EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 26/12/19
EOS
EOS slid by 2.36% on Wednesday. Reversing a 1.09% gain from Tuesday, EOS ended the day at $2.4888.
Bearish from the start of the day, EOS fell from an early morning intraday high $2.5541 to an early afternoon intraday low $2.4580.
Steering clear of the resistance levels, EOS fell through the first major support level at $2.5025. A partial recovery to $2.50 levels late in the day was short-lived, with EOS closing out at sub-$2.50.
At the time of writing, EOS was up by 0.12% to $2.4919. A range-bound start to the day saw EOS rise from an early morning low $2.4833 to a high $2.4929.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through to $2.50 levels to support a run at the first major resistance level at $2.5426.
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 and Wednesday’s high $2.5541 would likely limit any upside on the day.
Failure to move through to $2.50 levels could see EOS hit reverse. A fall through the morning low $2.4833 would bring the first major support level at $2.4465 into play.
Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.4042.
Looking at the Technical Indicators
Major Support Level: $2.4465
Major Resistance Level: $2.5426
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum fell by 2.12% on Wednesday. Following on from a 0.03% decline on Tuesday, Ethereum ended the day at $124.96.
A bearish start to the day saw Ethereum fall from an early morning intraday high $127.77 to a mid-day intraday low $123.16.
Steering clear of the major resistance levels, Ethereum fell through the first major support level at $126.31 and second major support level at $124.90.
Finding support late in the day, Ethereum broke back through the second major support level to revisit $125 levels before easing back.
The second major support level limited the downside at the day end.
At the time of writing, Ethereum was down by 0.26% to $124.64. A bearish start to the day saw Ethereum fall from an early morning high $125.30 to a low $124.50.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through the morning high $125.30 to support a run at the first major resistance level at $127.43.
Support from the broader market would be needed for Ethereum to break back through to $125 levels.
Barring a broad-based crypto rally, however, the first major resistance level and Wednesday’s high $127.77 would likely limit any upside.
Failure to move through to $125.30 levels could see Ethereum see red for a 4th consecutive day. A pullback through the morning low $124.50 to $123 levels would bring the first major support level at $122.82 into play.
Barring a crypto sell-off, however, Ethereum should steer clear of sub-$120 levels on the day. The second major support level at $120.69 should limit the downside in the event of a pullback.
Looking at the Technical Indicators
Major Support Level: $122.82
Major Resistance Level: $127.43
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 1.11% on Wednesday. Reversing a 0.70% gain from Tuesday, Ripple’s XRP ended the day at $0.18919.
At the time of writing, Ripple’s XRP was up by 0.1% to $0.18938. A range-bound start to the day saw Ripple’s XRP rise from an early morning low $0.18901 to a high $0.18988 before easing back.
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 $0.1890 levels support a run at the first major resistance level at $0.1918.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.19 levels.
Barring a broad-based crypto rebound, Wednesday’s high $0.19182 and the first major resistance level 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 to the morning low $0.18901 would bring the first major support level at $0.1867 into play.
Barring a crypto meltdown, however, Ripple’s XRP should steer well clear of sub-$0.18 levels. The second major support level at $0.1841 should limit the downside on the day.
Looking at the Technical Indicators
Major Support Level: $0.1867
Major Resistance Level: $0.1918
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
