For the day ahead
Ethereum would need to move through the $238 pivot to support a run at the first major resistance level at $245.43.
Support from the broader market would be needed, however, for Ethereum to break back through to $245 levels.
Barring another extended crypto rally, the first major resistance level at $245.43 should cap any upside.
In the event of another breakout, expect another run at $250 before any pullback.
Failure to move through the $238 pivot could see Ethereum spend yet another day in the red.
A fall through to sub-$230 levels would bring the first major support level at $227.05 into play.
In the event of another extended sell-off, however, expect the second major support level at $219.67 to come into play.
Looking at the Technical Indicators
Major Support Level: $227.05
Major Resistance Level: $245.43
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP
Ripple’s XRP slid by 2.91% on Wednesday. Following on from a 0.15% fall on Tuesday, Ripple’s XRP ended the day at $0.18369.
It was also a bullish start to the day for Ripple’s XRP. Ripple’s XRP rallied to a mid-morning intraday high $0.19064 before hitting reverse.
Coming up against the first major resistance level at $0.1904, Ripple’s XRP tumbled to a late morning intraday low $0.18157.
The reversal saw Ripple’s XRP slide through the major support levels and, more importantly, a key support level at $0.1840.
Steering clear of sub-$0.18 levels, Ripple’s XRP recovered to $0.01847 levels before a 2nd slide to the intraday low $0.18157.
Late in the day, Ripple’s XRP briefly revisited $0.1840 levels before easing back, a key support level at $0.1840 pining Ripple’s XRP back.
At the time of writing, Ripple’s XRP was down by 0.15% to $0.18342. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.18358 to a low $0.18339.
Ripple’s XRP left the major support and resistance levels untested early on.
