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

Bob Mason

EOS

EOS slipped by 0.28% on Tuesday. Partially reversing a 1.73% gain from Monday, EOS ended the day at $2.6516.

A bearish start to the day saw EOS fall to an early morning intraday low $2.5705 before finding support.

EOS fell through the first major resistance level at $2.5924 before striking a late morning intraday high $2.6633.

Falling short of the first major resistance level at $2.7437, EOS fell back to an afternoon low $2.6037 and into the red.

Finding late support, EOS recovered to $2.65 levels to limit the loss on the day.

At the time of writing, EOS was down by 0.04% to 2.6505. A mixed start to the day saw EOS fall to an early morning low $2.6440 before striking a high $2.6563.

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

For the day ahead

EOS would need to move through to $2.66 levels to bring the first major resistance level at $2.6864 into play.

Support from the broader market would be needed, however, for EOS to break out from Tuesday’s high $2.6633.

Barring an extended crypto rally, however, the major first resistance level would likely cap any upside.

Failure to move back through to $2.66 levels could see EOS fall deeper into the red.

A fall through the morning low to sub-$2.6285 levels would bring the first major support level at $2.5936 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.5357.

Looking at the Technical Indicators

Major Support Level: $2.5936

Major Resistance Level: $2.6864

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slipped by 0.07% on Tuesday. Following a 3.76% rally on Monday, Ethereum ended the day at $214.71.

A bearish start to the day saw Ethereum slide to an early morning intraday low $209.22 before finding support.

Steering clear of the first major support level at $208.88, Ethereum bounced back to a late morning intraday high $215.84.

Falling short of the first major resistance level at $218.88, Ethereum fell back to $210 levels before finding late support.

A late recovery to $214 levels reversed the losses from the day.

At the time of writing, Ethereum was down by 0.27% to $214.12. A mixed start to the day saw Ethereum rise to an early morning high $214.97 before falling to a low $213.76.

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

For the day ahead

Ethereum would need to move through to $215 levels to bring the second major resistance level at $217.29 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $215.84.

Barring a broad-based crypto rebound, resistance at $215 would likely leave Ethereum short of the first major resistance level.

Failure to move through to $215 levels could see Ethereum slide deeper into the red.

A fall back through the morning low to sub-$213.30 levels would bring the first major support level at $210.67 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of the second major support level at $206.64.

Looking at the Technical Indicators

Major Support Level: $210.67

Major Resistance Level: $217.29

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 0.19% on Tuesday. Partially reversing a 2.02% gain from Monday, Ripple’s XRP ended the day at $0.20477.

Tracking the broader market, Ripple’s XRP slid to an early morning intraday low $0.20064 before finding support.

Ripple’s XRP fell through the first major support level at $0.2015 before striking a late morning intraday high $0.20635.

Falling short of the first major resistance level at $0.2086, Ripple’s XRP fell back to $0.2025 levels and into the red.

Finding late support from the broader market, Ripple’s XRP recovered to $0.2040 levels to limit the loss on the day.

At the time of writing, Ripple’s XRP was up by 0.02% to $0.20482. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.20435 before striking a high $0.20550.

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 $0.2050 levels to support a run at the first major resistance level at $0.2072.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s high $0.20635.

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

Failure to move through to $0.2050 levels could see Ripple’s XRP fall back into the red.

A fall back through the morning low to sub-$0.2040 levels would bring the first major support level at $0.2015 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.1982.

Looking at the Technical Indicators

Major Support Level: $0.2015

Major Resistance Level: $0.2072

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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