Ethereum
Ethereum was bearish for most of Wednesday. However, volumes were low, and by the end of the day, it was down by less than 1%.
Ethereum started Wednesday trading bearish after bulls hit strong resistance at the 50.0% Fibonacci in late Tuesday trading.
However, by the second hour of the day, bulls attempted to retake control of the market. The 50.0% Fibonacci resistance at $4365.05 proved too strong, and bear retook control.
Bears were in control until daybreak when Ethereum hit and briefly pushed through, the 38.2% Fibonacci support at $4268.70.
However, bearish momentum dropped, and a reversal through the 38.2% Fibonacci followed.
Without much upside momentum in the broader market, bears regained control at mid-morning.
Bearish momentum was short-lived, though, and by late afternoon, bulls retook control of the market.
Bulls were in control for the better part of the evening, and Ethereum ended the day at the 38.2% Fibonacci, which was a resistance level at that point in time.
Ethereum started Thursday trading bullish, a continuation of the momentum that had started in late Wednesday trading.
However, at daybreak, selling volumes increased again. Ethereum was trading at $4268.70 on the 38.2% Fibonacci, now support at the time of going to press.
A glance at the day ahead
The key levels to watch are the 50.0% Fibonacci resistance at $4365.05 and the 38.2% Fibonacci support at $4268.70.
If bears take control in the day and the 38.2% Fibonacci support at 4268.70 is broken, then the next key level to watch would be the 23.6% Fibonacci support at $4149.68.
If this support is broken, prices below $4100 could be seen in the day.
On the other hand, if bulls take control in the day and push Ethereum through the 50.0% Fibonacci resistance at $4365.05, the next key level to watch would be the 61.8% Fibonacci resistance at $4461.40.
If this resistance is broken, prices above $4500 could be seen in the day.
However, if volumes drop, Ethereum could trade between the 50.0% Fibonacci resistance at $4365.05 and the 38.2% Fibonacci support at $4268.70.
A glance at the technicals
Key resistance: 50.0% Fibonacci at $4365.05
Key support: 38.2% Fibonacci at $4268.70
Litecoin
Litecoin was bearish for the better part of Wednesday, but volumes were low. By the end of the day, Litecoin was down by less than 1%.
Litecoin started the day bullish. Within the first hour of the day, it had pushed through intra-day resistance at $214.66 and tested the 23.6% Fibonacci resistance at $218.64.
The 23.6% Fibonacci resistance proved to be too strong for bulls and what followed was a correction through the $214.66 intra-day resistance.
However, without much support from the broader market, Litecoin-bears lost momentum. What followed was a bullish reversal until mid-morning when Litecoin hit the intra-day resistance at $214.66.
Litecoin bulls failed to break through the intra-day resistance, triggering a selloff. Litecoin was in the red from that point until early evening, when it hit weekly support at $206.31.
Bulls attempted to take control at this point, and Litecoin was in the green until the end of the day.
Litecoin started Thursday trading bullish, a continuation of late Wednesday’s price action. By the time of going to press, it was trading at the 23.6% Fibonacci resistance at $218.64.
A glance at the day ahead
The key levels to watch are the $214.66 intra-day support and the 23.6% Fibonacci resistance at $218.64.
If bears take control in the day and the $214.66 intra-day support is broken, the next key level to watch would be the weekly support at $206.31.
If this support is broken, prices below $200 could be seen in the day.
On the other hand, if bulls take control in the day and push Litecoin through the 23.6% Fibonacci resistance at $218.64, the next key level to watch would be the 38.2% Fibonacci resistance at $230.59.
If this resistance is broken, prices above $235 could be seen in the day.
However, if volumes drop, Litecoin could trade between the 23.6% Fibonacci resistance at $218.64 and the intra-support at $214.66.
A glance at the day ahead
Key resistance: 23.6% Fibonacci at $218.64
Key support: Intra-day support at $214.66
Ripple’s XRP
Ripple’s XRP was bearish for the better part of Wednesday, and by the end of the day, it was down by 1%.
XRP started the day bullish but within the first hour of the day, it hit the 23.6% Fibonacci resistance at $1.06353.
XRP briefly surpassed this resistance, but didn’t have much upside momentum left.
What followed was a crash through the 23.6% Fib. Just before daybreak, XRP came close to testing the intraday support at $1.03037. However, bearish volumes dropped just above this support.
XRP consolidated around this support until mid-morning, when bearish volumes increased again.
XRP crashed through intra-day support, and by late afternoon, had crossed through the multi-month support at $1.01521.
However, this move was quickly rejected, and XRP traded in a range above the multi-month support for most of the evening.
Towards the end of the day, bulls attempted to take control. By the end of the day, XRP was trading at $1.03037, which was a resistance level at this point.
XRP started Thursday trading bullish, a continuation of the bullish momentum that started in late Wednesday trading.
However, just before daybreak, this momentum eased up, and bears retook control of the market. At the time of going to press, XRP was close to retesting the $1.03037 intra-day support.
A glance at the day ahead
The key levels to watch are the $1.03037 intra-day support and the 23.6% Fibonacci resistance at $1.06353.
If bears take control in the day, and the $1.03037 intra-day support is broken, then the next key level to watch would be the multi-month support at $1.01521.
If this support is broken, prices below $1 could be seen in the day.
On the other hand, if bulls take control in the day and push XRP through the 23.6% Fibonacci resistance at $1.06353, the next key level to watch would be the 38.2% Fibonacci resistance at $1.09337.
If this resistance is broken, prices above $1.10030 could be seen in the day.
However, if volumes drop, XRP could trade between the 23.6% Fibonacci resistance at $1.06353 and the intra-support at $1.03037.
A glance at the technicals
Key resistance: 23.6% Fibonacci at $1.06353
Key support: Intra-day support at $1.03037