EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 01/02/20
EOS
EOS slid by 3.77% on Friday. Partially reversing a 9.06% rally from Thursday, EOS ended the month up 60.5% to $4.1579.
A bearish start to the day saw EOS fall from an early morning intraday high $4.3696 to an early afternoon intraday low $4.0272.
Steering clear of the first major support level at $4.0135, EOS recovered to $4.10 levels to limit the loss.
At the time of writing, EOS was up by 1.41% to $4.2166. A bullish start to the day saw EOS rise from an early morning low $4.1499 to a high $4.2168.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through to $4.25 levels to support a run at the first major resistance level at $4.3426.
Support from the broader market would be needed, however, for EOS to break back through to $4.30 levels.
Barring an extended crypto rally, the first major resistance level at $4.3426 and Friday’s high $4.3696 would likely limit in any upside.
Failure to move through $4.25 levels could see EOS return to the red.
A fall back through to sub-$4.1850 levels would bring the first major support level at $4.0002 into play.
Barring a broad-based crypto sell-off, however, EOS should steer well clear of sub-$4.00 levels.
Looking at the Technical Indicators
Major Support Level: $4.0002
Major Resistance Level: $4.3426
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum fell by 2.59% on Friday. Partially reversing a 6.42% rally from Thursday, Ethereum ended the month up 39.8% to $179.74.
Tracking the broader market, Ethereum fell from an early morning intraday high $185.68 to an early afternoon intraday low $175.00.
Steering clear of the first major support level at $174.07, Ethereum recovered to $179 levels to limit the downside.
At the time of writing, Ethereum was up by 1.31% to $182.10. A bullish start to the day saw Ethereum rise from an early morning low $179.00 to a high $182.71.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through to $184 levels to support a run at the first major resistance level at $185.28.
Support from the broader market would be needed, however, for Ethereum to break through to $185.
Barring an extended crypto rally, the first major resistance level at $185.28 and Friday high $185.68 should cap any upside.
Failure to move through to $184 levels could see Ethereum hit reverse.
A fall through to sub-$180.00 levels would bring the first major support level at $174.60 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$170 levels on the day.
Looking at the Technical Indicators
Major Support Level: $174.60
Major Resistance Level: $185.28
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP
Ripple’s XRP fell by 1.45% on Friday. Partially reversing a 3.43% rally from Thursday, Ripple’s XRP ended the month up 24.20% to $0.23987
A bearish start to the day saw Ripple’s XRP slide from an early morning intraday high $0.24478 to an afternoon intraday low $0.23410.
Finding late support, Ripple’s XRP bounced back to $0.24 levels late in the day before easing back to sub-$0.24 levels.
The first major support level at $0.2342 limited the downside on the day.
At the time of writing, Ripple’s XRP was up by 0.78% to $0.24174. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.23926 before rising to a high $0.24220.
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 the morning high $0.24220 to support a run at the first major resistance level at $0.2451.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.24478.
Barring an extended crypto rally, the first major resistance level at $0.2451 and Friday high would likely limit any upside on the day.
Failure to move back through the morning high $0.24220 could see Ripple’s XRP fall back into the red.
A fall through to sub-$0.2395 levels would bring the first major support level at $0.2344 into play.
Barring an extended crypto sell-off, however, Ripple’s XRP should steer of sub-$0.23 levels on the day.
Looking at the Technical Indicators
Major Support Level: $0.2344
Major Resistance Level: $0.2451
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