Yahoo Finance EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 16/05/20
EOS
EOS fell by 1.73% on Friday. Partially reversing a 4.01% rally from Thursday, EOS ended the day at $2.5808.
Another choppy start to the day saw EOS slide to an early morning intraday low $2.5361 before finding support.
Steering clear of the first major support level at $2.5126, EOS rallied to a late morning intraday high $2.6627.
Falling short of the first major resistance level at $2.6958, EOS slid back to $2.54 levels before finding late support.
EOS broke back through to $2.61 levels before a final hour fall back to sub-$2.60 levels.
At the time of writing, EOS was up by 0.68% to $2.5985. A mixed start to the day saw EOS fall to an early morning low $2.5705 before rising to a high $2.6117.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through to $2.60 levels to bring the first major resistance level at $2.6503 into play.
Support from the broader market would be needed, however, for EOS to break out from the morning high $2.6117.
Barring an extended crypto rally, however, the major first resistance level would likely cap any upside.
Failure to move back through to $2.60 levels would see EOS fall back into the red.
A fall through the morning low $2.5705 would bring the first major support level at $2.5237 into play.
Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.4666.
Looking at the Technical Indicators
Major Support Level: $2.5237
Major Resistance Level: $2.6503
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum slid by 4.28% on Friday. Reversing a 1.74% gain from Thursday, Ethereum ended the day at $194.70.
Bearish throughout the day, Ethereum slid from an early morning intraday high $204.30 to a late intraday low $191.35.
Ethereum fell through the first major support level at $197.32 to find support at the second major support level at $191.23.
The late support led to a brief visit to $197 levels before a final hour pullback to sub-$195 levels.
At the time of writing, Ethereum was up by 0.65% to $195.96. A mixed start to the day saw Ethereum fall to an early morning low $193.24 before rising to a high $196.98.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through to $196.80 levels to bring the first major resistance level at $202.22 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $200 levels.
Barring an extended crypto rally, the first major resistance level would likely limit any upside.
Failure to move back through to $196.80 levels could see Ethereum hit reverse.
A fall back through the morning low $193.24 would bring the first major support level at $189.27 into play.
Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$190 levels.
Looking at the Technical Indicators
Major Support Level: $189.27
Major Resistance Level: $202.22
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 3.13% on Friday. Reversing a 0.96% gain from Thursday, Ripple’s XRP ended the day at $0.19809.
A mixed start to the day saw Ripple’s XRP fall from an intraday high $0.20484 to an early morning low $0.19695.
Ripple’s XRP fell through the first major support level at $0.1993 before a late morning recovery to $0.2040 levels.
The recovery was brief, however, with Ripple’s XRP sliding to a late intraday low $0.19530.
Ripple’s XRP slid back through the first major support level before finding late support to wrap up the day at $0.1980 levels.
The first major support level at $0.1993 pinned Ripple’s XRP back late in the day.
At the time of writing, Ripple’s XRP was up by 1.10% to $0.20026. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.19647 before striking a high $0.20026.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid sub-$0.20 levels to support a run at the first major resistance level at $0.2035.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2020 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $0.20484 would likely limit any upside.
Failure to avoid sub-$0.20 levels could see Ripple’s XRP give up the early gains.
A fall back through the morning low $0.19647 would bring the first major support level at $0.1940 into play.
Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.19 support levels.
Looking at the Technical Indicators
Major Support Level: $0.1940
Major Resistance Level: $0.2035
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
