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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 21/05/20

Bob Mason

EOS

EOS fell by 2.19% on Wednesday. Following on from a 0.28% decline on Tuesday, EOS ended the day at $2.5934.

A range-bound start to the day saw EOS rise to an early morning intraday high $2.6766 before easing back to sub-$2.65 levels.

EOS fell short of the first major resistance level at $2.6864 before sliding in the early afternoon to an intraday low $2.5300.

EOS fell through the first major support level at $2.5936 and second major support level at $2.5357 before finding support.

A return to $2.60 levels late in the day was brief, however, with EOS closing out at $2.59 levels. The first major support level at $2.5936 limited the downside at the day end.

At the time of writing, EOS was down by 0.87% to $2.5710. A mixed start to the day saw EOS rise to an early morning high $2.6119 before falling to a low $2.5710.

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 $2.6700 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.6119.

Barring a broad-based crypto rebound, however, resistance at $2.60 would likely leave EOS short of the major first resistance level.

Failure to move back through to $2.60 levels could see EOS fall deeper into the red.

A fall through to sub-$2.55 levels would bring the first major support level at $2.5234 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.4534.

Looking at the Technical Indicators

Major Support Level: $2.5234

Major Resistance Level: $2.6700

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 2.25% on Wednesday. Following on from a 0.07% decline on Tuesday, Ethereum ended the day at $209.96.

It was a choppy day for the majors. Ethereum rose to a mid-morning intraday high $215.50 before hitting reverse.

Falling short of the first major resistance level at $217.29, Ethereum slid to an early afternoon intraday low $205.10.

Ethereum fell through the first major support level at $210.67 and the second major support level at $206.64.

Finding late support, Ethereum broke back through the major support levels to a high $210.82 before easing back.

The late pullback saw Ethereum fall back through the first major support level.

At the time of writing, Ethereum was down by 0.67% to $208.56. A mixed start to the day saw Ethereum rise to an early morning high $211.52 before falling to a low $208.35.

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

For the day ahead

Ethereum would need to move back through to $210.20 levels to bring the first major resistance level at $215.27 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $211.52.

Barring a broad-based crypto rebound, the first major resistance level and Wednesday’s high $215.50 would likely limit any upside.

Failure to move back through to $210.20 levels could see Ethereum slide deeper into the red.

A fall back through the morning low to sub-$208 levels would bring the first major support level at $204.87 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of the second major support level at $199.79.

Looking at the Technical Indicators

Major Support Level: $204.87

Major Resistance Level: $215.27

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 1.67% on Wednesday. Following on from a 0.19% decline on Tuesday, Ripple’s XRP ended the day at $0.20139.

A relatively bullish start to the day saw Ripple’s XRP rose to a mid-morning intraday high $0.20625 before hitting reverse.

Falling short of the first major resistance level at $0.2072, Ripple’s XRP slid to a mid-afternoon intraday low $0.19722.

Ripple’s XRP fell through the first major support level at $0.2015 and the second major support level at $0.1982.

Finding late support, Ripple’s XRP broke back through the major support levels to $0.2023 levels before easing back.

The late pullback saw Ripple’s XRP fall back through the first major support level.

At the time of writing, Ripple’s XRP was down by 0.38% to $0.20063. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.20280 before falling to a low $0.20032.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will need to move back through to $0.2020 levels to support a run at the first major resistance level at $0.2060.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.20280.

Barring a broad-based crypto rebound, the first major resistance level would likely limit any upside.

Failure to move through to $0.2020 levels could see Ripple’s XRP fall deeper into the red.

A fall back through the morning low $0.20032 would bring the first major support level at $0.1970 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.1926.

Looking at the Technical Indicators

Major Support Level: $0.1970

Major Resistance Level: $0.2060

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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