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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 02/01/20

Bob Mason

EOS

EOS rose by 0.60% on Wednesday. Partially reversing a 1.54% fall from Tuesday, EOS ended the day at $2.6058.

A bullish start to the day saw EOS rally from an early morning intraday low $2.5794 to a late morning intraday high $2.6476.

EOS broke through the first major resistance level at $2.6422 before easing back.

Through the 2nd half of the day, EOS struck a high $2.6420 before sliding to a low $2.5945. While the first major resistance level at $2.6422 limited the upside, late support led to the recovery to $2.60 levels.

At the time of writing, EOS was up by 0.15% to $2.6097. A relatively bullish start to the day saw EOS rise from an early morning low $2.6029 to a high $2.6097.

EOS left the major support and resistance levels untested early on.

For the day ahead

EOS would need to move through to $2.6110 levels to support a run at the first major resistance level at $2.6425.

Support from the broader market would be needed, however, for EOS to break back through the morning high $2.61 levels.

Barring an extended broad-based crypto rally, the first major resistance level and Wednesday’s high $2.6476 would likely limit any upside.

Failure to steer move through to $2.6110 levels would bring the first major support level at $2.5743 into play.

Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.5427

Looking at the Technical Indicators

Major Support Level: $2.5743

Major Resistance Level: $2.6425

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 1.28% on Wednesday. Partially reversing a 1.94% fall from Tuesday, Ethereum ended the day at $130.19.

A bullish start to the day saw Ethereum rally from an early morning intraday low $128.12 to a late afternoon intraday high $132.68.

Steering clear of the first major support level at $126.36, Ethereum broke through the first major resistance level at $131.95.

Falling well short of the second major resistance level at $135.37, Ethereum slid back to sub-$130 levels before wrapping up the day at $130.

At the time of writing, Ethereum was down by 0.06% to $130.11. A bearish start to the day saw Ethereum fall from an early morning high $130.18 to a low $129.67.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to move through to $130.50 levels to support a run at the first major resistance level at $132.54.

Support from the broader market would be needed for Ethereum to break through to $131 levels.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $132.68 would likely limit any upside.

In the event of an extended rally, the second major resistance level at $134.89 could come into play before any pullback.

Failure to move through to $130.5 levels could see Ethereum slide deeper into the red. A pullback through the morning low to $129.67 would bring the first major support level at $127.98 into play.

Barring a crypto sell-off, however, Ethereum should steer well clear of the second major support level at $125.77.

Looking at the Technical Indicators

Major Support Level: $127.98

Major Resistance Level: $132.54

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 0.10% on Wednesday. Reversing a 0.09% fall from Tuesday, Ripple’s XRP ended the day at $0.19333.

A bullish start saw Ripple’s XRP rally from an early intraday low $0.19242 to a mid-morning intraday high $0.19658.

Steering clear of the first major support level at $0.1907, Ripple’s XRP broke through the first major resistance level at $0.1954.

Falling short of the second major resistance level at $0.1974, Ripple’s XRP fell back to sub-$0.1950 levels going into the afternoon.

Through the 2nd half of the day, a recovery to $0.195 levels was short-lived, with Ripple’s XRP sliding to sub-$0.1930 late on.

Finding support in the final hour, Ripple’s XRP closed recovered to $0.193 levels to end the day in the green.

At the time of writing, Ripple’s XRP was down by 0.10% to $0.19314. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19329 to a low $0.19291.

For the day ahead

Ripple’s XRP will need to move through to $0.1945 levels support a run at the first major resistance level at $0.1958.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.1940 levels.

Barring an extended rally through the day, the first major resistance level and Wednesday’s high $0.19658 would likely limit any upside.

Failure to move through to $0.1945 levels could see Ripple’s XRP struggle throughout the day.

A fall through the morning low $0.19291 would bring the first major support level at $0.1916 into play.

Barring a crypto meltdown, however, Ripple’s XRP should continue to steer of sub-$0.19 levels. The second major support level at $0.1900 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.1916

Major Resistance Level: $0.1958

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

This article was originally posted on FX Empire

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