It's a bearish start to the day. Failure to move through the pivot levels will bring support levels into play.
EOS fell by 0.63% on Wednesday. Reversing a 0.55% gain from Tuesday, EOS ended the day at $2.5433.
It was a bearish day for EOS and the broader market. EOS fell from an early morning intraday high $2.5670 to a late afternoon intraday low $2.5090.
Coming up well short of the major resistance levels, EOS fell through the first major support level at $2.5180.
Steering clear of sub-$2.50 levels, EOS recovered to $2.54 levels to limit the loss on the day.
At the time of writing, EOS was down by 0.55% to $2.5292. A bearish start to the day saw EOS fall from an early morning high $2.5345 to a low $2.5292.
EOS left the major support and resistance levels untested early on.
EOS would need to move through the $2.54 pivot level to support a run at the first major resistance level at $2.5705.
Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.5670.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high would likely cap any upside.
Failure to move through the $2.54 pivot would bring the first major support level at $2.5125 into play.
Barring another extended sell-off, EOS should steer clear of the second major support level at $2.4818.
Major Support Level: $2.5125
Pivot Level: $2.5400
Major Resistance Level: $2.5705
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum fell by 0.86% on Wednesday. Reversing a 0.49% gain from Tuesday, Ethereum ended the day at $238.33.
It was a mixed start to the day. Ethereum rose to an early morning intraday high $241.44 before hitting reverse.
Falling short of the first major resistance level at $242.74, Ethereum slid to a late intraday low $236.36.
Ethereum fell through the first major support level at $237.39 before moving back through to $238 levels.
At the time of writing, Ethereum was down by 0.18% to $237.89. A bearish start to the day saw Ethereum fall from an early morning high $238.55 to a low $237.72.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move through the $238.70 pivot to support a run at the first major resistance level at $241.06.
Support from the broader market would be needed, however, for Ethereum to break back through to $240 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $241.44 should cap any upside.
Failure to move through the $238.70 pivot would bring the first major support level at $235.98 into play.
Barring another extended sell-off, Ethereum should continue to steer clear of sub-$230 levels. The second major support level at $233.63 should limit any downside.
Major Support Level: $235.98
Pivot Level: $238.71
Major Resistance Level: $241.06
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP fell by 0.92% on Wednesday. Reversing a 0.10% rise from Tuesday, Ripple’s XRP ended the day at $0.19740.
A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.19999 before hitting reverse.
Falling short of the first major resistance level at $0.2012, Ripple’s XRP slid to a late morning intraday low $0.19644.
Steering clear of the first major support level at $0.1963, Ripple’s XRP recovered to $0.199 levels before easing back.
At the time of writing, Ripple’s XRP was down by 0.44% to $0.19653. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19755 to a low $0.19609.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to move through the $0.1979 pivot to support a run at the first major resistance level at $0.1994.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.199 levels.
Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $0.1999 should cap any upside.
In the event of a breakout, Ripple’s XRP should test resistance at $0.21 before any pullback. The third major resistance level sits at $0.2050.
Failure to move through the $0.1979 pivot would bring the first major support level at $0.1959 into play.
Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.19 levels. The second major support level at $0.1944 should limit any downside.
Major Support Level: $0.1959
Pivot Level: $0.1979
Major Resistance Level: $0.1994
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
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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.