EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 16/04/20
EOS
EOS fell by 1.96% on Wednesday. Reversing a 0.57% gain from Tuesday, EOS ended the day at $2.4064.
A mixed start to the day saw EOS rise to an early morning intraday high $2.5006 before hitting reverse.
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Falling short of the first major resistance level at $5.0800, EOS slid to an early afternoon intraday low $2.3959.
EOS fell through the first major support level at $2.4152 before recovering to $2.47 levels. A bearish end to the day, however, saw EOS slid back to sub-$2.40 levels before ending the day at $2.40.
The reversal saw EOS slide back through the first major resistance level to end the day in the red.
At the time of writing, EOS was down by 0.29% to $2.3994. A mixed start to the day saw EOS fall to an early morning low $2.3371 before striking a high $2.4109.
Steering clear of the major resistance levels, EOS fell through the first major support level at $2.3680 early on.
For the day ahead
EOS would need to move back through to $2.45 levels to support another run at the first major resistance level at $2.4727.
Support from the broader market would be needed, however, for EOS to breakout from the morning high $2.4109.
Barring an extended crypto rally, the first major resistance level would likely limit any upside.
Failure to move through to $2.45 levels could see EOS slide deeper into the red.
A fall back through the first major support level at $2.3680 would bring $2.35 levels into play before any recovery.
Barring an extended crypto sell-off, however, EOS should continue to steer clear the second major support level at $2.3296.
Looking at the Technical Indicators
Major Support Level: $2.3680
Major Resistance Level: $2.4727
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum slid by 3.72% on Wednesday. Reversing a 1.21% gain from Tuesday, Ethereum ended the day at $152.77.
Tracking the broader market, Ethereum rose to an early morning intraday high $160.50 before hitting reverse.
Falling short of the first major resistance level at $162.58, Ethereum slid to a final hour intraday low $152.17.
Ethereum fell through the first major support level at $155.14 to end the day in the deep red.
At the time of writing, Ethereum was up by 0.29% to $153.21. A mixed start to the day saw Ethereum fall to an early morning low $148.08 before striking a high $153.76.
Steering clear of the major resistance levels, Ethereum fell through the first major support level at $149.46 early on.
For the day ahead
Ethereum would need to move through to $155.5 levels to support a run at the first major resistance level at $158.79.
Support from the broader market would be needed, however, for Ethereum to breakout from the morning high $153.76.
Barring an extended crypto rally, resistance at $155 would likely leave Ethereum short of the first major resistance level.
Failure to move back through to $155.5 levels could see Ethereum fall back into the red.
A fall through the first major support level at $149.46 would bring $148 levels into play before any recovery.
Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $146.15.
Looking at the Technical Indicators
Major Support Level: $149.46
Major Resistance Level: $158.79
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 2.73% on Wednesday. Following on from a 0.89% decline on Tuesday, Ripple’s XRP ended the day at $0.18092.
A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.18980 before hitting reverse.
Coming up against the first major resistance level at $0.1893, Ripple’s XRP slid to a final hour intraday low $0.18024.
Ripple’s XRP fell through the first major support level at $0.1833 to find support at the second major support level at $0.1804.
At the time of writing, Ripple’s XRP was down by 1.50% to $0.17820. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.18089 to a low $0.17426.
Steering clear of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.1775.
For the day ahead
Ripple’s XRP will need to move through to $0.1840 levels to support a run at the first major resistance level at $0.1871.
Support from the broader market would be needed, however, for Ripple’s XRP to breakout from the morning high $0.18089.
Barring an extended crypto rally, the first major resistance level would likely leave Ripple’s XRP short of $0.19 levels.
Failure to move through to $0.1840 levels could see Ripple’s XRP fall deeper into the red.
A fall back through the first major support level would bring the second major support level at $0.1741 back into play.
Barring an extended crypto sell-off, however, Ripple’s XRP should steer well clear of sub-$0.17 levels.
Looking at the Technical Indicators
Major Support Level: $0.1775
Major Resistance Level: $0.1871
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