EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 18/12/19
EOS
EOS slid by 7.10% on Tuesday. Following on from a 7.48% tumble on Monday, EOS ended the day at $2.2110.
Bearish through the day, EOS fell from an early morning intraday high $2.3804 to a late morning low $2.3289 before finding support.
Steering clear of the major support and resistance levels, EOS recovered to $2.36 levels before hitting reverse.
The reversal saw EOS slide through the first major support level at $2.2487 to a late intraday low $2.1624.
Finding late support, EOS moved back to $2.2 levels to cut the deficit on the day.
At the time of writing, EOS was up by 1.45% to $2.2430. A bullish start to the day saw EOS rise from an early morning low $2.2028 to a high $2.2547.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move back through to $2.25 levels to support a run at the first major resistance level at $2.3402.
Support from the broader market would be needed, however, for EOS to break out from $2.20 levels.
Barring a broad-based crypto rally, resistance at $2.3 levels would likely pin EOS back on the day.
Failure to move through to $2.25 levels could see EOS hit reverse. A fall through the morning low $2.2028 would bring the first major support level at $2.1222 into play.
Barring a crypto meltdown, however, EOS should steer clear of sub-$2.00 levels. The second major support level at $2.0333 should limit any downside on the day.
Looking at the Technical Indicators
Major Support Level: $2.1222
Major Resistance Level: $2.3402
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum tumbled by 7.96% on Tuesday. Following on from a 7.04% slide on Monday, Ethereum ended the day at $121.83
Tracking the broader market, Ethereum slid from an early morning intraday high $132.66 to a late intraday low $119.5.
Steering clear of the major resistance levels, Ethereum fell through the first major support level at $126.75 and second major resistance level at $121.14.
Ethereum’s first visit to sub-$120 levels since February was brief, however, with Ethereum closing out the day at $121 levels.
The late move saw Ethereum break back through the second major support level before the day end.
At the time of writing, Ethereum was up by 2.74% to $125.17. A bullish start to the day saw Ethereum rise from an early morning low $121.20 to a high $125.45.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to steer clear of sub-$125 levels to support a run at the first major resistance level at $129.83.
Support from the broader market would be needed for Ethereum to break out from the morning high $125.45.
In the event of an extended rally on the day, Ethereum could revisit Tuesday’s high $132.66 before any pullback.
Failure to steer clear of sub-$125 levels could see Ethereum slide for a 3rd consecutive day.
A fall through to sub-$124.70 levels would bring the first major support level at $116.67 into play.
Barring another crypto meltdown, however, Ethereum should steer clear of the second major support level at $111.50.
Looking at the Technical Indicators
Major Support Level: $116.67
Major Resistance Level: $129.83
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP
Ripple’s XRP slumped by 10.76% on Tuesday. Following on from a 5.33% decline on Monday, Ripple’s XRP ended the day at $0.18426.
Another bearish start to the day saw Ripple’s XRP fall from an early intraday high $0.20675 to a mid-morning low $0.19020.
Steering clear of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.2006 and second major support level at $0.1945.
Finding support in the late morning, Ripple’s XRP recovered to $0.20 levels before a getting hit by a late sell-off.
The late sell-off saw Ripple’s XRP slide through the major support levels to an intraday low and new swing lo $0.17854.
A partial recovery late on saw Ripple’s XRP break back through the third major support level at $0.1796.
At the time of writing, Ripple’s XRP was up by 1.54% to $0.18709. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.18253 to a high $0.18796.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
A move through to $0.1900 levels would support a run at the first major resistance level at $0.2012.
Support from the broader market would be needed for Ripple’s XRP to break out from the morning’s high $0.18796.
Barring a broad-based crypto rebound, however, Ripple’s XRP would likely come up short of $0.20 levels on the day.
Failure to move back through to $0.1900 levels could see Ripple’s XRP hit reverse once more.
A fall through the morning low $0.18253 would bring the first major support level at $0.1730 into play.
Barring another crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.1616.
Looking at the Technical Indicators
Major Support Level: $0.1730
Major Resistance Level: $0.2012
23.6% FIB Retracement Level: $0.3701
38.2% FIB Retracement Level: $0.4851
62% FIB Retracement Level: $0.6710
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
