EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 11/02/20
EOS
EOS fell by 2.10% on Monday. Partially reversing a 5.22% rally from Sunday, EOS ended the day at $4.8970.
A bullish start to the day saw EOS strike an early morning intraday high $5.0328 before hitting reverse.
Falling short of the first major resistance level at $5.1077, EOS slid to a late morning intraday low $4.7340.
EOS fell through the first major support level at $4.8264 before finding support. A move back through the first major support level to hit $4.9 levels was brief.
In spite of falling back to sub-$4.9 levels, however, EOS avoided a fall back through the first major support level.
At the time of writing, EOS was down by 1.18% to $4.8391. A bearish start to the day saw EOS fall from an early morning high $4.9074 to a low $4.8189.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move back through to $4.8880 levels to support a run at the first major resistance level at $5.0419.
Support from the broader market would be needed, however, for EOS to break out from Monday’s high $5.0328.
Barring a broad-based crypto rebound, resistance at $5.00 would likely the upside on the day.
Failure to move through to $4.8880 levels could see EOS fall deeper into the red.
A fall back through the morning low $4.8189 would bring the first major support level at $4.7431 into play.
Barring an extended crypto sell-off, however, EOS should continue to steer of sub-$4.60 levels.
Looking at the Technical Indicators
Major Support Level: $4.7431
Major Resistance Level: $5.0419
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum fell by 2.60% on Monday. Reversing a 2.44% rally from Sunday, Ethereum ended the day at $222.85.
A relatively bullish start to the day saw Ethereum rise to an early morning intraday high $229.60 before hitting reverse.
Falling short of the first major resistance level at $232.08, Ethereum tumbled to a late morning intraday low $216.31.
Ethereum fell through the first major support level at $224.34 and the second major support level at $219.88.
Finding support in the early afternoon, Ethereum recovered to $225 levels before falling back through the first major support level at $224.34.
A late move back through to $222 levels cut the deficit, with the second major support level preventing heavier losses late on.
At the time of writing, Ethereum was down by 1.41% to $219.70. A bearish start to the day saw Ethereum fall from an early morning high $223.39 to a low $218.41.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back the morning high $223 to support a run at the first major resistance level at $229.53.
Support from the broader market would be needed, however, for Ethereum to break back through Sunday’s high $229.
Barring a broad-based crypto rebound, resistance at $225 would likely leave Ethereum short of the first major resistance level at $229.53.
Failure to move through to $223 levels could see Ethereum slide deeper into the red.
A fall back through the morning low $218.41 would bring the first major support level at $216.24 into play before any recovery.
Barring an extended crypto sell-off, Ethereum should steer clear of sub-$210 levels.
Looking at the Technical Indicators
Major Support Level: $216.24
Major Resistance Level: $229.53
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 3.16% on Monday. Reversing a 1.92% gain from Sunday, Ripple’s XRP ended the day at $0.27349.
A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.28300 before hitting reverse.
Falling short of the first major resistance level at $0.28880, Ripple’s XRP slid to a late morning intraday day low $0.26731.
Ripple’s XRP fell through the first major support level at $0.2759 and the second major support level at $0.2695.
Finding support from the broader market, Ripple’s XRP recovered to $0.2760 levels before easing back.
At the time of writing, Ripple’s XRP was down by 1.33% to $0.26984. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.27372 to a low $0.26939.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to break back through to $0.2750 levels to support a run at the first major resistance level at $0.2819.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.28 levels.
Barring a broad-based crypto rebound, resistance at $0.28 would likely leave Ripple’s XRP short of the first major resistance level at $0.2819.
Failure to move back through to $0.2750 levels could see Ripple’s XRP struggle throughout the day.
A fall back through the Monday’s low $0.26731 would bring the first major support level at $0.2662 into play.
Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.26 levels on the day.
Looking at the Technical Indicators
Major Support Level: $0.2662
Major Resistance Level: $0.2819
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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