EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 21/01/20
EOS
EOS rose by 0.02% on Monday. Following a 4.82% slide from Sunday, EOS ended the day at $3.6135.
A bearish start to the day saw EOS fall to an early afternoon intraday low $3.4857 before making a move.
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Steering clear of the first major support level at $3.4249, EOS rose to a late afternoon intraday high $3.7001.
EOS came up short of the first major resistance level at $3.8648 before easing back to sub-$3.7 levels.
At the time of writing, EOS was up by 0.11% to $3.6175. A mixed start to the day saw EOS fall to an early morning low $3.5980 before rising to a high $3.6215.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to hold on to $3.60 levels to support a run at the first major resistance level at $3.7138.
Support from the broader market would be needed for EOS to breakout from Monday’s high $3.7001.
Barring a broad-based crypto rally, however, Monday’s high $3.7001 and first major resistance level would likely cap any upside.
Failure to hold onto $3.60 levels could see EOS hit reverse
A fall back through to sub-$3.60 levels would bring the first major support level at $3.4994 into play before any recovery.
Barring an extended sell-off, however, EOS should steer clear of sub-$3.40 levels and the second major support level at $3.3854.
Looking at the Technical Indicators
Major Support Level: $3.4994
Major Resistance Level: $3.7138
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum fell by 0.04% on Monday. Following a 4.19% slide on Sunday, Ethereum ended the day at $166.68.
A bearish start to the day saw Ethereum fall from an early morning high $167.36 to an early afternoon intraday low $161.10.
Steering clear of the first major support level at $159.64, Ethereum bounced back to a late intraday high $169.30.
Falling short of the first major resistance level at $175.94, Ethereum eased back to $166 levels and into the red.
At the time of writing, Ethereum was down by 0.36% to $166.08. A bearish start to the day saw Ethereum fall from an early morning high $167.01 to a low $165.34.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through to $167 levels to support a run at the first major resistance level at $170.29.
Support from the broader market would be needed, however, for Ethereum to breakout from Monday’s high $169.3.
Barring a broad-based crypto rally the first major resistance level and Monday’s high $169.3 would likely cap any upside.
Failure to move back through to $167 levels could see Ethereum fall deeper into the red.
A fall back through to sub-$165.70 levels would bring the first major support level at $162.09 into play.
Barring an extended crypto sell-off, however, Ethereum should steer of sub-$160 levels for a 5th consecutive day.
Looking at the Technical Indicators
Major Support Level: $162.09
Major Resistance Level: $170.29
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 1.08% on Monday. Following on from a 2.98% slide on Sunday, Ripple’s XRP ended the day at $0.23281.
Tracking the broader market, Ripple’s XRP fell from an early morning intraday high $0.23620 to an early afternoon intraday low $0.22404.
Falling short of the major resistance levels, Ripple’s XRP came within range of the first major support level at $0.2237.
Finding support late in the day, Ripple’s XRP recovered to a 2nd half of a day high $0.23577 before falling back into the red.
At the time of writing, Ripple’s XRP was down by 0.22% to $0.23230. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.23335 to a low $0.23111.
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 $0.23335 to support a run at the first major resistance level at $0.2380.
Support from the broader market would be needed, however, for Ripple’s XRP to breakout from Monday’s high $0.23620.
Barring a broad-based crypto rally, the first major resistance level and Monday’s high $0.23620 would likely cap any upside.
Failure to move back through the morning high $0.23335 could see Ripple’s XRP struggle throughout the day.
A fall through to sub-$0.2310 levels would bring the first major support level at $0.2258 into play.
Barring a crypto meltdown, however, Ripple’s XRP should steer of sub-$0.22 levels and the second major support level at $0.2189.
Looking at the Technical Indicators
Major Support Level: $0.2258
Major Resistance Level: $0.2380
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
Please let us know what you think in the comments below.
Thanks, Bob