U.S. Markets closed

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 04/06/20

Bob Mason

EOS

EOS rose by 0.67% on Wednesday. Following Tuesday’s 5.40% slide, EOS ended the day at $2.6927.

A bearish start to the day saw EOS fall to a mid-morning intraday low $2.6329 before finding support.

Steering clear of the first major support level at $2.5448, EOS rallied to a late intraday high $2.7072.

Coming up against resistance at $2.70, EOS fell short of the first major resistance level at $2.7538.

In the day, a failure to break through the $2.72 pivot left the major resistance levels out of reach.

At the time of writing, EOS was up by 0.10% to $2.6955. A mixed start to the day saw EOS fall to an early morning low $2.6900 before rising to a high $2.7009.

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

For the day ahead

EOS would need to avoid sub-$2.68 levels to take a run at the first major resistance level at $2.7223 into play.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.7072.

Barring another extended crypto rally, the first major resistance level at $2.7223 would likely cap any upside.

Failure to avoid sub-$2.68 levels could see EOS fall deeper into the red.

A fall through the $2.6776 pivot would bring the first major support level at $2.6480 into play.

Barring another crypto meltdown, however, EOS should steer clear of sub-$2.60 support levels. The second major support level at $2.6033 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $2.6480

Major Resistance Level: $2.7223

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 2.90% on Wednesday. Partially reversing a 4.31% slide from Tuesday, Ethereum ended the day at $244.6.

A choppy start to the day saw Ethereum fall to an early morning intraday low $233.28 before finding support.

Steering clear of the first major support level at $224.34, Ethereum rallied to a late intraday high $245.39 before easing back.

Falling short of the first major resistance level at $252.34, Ethereum eased back to wrap up the day at $244 levels.

At the time of writing, Ethereum was down by 0.28% to $243.92. A mixed start to the day saw Ethereum rise to an early morning high $244.98 before falling to a low $242.99.

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

For the day ahead

Ethereum would need to avoid sub-$241 levels to support a run at the first major resistance level at $248.90.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $245.39.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high should cap any upside.

Failure to avoid sub-$241 levels could see Ethereum fall deeper into the red.

A fall back through the morning low $242.99 to sub-$241 levels would bring the first major support level at $236.79 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear sub-$230 levels on the day.

Looking at the Technical Indicators

Major Support Level: $236.79

Major Resistance Level: $248.90

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 0.59% on Wednesday. Following Tuesday’s 3.75% slide, Ripple’s XRP ended the day at $0.20420.

It was also a choppy start to the day. Ripple’s XRP fell to an early morning intraday low $0.20069 before making a move.

Steering clear of the first major support level at $0.1952, Ripple’s XRP rose to a late intraday high $0.20485.

Falling short of the first major resistance level at $0.2133, Ripple’s XRP fell back into the red before finding late support.

At the time of writing, Ripple’s XRP was down by 0.12% to $0.20396. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.2037 before rising to a high $0.20420.

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-$0.2030 levels to support a run at the first major resistance level at $0.2058.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.20485.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high would likely cap any upside on the day.

Failure to avoid sub-$0.2030 levels could see Ripple’s XRP fall deeper into the red.

A fall through the morning low $0.20370 to sub-$0.2030 levels would bring the first major support level at $0.2016 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.1991.

Looking at the Technical Indicators

Major Support Level: $0.2016

Major Resistance Level: $0.2058

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

More From FXEMPIRE: