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Ethereum
Ethereum rallied 3.82% on Wednesday. After a 1.30% gain on Tuesday, Ethereum ended the day at $ 403.18.
It was a bearish start to the day. Ethereum fell from a morning high $ 388.69 to a morning intraday low $ 376.64.
Avoiding the first major support level at $ 375.83, Ethereum hit a late afternoon intraday high of $ 409.00.
Ethereum broke through the first major resistance level at $ 395.58 and the second major resistance level at $ 402.84.
Meeting the resistance at $ 410, Ethereum rallied back below $ 400 levels before ending the day at $ 403.
The second major resistance level stalled Ethereum at the end of the day.
At the time of writing, Ethereum was up 0.60% to $ 405.59. A bullish start to the day saw Ethereum rise from a morning low $ 403.19 to a high $ 405.78.
Ethereum left the major support and resistance levels untested at the start.
For the day ahead
Ethereum should avoid a fall through the pivot level at $ 396.27 to support a run at the first major resistance level at $ 415.91.
However, support from the broader market would be needed for Ethereum to break out of Wednesday’s high of $ 409.00.
Barring an extended cryptocurrency rally, the first major resistance level would likely limit any upside.
In the event of a further breakout, Ethereum could test resistance at $ 420 before any pullback. The second major resistance level is found at $ 428.63.
Failure to avoid a downside through the $ 396.27 pivot would bring the first major support level at $ 383.55 into play.
Barring a prolonged sell-off, however, Ethereum should avoid levels below $ 380. The second major support level is found at $ 363.91.
Looking at the technical indicators
First major support level: $ 383.55
Pivot Level: $ 396.27
First major resistance level: $ 415.91
23.6% FIB Retracement Level: $ 257
38.2% FIB Retracement Level: $ 367
62% FIB Retracement Level: $ 543
Litecoin
Litecoin was up 1.31% on Wednesday. After a 0.26% gain since Tuesday, Litecoin ended the day at $ 54.75.
A bullish start to the day saw Litecoin hit a morning high $ 54.53 before reversing.
Failing to hit the first major resistance level at $ 55.20, Litecoin eased to an afternoon intraday low $ 51.65.
Litecoin broke the 23.6% FIB of $ 54 and the first major support level at $ 52.05 before finding support.
A late afternoon rally saw Litecoin hit an intraday high $ 55.34 before reverting to levels below $ 55.
The first major resistance level at $ 55.20 held Litecoin back in the day.
At the time of writing, Litecoin was up by 0.58% to $ 55.07. A bullish start to the day saw Litecoin rise from a morning low $ 54.77 to a high $ 55.20.
Litecoin left the major support and resistance levels untested at the start.
For the day ahead
Litecoin should avoid a fall through the 23.6% FIB of $ 54 and the pivot of $ 53.91 to support a run at the first major resistance level at $ 56.18.
However, support from the broader market would be needed for Litecoin to break out of Wednesday’s high of $ 55.34.
Barring an 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 $ 57 before any pullback. The second major resistance level is found at $ 57.60.
Failure to avoid a fall through the 23.6% FIB and the $ 53.91 rotation level would bring the first major support level at $ 52.49 into play.
Barring an extended sell-off later in the day, however, Litecoin should avoid sub-$ 50 levels. The second major support level at $ 50.22 should limit any downside.
Looking at the technical indicators
First major support level: $ 52.49
Pivot Level: $ 53.91
First major resistance level: $ 56.18
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 0.76% on Wednesday. Partially reversing a 1.71% gain from Tuesday, Ripple’s XRP ended the day at $ 0.2379.
It was also a mixed start for the day. Ripple’s XRP rose to a morning high $ 0.24052 before reversing.
Failing to hit the first major resistance level at $ 0.2463, Ripple’s XRP slid to a morning intraday low $ 0.23267.
Avoiding the first major support level at $ 0.2305, Ripple’s XRP briefly revisited $ 0.239 levels before plunging back into the red.
At the time of writing, Ripple’s XRP was up 0.22% to $ 0.23843. A mixed start to the day saw Ripple’s XRP rise to a morning high $ 0.23855 before falling to a low $ 0.23819.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid a fall through the $ 0.2370 pivot level to support a run to the first major resistance level at $ 0.2414.
However, support from the broader market would be required for Ripple’s XRP to return to $ 0.24.
Barring an extended cryptocurrency rally, the first major resistance level and Wednesday high $ 0.24052 would likely limit any upside.
In the event of a sustained rally, Ripple’s XRP could test the second major resistance level at $ 0.2449 before any pullback.
Failure to avoid a fall through the $ 0.2370 pivot would bring the first major support level at $ 0.2335 into play.
Barring an extensive cryptocurrency sell-off, Ripple’s XRP should avoid the second major support level at $ 0.2292.
Looking at the technical indicators
First major support level: $ 0.2335
Pivot Level: $ 0.2370
First major resistance level: $ 0.2414
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
