EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 01/05/20
EOS
EOS slid by 5.78% on Thursday. Partially reversing an 8.55% rally from Wednesday, EOS ended April up by 27.59% to $2.8263.
A bullish start to the day saw EOS rally to a mid-morning intraday high $3.1104 before hitting reverse.
Falling short of the first major resistance level at $3.1491, EOS slid to a late morning intraday low $2.7409.
The reversal saw EOS fall through the first major support level at $2.8019 before recovering to $2.90 levels.
Through the 2nd half of the day, EOS fell back through the first major support level to $2.77 levels before finding late support.
At the time of writing, EOS was up by 0.73% to $2.8469. A bullish start to the day saw EOS rise from an early morning low $2.8258 to a high $2.8531.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through to $2.8930 levels to support a run at the first major resistance level at $3.0442.
Support from the broader market would be needed, however, for EOS to break back through to $3.00 levels.
Barring another extended crypto rally, the first major resistance level and Thursday’s high $3.1104 would likely limit any upside.
Failure to move through to $2.8930 levels could see EOS hit reverse.
A fall through to sub-$2.80 levels would bring the first major support level at $2.6746 into play before any recovery.
Barring a crypto sell-off, however, EOS should steer well clear of the second major support level at $2.5229.
Looking at the Technical Indicators
Major Support Level: $2.6746
Major Resistance Level: $3.0442
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum slid by 4.41% on Thursday. Partially reversing a 9.67% rally from Wednesday, Ethereum ended the month of April up by 54.97% to $206.23.
A bullish start to the day saw Ethereum rally to a mid-morning intraday high $227.50 before hitting reverse.
Ethereum broke through the first major resistance level at $224.62 before sliding to a late afternoon intraday low $202.30.
Steering clear of the first major support level at $201.67, Ethereum recovered to $213 levels before sliding back into the deep red.
At the time of writing, Ethereum was up by 1.37% to $209.06. A bullish start to the day saw Ethereum rise from an early morning low $206.18 to a high $209.31.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through to $212 levels to support a run at the first major resistance level at $221.72.
Support from the broader market would be needed, however, for Ethereum to break back through to $220 levels.
Barring an extended crypto rally, resistance at $220 would likely leave Ethereum short of the first major resistance level.
Failure to move through to $212 levels could see Ethereum hit reverse.
A fall back through Thursday’s low $202.30 would bring the first major support level at $196.52 into play before any recovery.
Barring a crypto meltdown, however, Ethereum should steer clear of sub-$200 levels on the day.
Looking at the Technical Indicators
Major Support Level: $196.52
Major Resistance Level: $221.72
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 6.49% on Thursday. Reversing a 5.60% gain from Wednesday, Ripple’s XRP ended the month of April up by 21.54% to $0.21161.
Tracking the broader market, Ripple’s XRP rallied to an early morning intraday high $0.23571 before hitting reverse.
Ripple’s XRP broke through the first major resistance level at $0.2331 before sliding to a late afternoon intraday low $0.20820.
The reversal saw Ripple’s XRP slide through the first major support level at $0.2166 before recovering to $0.2170 levels.
A bearish end to the day, however, left Ripple’s XRP back to $0.211 levels.
At the time of writing, Ripple’s XRP was up by 0.93% to $0.21358. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.21121 to a high $0.21432.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move through to $0.2185 levels to support a run at the first major resistance level at $0.2288.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.22 levels.
Barring an extended crypto rally, the first major resistance level at $0.2288 would likely leave Ripple’s XRP short of $0.23 levels.
Failure to move through to $0.2185 levels could see Ripple’s XRP give up the early gains.
A fall through the morning low $0.21121 would bring the first major support level at $0.2013 into play.
Barring a crypto meltdown, Ripple’s XRP should steer clear of sub-$0.20 levels on the day.
Looking at the Technical Indicators
Major Support Level: $0.2013
Major Resistance Level: $0.2288
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
This article was originally posted on FX Empire