In This Article:
This is the technical analysis for Ethereum (ETH), Litecoin (LTC), and Ripple’s XRP. We will be looking at previous day price action and today’s support, resistance, and pivot levels and, when in play, the Fibonacci’s.
Ethereum (ETH)
Ethereum (ETH) rallied by 4.17% on Wednesday. Following a 2.03% gain on Tuesday, Ethereum ended the day at $4,022.
After a mixed morning, Ethereum slid to a late afternoon intraday low $3,643 before making a move. The pullback saw Ethereum fall through the 23.6% FIB of $3,738 and the first major support level at $3,737.
Finding late support, however, Ethereum rallied to a late intraday high $4,097. Ethereum broke through the first major resistance level at $3,934 and the second major resistance level at $4,008 to end the day at $4,022 levels.
At the time of writing, Ethereum was down by 0.02% to $4,021. A mixed start to the day saw Ethereum fall to an early morning low $4,017 before rising to a high $4,042.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid the $3,921 pivot to bring the first major resistance level at $4,198 into play. Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $4,097. Barring an extended rally, the first major resistance level and resistance at $4,200 should limit the upside.
In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $4,374.
A fall through the $3,921 pivot would bring the first major support level at $3,744 and the 23.6% FIB of $3,738 into play. Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,600 levels. The second major support level sits at $3,467.
Looking at the Technical Indicators
First Major Support Level: $3,744
Pivot Level: $3,921
First Major Resistance Level: $4,198
23.6% FIB Retracement Level: $3,738
38.2% FIB Retracement Level: $3,039
62% FIB Retracement Level: $1,909
Litecoin
Litecoin (LTC) rose by 2.13% on Wednesday. Following a 4.04% rally on Tuesday, Litecoin ended the day at $153.65.
Tracking the broader market, Litecoin fell to a late afternoon intraday low $141.78 before making a move. The reversal saw Litecoin fall through the first major support level at $145. Steering clear of sub-$140 levels, however, Litecoin rallied to a late intraday high $155.10.
Litecoin broke through the first major resistance level at $154 before easing back to end the day at $153 levels.
At the time of writing, Litecoin was down by 0.20% to $153.34. A mixed start to the day saw Litecoin rise to an early morning high $154.02 before falling to a low $153.30.