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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 03/06/20

Bob Mason

EOS

EOS slid by 5.40% on Tuesday. Reversing most of Monday’s 5.68% rally, EOS ended the day at $2.6762.

It was a bullish start to the day. EOS rallied to late morning high $2.9000 before hitting reverse.

The rally saw EOS break through the first major resistance level at $2.886 before sliding to an early afternoon intraday low $2.5910.

EOS fell through the first major support level at $2.7135 and the second major support level at $2.6030.

Finding late support, EOS broke back through the second major support level to limit the loss on the day.

At the time of writing, EOS was down by 0.20% to $2.6708. A mixed start to the day saw EOS fall to an early morning low $2.6698 before rising to a high $2.6791.

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

For the day ahead

EOS would need to move through to $2.72 levels to bring the first major resistance level at $2.8538 into play.

Support from the broader market would be needed, however, for EOS to break back through to $2.80 levels.

Barring another extended crypto rally, resistance at $2.80 would likely leave EOS short of the first major resistance level.

Failure to move through to $2.72 levels could see EOS fall deeper into the red.

A fall through Tuesday’s low $2.5910 would bring the first major support level at $2.5448 into play.

Barring another crypto meltdown, however, EOS should steer clear of sub-$2.50 support levels. The second major support level sits at $2.4134.

Looking at the Technical Indicators

Major Support Level: $2.5448

Major Resistance Level: $2.8538

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 4.31% on Tuesday. Partially reversing a 7.34% rally from Monday, Ethereum ended the day at $237.71.

It was another bullish start to the day. Ethereum rallied to a late morning intraday high $253.6 before hitting reverse.

Falling short of the first major resistance level at $256.38, Ethereum slid to an early afternoon intraday low $225.60.

Ethereum fell through the first major support level at $235.51 before finding support to wrap up the day at $237 levels.

At the time of writing, Ethereum was down by 0.09% to $237.49. A mixed start to the day saw Ethereum fall to an early morning low $236.76 before rising to a high $238.51.

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

For the day ahead

Ethereum would need to move back through to $240 levels to bring the first major resistance level at $252.34 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $250 levels.

Barring another broad-based crypto rally, the first major resistance level and Tuesday’s high $253.6 should cap any upside.

Failure to move back through to $240 levels could see Ethereum fall deeper into the red.

A fall back through to sub-$230 levels would bring the first major support level at $224.34 into play.

Barring another extended crypto sell-off, however, Ethereum should steer clear sub-$220 levels on the day.

Looking at the Technical Indicators

Major Support Level: $224.34

Major Resistance Level: $252.34

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 3.75% on Tuesday. Partially reversing a 4.36% rally from Monday, Ripple’s XRP ended the day at $0.20331.

A bullish start to the day saw Ripple’s XRP rise a midday intraday high $0.21520 before hitting reverse.

Coming up against the first major resistance level at $0.21580, Ripple’s XRP slid to an early afternoon intraday low $0.19704.

Ripple’s XRP fell through the first major support level at $0.2039 to briefly visit sub-$0.20. Finding late support, however, Ripple’s XRP recovered to $0.20 levels to limit the loss on the day.

At the time of writing, Ripple’s XRP was down by 0.30% to $0.20269. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.20336 before falling to a low $0.20256.

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 $0.2050 levels to support a run at the first major resistance level at $0.2133.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.21 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $0.2152 would likely cap any upside on the day.

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

A fall through the morning low $0.20256 to sub-$0.20 levels would bring the first major support level at $0.1952 into play.

Barring another extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.19 levels and the second major support level at $0.1879.

Looking at the Technical Indicators

Major Support Level: $0.1952

Major Resistance Level: $0.2133

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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