the day at $ 0.25612.
A mixed start to the day saw Ripple’s XRP drop to a morning intraday low $ 0.25274 before making a move.
Avoiding the first major support level at $ 0.2467, Ripple’s XRP climbed to an afternoon intraday high $ 0.2600.
Failing to hit the first major resistance level at $ 0.2631, Ripple’s XRP eased to $ 0.255 levels before finding support.
A return to $ 0.256 levels led to the upside on the day.
At the time of writing, Ripple’s XRP was down 0.38% to $ 0.25514. A bearish start to the day saw Ripple’s XRP fall from a morning high of $ 0.25613 to a low of $ 0.25514.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to break out of the pivot level of $ 0.2563 to support a run to the first major resistance level at $ 0.2598.
However, broader market support would be needed for Ripple’s XRP to return to $ 0.2590 levels.
Barring an extended cryptocurrency rally, the first major resistance level and high of $ 0.2600 on Wednesday could limit any upside.
In the event of a sustained rally, Ripple’s XRP could test the second major resistance level at $ 0.2635.
Failure to break out of the pivot of $ 0.2563 would bring the first major support level at $ 0.2526 into play.
Barring an extensive cryptocurrency sell-off, Ripple’s XRP should avoid levels below $ 0.2450. The second major support level at $ 0.2490 should limit any downside.
Looking at the technical indicators
First major support level: $ 0.2426
Pivot Level: $ 0.2563
First major resistance level: $ 0.2598
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
