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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 03/01/20

Bob Mason

EOS

EOS slid by 5.37% on Thursday. Reversing a 0.60% gain from Wednesday, EOS ended the day at $2.4678.

A mixed start to the day saw EOS fall from an early morning intraday high $2.6125 to a low $2.5690.

Steering clear of the major support and resistance levels, EOS recovered to $2.60 levels before taking a hit.

The reversal saw EOS slide through the day’s major support levels to a late afternoon intraday low $2.4344.

Late in the day, EOS managed to move back through the third major support level at $2.4745 before sliding back to $2.46 levels.

At the time of writing, EOS was down by 0.28% to $2.4609. A bearish start to the day saw EOS fall from an early morning high $2.4699 to a low $2.4541.

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

For the day ahead

EOS would need to move through to $2.5050 levels to support a run at the first major resistance level at $2.5754.

Support from the broader market would be needed, however, for EOS to break back through to $2.50 levels.

Barring an extended broad-based crypto rally, the first major resistance level would likely pin EOS back from $2.60 levels.

Failure to move through to $2.5050 levels could see EOS slide deeper into the red. A fall back through Thursday’s low $2.4344 would bring the first major support level at $2.3973 into play.

Barring another crypto meltdown, however, EOS should steer clear of the second major support level at $2.3268.

Looking at the Technical Indicators

Major Support Level: $2.3973

Major Resistance Level: $2.5754

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 2.56% on Thursday. Reversing a 1.28% gain from Wednesday, Ethereum ended the day at $126.81.

A mixed start to the day saw Ethereum fall from an early morning intraday high $130.18 to an early low $128.21.

Steering clear of the major support and resistance levels, Ethereum recovered to $129 levels before hitting reverse.

The reversal saw Ethereum fall through the first major support level at $127.98 to a late afternoon intraday low $125.83.

Finding support at the second major support level at $125.77, Ethereum wrapped up the day at $126 levels.

At the time of writing, Ethereum was down by 0.13% to $126.65. It was a mixed start to the day. Ethereum rose from an early morning low $126.55 to a high $127.22 before easing back.

For the day ahead

Ethereum would need to move through to $127.60 levels to support a run at the first major resistance level at $129.38.

Support from the broader market would be needed for Ethereum to break through the morning high $127.22.

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

In the event of an extended rally, the second major resistance level at $131.96 could come into play before any pullback.

Failure to move through to $127.60 levels could see Ethereum slide deeper into the red. A pullback through the morning low to sub-$126 levels would bring the first major support level at $125.03 into play.

Barring a crypto sell-off, however, Ethereum should steer well clear of the second major support level at $123.26.

Looking at the Technical Indicators

Major Support Level: $125.03

Major Resistance Level: $129.38

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 2.57% on Thursday. Following a 0.10% gain on Wednesday, Ripple’s XRP ended the day at $0.18817.

Tracking the broader market, Ripple’s XRP fell from an early morning intraday high $0.19337 to a mid-morning low $0.19070.

Falling short of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.1916.

A recovery to $0.1920 levels by late morning was brief, with Ripple’s XRP sliding to a late afternoon intraday low $0.1860.

Ripple’s XRP fell through the first major support level at $0.1916 and the second major resistance level at $0.1900.

The third major support level at $0.1858 limited the downside on the day.

At the time of writing, Ripple’s XRP was down by 0.71% to $0.18684. A bearish start to the day saw Ripple’s XRP slide from an early morning high $0.18818 to a low $0.18660.

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

For the day ahead

Ripple’s XRP will need to move through to $0.1890 levels support a run at the first major resistance level at $0.1924.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.1900 levels.

Barring an extended rally through the day, the first major resistance level and Wednesday’s high $0.19337 would likely limit any upside.

Failure to move through to $0.1890 levels could see Ripple’s XRP struggle throughout the day.

A fall through Thursday’s low $0.1860 would bring the first major support level at $0.1850 into play.

Barring a crypto meltdown, however, Ripple’s XRP should continue to steer of sub-$0.18 levels. The second major support level at $0.1818 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.1850

Major Resistance Level: $0.1924

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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