Ethereum
Ethereum slid by 6.91% on Wednesday. Following a 1.51% fall on Tuesday, Ethereum ended the day at $2,367.73.
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A mixed start to the day saw Ethereum rise to a mid-morning intraday high $2,555.00 before hitting reverse.
Falling short of the first major resistance level at $2,620, Ethereum slid to a late intraday low $2,351.01.
Ethereum fell through the first major support level at $2,487 and the second major support level at $2,430 to end the day at sub-$2,400 levels.
At the time of writing, Ethereum was up by 0.64% to $2,382.95. A mixed start to the day saw Ethereum fall to an early morning low $2,358.60 before rising to a high $2,384.00.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $2,425 pivot to bring the first major resistance level at $2,498 into play.
Support from the broader market would be needed, however, for Ethereum to break out from $2,450 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $2,555.00 would likely cap any upside.
In the event of another broad-based crypto rally, Ethereum could test the second major resistance level at $2,629.
Failure to move through the $2,425 pivot would bring the first major support level at $2,294 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,200 levels. The second major support level at $2,221 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $2,294
Pivot Level: $2,425
First Major Resistance Level: $2,498
23.6% FIB Retracement Level: $3,369
38.2% FIB Retracement Level: $2,740
62% FIB Retracement Level: $1,725
Litecoin
Litecoin fell by 4.90% on Wednesday. Following a 2.68% loss on Tuesday, Litecoin ended the day at $166.61.
Tracking the broader market, Litecoin rose to a late morning intraday high $177.34 before hitting reverse.
Falling short of the first major resistance level at $180, Litecoin slid to a late intraday low $164.39.
Litecoin fell through the first major support level at $171 and the second major support level at $167.
More significantly, Litecoin also fell through the 62% FIB of $174 to end the day at $166 levels.
At the time of writing, Litecoin was up by 0.71% to $167.80. A mixed start to the day saw Litecoin fall to an early morning low $165.71 before rising to a high $168.04.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the $170 pivot to bring the 62% FIB of $174 and the first major resistance level at $175 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $170 levels.
Barring an extended crypto rally, the 62% FIB and the first major resistance level would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $185. The second major resistance level sits at $182.
Failure to move through the $170 pivot would bring the first major support level at $162 into play.
Barring another extended sell-off, however, Litecoin should steer clear of the second major support level at $157.
A sustained fall through the 62% FIB of $174 would form a near-term bearish trend from 10th May’s swing hi $413.91.
Looking at the Technical Indicators
First Major Support Level: $162
Pivot Level: $170
First Major Resistance Level: $175
23.6% FIB Retracement Level: $322
38.2% FIB Retracement Level: $265
62% FIB Retracement Level: $174
Ripple’s XRP
Ripple’s XRP fell by 3.95% on Wednesday. Following a 2.70% decline on Tuesday, Ripple’s XRP ended the day at $0.83189.
A choppy start to the day saw Ripple’s XRP rise to a late morning intraday high $0.87270 before hitting reverse.
Falling short of the first major resistance level at $0.8935, Ripple’s XRP slid to a mid-afternoon intraday low $0.82682.
Ripple’s XRP fell through the first major support level at $0.8483 and the second major support level at $0.8297.
More significantly, Ripple’s XRP also fell through the 62% FIB of $0.8573 before a partial recovery to $0.83 levels.
Ripple’s XRP broke back through the second major support level to reduce the deficit on the day.
At the time of writing, Ripple’s XRP was up by 0.67% to $0.83746. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.83177 before rising to a high $0.83746.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move through the $0.8438 pivot to bring the 62% FIB of $0.8573 and the first major resistance level at $0.8608 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 62% FIB.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.87270 would likely cap any upside.
In the event of another extended rally, Ripple’s XRP could test resistance at $0.90. The second major resistance level sits at $0.8898.
Failure to move through the $0.8438 pivot would bring the first major support level at $0.8148 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.80 levels. The second major support level sits at $0.7978.
A sustained fall through the 62% FIB of $0.8573 would form a near-term bearish trend from 14th April’s swing hi $1.96598.
Looking at the Technical Indicators
First Major Support Level: $0.8148
Pivot Level: $0.8438
First Major resistance Level: $0.8608
23.6% FIB Retracement Level: $1.5426
38.2% FIB Retracement Level: $1.2807
62% FIB Retracement Level: $0.8573
Please let us know what you think in the comments below.
Thanks, Bob
