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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 21/01/20

Bob Mason

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.

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.

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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

This article was originally posted on FX Empire

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