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Ethereum
Ethereum slid 8.58% on Thursday. After a 6.06% decline on Wednesday, Ethereum ended the day at $ 520.34.
A mixed start to the day saw Ethereum rise to a morning intraday high of $ 577.00 before reversing.
Failing to hit the first major resistance level at $ 598.85, Ethereum plunged to a morning intraday low $ 480.08.
Ethereum broke through the first major support level at $ 546.36 and the second major support level at $ 523.94.
More significantly, Ethereum fell through the FIB by 23.6% of $ 495.00.
Finding support at levels below $ 500, however, Ethereum moved back through the 23.6% FIB to end the day at $ 520 levels.
At the time of writing, Ethereum was down by 0.78% to $ 516.30. A mixed start to the day saw Ethereum rise to a morning high $ 522.55 before falling to a low $ 515.68.
Ethereum left the major support and resistance levels untested at the start.
For the day ahead
Ethereum should break out of the pivot level at $ 525.81 to support a run at the first major resistance level at $ 571.53.
However, support from the broader market would be needed for Ethereum to break through the $ 550 levels.
Barring an extended cryptocurrency rally, the first major resistance level would likely limit any upside.
In the event of a breakout, Ethereum could test resistance at $ 600 before any pullback. The second major resistance level is found at $ 622.73.
Failure to move to the pivot of $ 525.81 would bring into play the 23.6% FIB of $ 495 and the first major support level at $ 474.61.
Barring another extended sell-off, however, Ethereum should avoid the levels below $ 450. The second major support level is found at $ 428.89.
Looking at the technical indicators
First major support level: $ 474.61
Pivot Level: $ 525.81
First major resistance level: $ 571.53
23.6% FIB Retracement Level: $ 495
38.2% FIB Retracement Level: $ 416
62% FIB Retracement Level: $ 288
Litecoin
Litecoin plunged 12.96% on Thursday. After dropping 8.51% on Wednesday, Litecoin ended the day at $ 71.11.
It was a mixed start to the day. Litecoin rose to a morning intraday high $ 83.26 before reversing.
Failing to hit the first major resistance level at $ 89.01, Litecoin slid to an intraday low $ 64.30.
Litecoin broke through the first major support level at $ 76.22 and the second major support level at $ 70.69.
More significantly, the sell-off saw Litecoin fall through 38.2% FIB of $ 71.00.
At the end of the day, Litecoin rallied to $ 71 to reduce the day’s losses. 38.2% FIB blocked Litecoin late.
At the time of writing, Litecoin was down 1.27% to $ 70.21. A mixed start to the day saw Litecoin rise to a morning high $ 71.50 before falling to a low $ 69.95.
Litecoin left the major support and resistance levels untested at the start. However, Litecoin fell through 38.2% FIB of $ 71.
For the day ahead
Litecoin is expected to break above the 38.2% FIB and pivot of $ 72.89 to support a run to the first major resistance level at $ 81.48.
However, support from the broader market would be needed for Litecoin to exceed $ 75.
Barring another extended cryptocurrency rally, the first major resistance level would likely limit any upside.
In the event of a sustained breakout, Litecoin would likely test resistance at $ 85 before any pullback. The second major resistance level is found at $ 91.85.
Failure to break out of the $ 72.89 rotation level would bring the first major support level at $ 62.52 into play.
Barring another extended sell-off later in the day, however, Litecoin should avoid levels below $ 60. The second major support level is at $ 53.93.
Looking at the technical indicators
First major support level: $ 62.52
Pivot Level: $ 72.89
First major resistance level: $ 81.48
23.6% FIB Retracement Level: $ 45.30
38.2% FIB Retracement Level: $ 71
62% FIB Retracement Level: $ 100
Ripple’s XRP
Ripple’s XRP plunged 14.78% on Thursday. After a 9.08% decline on Wednesday, Ripple’s XRP ended the day at $ 0.5370.
It was another mixed start to the day. Ripple’s XRP rose to a morning intraday high $ 0.6518 before reversing.
Failing to hit the first major resistance level at $ 0.7093, Ripple’s XRP plunged to an intraday low $ 0.45501.
Ripple’s XRP broke through the first major support level at $ 0.5665 and the second major support level at $ 0.5025. More significantly, however, Ripple’s XRP also slipped through the 23.6% FIB of $ 0.6274 and the 38.2% FIB of $ 0.5285.
Finding support in the late morning, however, Ripple’s XRP moved back through 38.2% FIB to end the day at $ 0.53 levels.
At the time of writing, Ripple’s XRP was down 1.96% to $ 0.52645. A bearish start to the day saw Ripple’s XRP slide from a morning high $ 0.5370 to a low $ 0.5220.
While moving away from major support and resistance levels, Ripple’s XRP fell through 38.2% FIB of $ 0.5285.
For the day ahead
Ripple’s XRP will need to rise above 38.2% FIB and the $ 0.5479 rotation level to support a run to the first major resistance level at $ 0.6409.
However, broader market support would be needed for Ripple’s XRP to break the 23.6% FIB of $ 0.6274.
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 $ 0.70 before any pullback. The second major resistance level is found at $ 0.7447.
Failure to break out of the pivot of $ 0.5479 would bring the first major support level at $ 0.4441 into play.
Barring another extended cryptocurrency sell-off, Ripple’s XRP is expected to avoid levels below $ 0.40 and the 62% FIB of $ 0.3687. The second major support level is $ 0.3511.
Looking at the technical indicators
First major support level: $ 0.4441
Pivot Level: $ 0.5479
First major resistance level: $ 0.6409
23.6% FIB Retracement Level: $ 0.6274
38.2% FIB Retracement Level: $ 0.5285
62% FIB Retracement Level: $ 0.3687
Let us know what you think in the comments below.
Thanks, Bob
This article was originally published on FX Empire
