It's a mixed start to the day for the majors. Avoiding a fall through the day's pivot levels, however, will be key to support further upside.
Ethereum rose by 2.79% on Thursday. Following on from a 0.26% gain on Wednesday, Ethereum ended the day at $351.25.
A bearish start to the day saw Ethereum slide to a late morning intraday low $334.29 before making a move.
Ethereum fell through the first major support level at $335.42 before rallying to a late intraday high $353.34.
The rally saw Ethereum break through the first major resistance level at $345.38 and the second major resistance level at $349.09.
A late pullback saw Ethereum briefly dip to sub-$350 before wrapping up the day at $351 levels. The second major resistance level delivered support late in the day.
At the time of writing, Ethereum was down by 0.08% to $350.97. A mixed start to the day saw Ethereum fall to an early morning low $350.41 before rising to a high $351.47.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to avoid a fall through the $346.29 pivot to support a run at the first major resistance level at $358.30.
Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $353.34.
Barring an extended crypto rally, the first major resistance level would likely cap any upside. In the event of another breakout, the second major resistance level at $365.34 would likely come into play.
Failure to avoid a fall through the $346.29 pivot would bring the first major support level at $339.25 into play.
Barring another extended sell-off, however, Ethereum should continue to avoid sub-$330 levels. The second major support level sits at $327.24.
First Major Support Level: $339.25
Pivot Level: $346.29
First Major Resistance Level: $358.30
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Litecoin rose by 1.50% on Thursday. Following on from a 1.22% gain on Wednesday, Litecoin ended the day at $47.26.
Tracking the broader market, Litecoin slid to a late morning intraday low $45.50 before making a move.
Steering clear of the first major support level at $45.43, Litecoin rallied to a late afternoon intraday high $47.49.
Litecoin broke through the first major resistance level at $47.32 before falling back to sub-$47 levels.
Finding late support, however, Litecoin moved back to $47 levels to deliver the upside for the day. The first major resistance level pinned Litecoin back late in the day.
At the time of writing, Litecoin was down by 0.19% to $47.17. A mixed start to the day saw Litecoin rise to an early morning high $47.27 before falling to a low $47.13.
Litecoin left the major support and resistance levels untested early on.
Litecoin would need to avoid a fall through the $46.75 pivot to support a run at the first major resistance level at $48.00.
Support from the broader market would be needed, however, for Litecoin to break out from Thursday’s high $47.49.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another breakout, Litecoin could test the second major resistance level at $48.74.
Failure to avoid a fall through the $46.75 pivot level would bring the first major support level at $46.01 into play.
Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$45 levels. The second major support level sits at $44.76.
First Major Support Level: $46.01
Pivot Level: $46.75
First Major Resistance Level: $48.00
23.6% FIB Retracement Level: $45.30
38.2% FIB Retracement Level: $71
62% FIB Retracement Level: $100
Ripple’s XRP rose by 1.01% on Thursday. Following a 1.31% gain on Wednesday, Ripple’s XRP ended the day at $0.25145.
It was also a bearish start to the day. Ripple’s XRP fell to a late morning intraday low $0.24225 before making a move.
Finding support at the first major support level at $0.2428, Ripple’s XRP rose to a late intraday high $0.25300.
Coming up against the first major resistance level at $0.2530, Ripple’s XRP eased back to end the day at sub-$0.2514 levels.
At the time of writing, Ripple’s XRP was up by 0.11% to $0.25173. A relatively bullish start to the day saw Ripple’s XRP rise from an early morning low $0.25142 to a high $0.25192.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to avoid a fall through the $0.2489 pivot to support a run at the first major resistance level at $0.2556.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.25300.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended rally, the second major resistance level at $0.2597 would likely come into play. Resistance at $0.26 would likely pin Ripple’s XRP back, however.
Failure to avoid a fall through the $0.2489 pivot would bring the first major support level at $0.2448 into play.
Barring another extended crypto sell-off, Ripple’s XRP should continue to steer clear of sub-$0.24 levels. The second major support level sits at $0.2382.
First Major Support Level: $0.2448
Pivot Level: $0.2489
First Major Resistance Level: $0.2556
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
Please let us know what you think in the comments below.
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.