Following a bullish Wednesday, the majors will need to avoid the day's pivot levels to support another breakout day ahead.
Ethereum rallied by 5.22% on Wednesday. Following a 4.58% gain on Tuesday, Ethereum ended the day at $3,615.65.
A mixed start to the day saw Ethereum fall to an early morning intraday low $3,359.96 before making a move.
While steering clear of the first major support level at $3,325, Ethereum fell through the 23.6% FIB of $3,369.
Finding late morning support, however, Ethereum rallied to a late intraday high $3,621.15.
Ethereum broke through the first major resistance level at $3,493 and the second major resistance level at $3,551.
The extended rally also saw Ethereum broke back through the 23.6% FIB of $3,369 to end the day at $3,600 levels.
At the time of writing, Ethereum was down by 0.49% to $3,598.00. A mixed start to the day saw Ethereum rise to an early morning high $3,621.84 before falling to a low $3,597.36.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to avoid the $3,532 pivot to bring the first major resistance level at $3,705 into play.
Support from the broader market would be needed, however, for Ethereum to break out from $3,650 levels.
Barring an extended crypto rally, the first major resistance level would likely cap the upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at $3,800 before any pullback. The second major resistance level sits at $3,793.
A fall through the $3,532 pivot would bring the first major support level at $3,443 into play.
Barring an extended sell-off, however, Ethereum should steer clear of the 23.6% FIB of $3,369. The second major support level sits at $3,271.
First Major Support Level: $3,443
Pivot Level: $3,532
First Major Resistance Level: $3,705
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin rose by 3.34% on Wednesday. Following a 2.06% gain on Tuesday, Litecoin ended the day at $189.24.
A mixed start to the day saw Litecoin fall to an early morning intraday low $179.59 before making a move.
Steering clear of the 23.6% FIB of $178 and the first major support level at $177, Litecoin rallied to a late intraday high $191.86.
Litecoin broke through the first major resistance level at $189 to end the day at $189 levels.
At the time of writing, Litecoin was down by 0.46% to $188.37. A mixed start to the day saw Litecoin rise to an early morning high $190.07 before falling to a low $188.33.
Litecoin left the major support and resistance levels untested early on.
Litecoin would need to avoid the $187 pivot to bring the first major resistance level at $194 into play.
Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $191.86.
Barring an extended crypto rally, the first major resistance level and resistance at $195 would likely cap the upside.
In the event of another breakout, Litecoin could test resistance at $200. The second major resistance level sits at $199.
A fall through the $187 pivot would bring the first major support level at $182 and 23.6% FIB of $178 into play.
Barring another extended sell-off, Litecoin should steer clear of sub-$175. The second major support level at $175 should limit the downside.
First Major Support Level: $182
Pivot Level: $187
First Major Resistance Level: $194
23.6% FIB Retracement Level: $178
38.2% FIB Retracement Level: $223
62% FIB Retracement Level: $296
Ripple’s XRP rose by 2.24% on Wednesday. Following a 3.07% rise on Tuesday, Ripple’s XRP ended the day at $1.12008.
A mixed start to the day saw Ripple’s XRP fall to a mid-morning intraday low $1.07955 before making a move.
Steering clear of the first major support level at $1.0702, Ripple’s XRP rallied to a late intraday high $1.12952.
Ripple’s XRP broke through the first major resistance level at $1.1102 and the second major resistance level at $1.1236.
A late pullback, however, saw Ripple’s XRP fall back through the second major resistance level to end the day at $0.1210 levels.
At the time of writing, Ripple’s XRP was up by 0.03% to $1.12037. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.12150 before falling to a low $1.12037.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP would need to avoid the $1.1097 pivot to bring first major resistance level at $1.1399 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $1.12952.
Barring an extended crypto rally, the first major resistance level would likely cap the upside.
In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.20 levels before any pullback. The second major resistance level sits at $1.1597.
A fall through the $1.1097 pivot would bring the first major support level at $1.0899 and the 38.2% FIB of $1.0659 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $1.0597.
First Major Support Level: $1.0899
Pivot Level: $1.1097
First Major resistance Level: $1.1399
23.6% FIB Retracement Level: $0.8533
38.2% FIB Retracement Level: $1.0659
62% FIB Retracement Level: $1.4096
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Thanks, Bob
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.