EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 02/04/20
EOS
EOS rose by 2.42% on Wednesday. Reversing a 0.62% decline from Tuesday, EOS ended the day at $2.2687.
A bearish start to the day saw EOS fall to a late afternoon intraday low $2.1530.
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The sell-off saw EOS fall through the first major support level at $2.1845 before making a late move.
Finding support at the second major support level at $2.1530, EOS rallied to a final hour intraday high $2.2937.
Breaking back through the support levels, EOS broke through the first major resistance level at $2.2487 and the second major resistance level at $2.2816.
A late pullback, however, saw EOS fall back through the second major resistance level.
At the time of writing, EOS was up by 0.85% to $2.2881. A bullish start to the day saw EOS rise from an early morning low $2.2696 to a high $2.3174 before easing back.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move back through to $2.30 levels to support a run at the first major resistance level at $2.3239.
Support from the broader market would be needed, however, for EOS to break out from the morning high $2.3174.
Barring an extended crypto rally, the first major resistance level would likely limit any upside.
Failure to move back through to $2.30 levels could see EOS hit reverse.
A fall back through to sub-$2.24 levels would bring the first major support level at $2.1832 into play.
Barring an extended crypto sell-off, however, EOS should continue to steer clear of sub-$2.10 levels.
Looking at the Technical Indicators
Major Support Level: $2.1832
Major Resistance Level: $2.3239
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum rallied by 2.30% on Wednesday. Following on from a 0.59% gain on Tuesday, Ethereum ended the day at $136.14.
Tracking the broader market, Ethereum fell to a late afternoon intraday low $128.6 before rebounding.
Ethereum fell through the first major support level at $130.57 before rallying to a late intraday high $137.4.
Ethereum broke through the first major resistance level at $135.47 and the second major resistance level at $137.86.
A late pullback saw Ethereum fall back through the second major resistance level to wrap up the day at $136 levels.
At the time of writing, Ethereum was up by 0.68% to $137.06. A mixed start to the day saw Ethereum rise to an early morning high $138.95 before falling to a low $135.50.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through the morning high $138.95 to support a run at the first major resistance level at $139.49.
Support from the broader market would be needed, however, for Ethereum to break through to $139 levels.
Barring an extended crypto rally, the first major resistance level at $139.49 would likely leave Ethereum short of $140.
Failure to move back through the morning high could see Ethereum struggle later in the day.
A fall through to sub-$134 levels would bring the first major support level at $130.69 into play.
Barring an extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $125.25.
Looking at the Technical Indicators
Major Support Level: $130.69
Major Resistance Level: $139.49
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP
Ripple’s XRP rose by 1.10% on Wednesday. Following on from a 1.49% gain on Tuesday, Ripple’s XRP ended the day at $0.17603.
A bearish start to the day saw Ripple’s XRP slide to a late afternoon intraday low $0.16874.
Ripple’s XRP fell through the first major support level at $0.1704 before rallying to a late intraday high $0.17717.
While breaking back through the first major support level, Ripple’s XRP fell short of the first major resistance level at $0.1782.
At the time of writing, Ripple’s XRP was up by 0.04% to $0.17610. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.17759 before falling to a low $0.17509.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move back through to $0.1770 levels to support a run at the first major resistance level at $0.1792.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.1780 levels.
Barring an extended crypto rally, the first major resistance level at $0.1792 would likely leave Ripple’s XRP short of $0.18 levels.
Failure to move back through to $0.1770 levels could see Ripple’s XRP slide back into the red.
A fall through to sub-$0.1740 levels would bring the first major support level at $0.1708 into play.
Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.1656.
Looking at the Technical Indicators
Major Support Level: $0.1708
Major Resistance Level: $0.1792
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