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