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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 24/01/20

Bob Mason

EOS

EOS slid by 2.01% on Thursday. Following on from a 0.13% decline on Wednesday, EOS ended the day at $3.5749.

It was a bearish start to the day. EOS slid from an early morning intraday high $3.6481 to an early afternoon intraday low $3.4948.

Steering clear of the major resistance levels, EOS fell through the first major support level at $3.5697.

Finding support at the second major support level at $3.4952, EOS recovered to $3.59 levels before a 2nd pullback.

EOS fell back through the first major support level at $3.5697 to $3.51 levels before late support kicked in.

At the time of writing, EOS was down by 3.59% to $3.4465. A bearish start to the day saw EOS fall from an early morning high $3.5740 to a low $3.4051.

EOS fell through the first major support level at $3.4971 and the second major support level at $3.4193 early on.

For the day ahead

EOS would need to break back through the first major support level and move through to $3.57 levels to support a run at the first major resistance level at $3.6504.

Support from the broader market would be needed for EOS to break back through to $3.50 levels.

Barring a broad-based crypto rebound, however, EOS would likely fall well short of $3.60 levels on the day.

Failure to move through to $3.57 levels could see EOS struggle throughout the day.

A fall back through the second major support level at $3.4193 would bring sub-$3.40 levels into play.

We would expect EOS to steer well clear of the third major support level at $3.2660, however.

Looking at the Technical Indicators

Major Support Level: $3.4971

Major Resistance Level: $3.6504

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 3.18% on Thursday. Following on from a 0.95% fall on Wednesday, Ethereum ended the day at $162.4.

Bearish through the day, Ethereum fell from an early morning intraday high $167.79 to a late afternoon intraday low $158.44.

Ethereum fell through the first major support level at $165.20 and the second major support level at 162.73.

Finding late support, Ethereum moved back through to $162 levels to limit the loss on the day.

At the time of writing, Ethereum was down by 2.38% to $158.54. A bearish start to the day saw Ethereum fall from an early morning high $163.00 to a low $157.55.

Ethereum fell through the first major support level at $157.99 before moving back through to $158 levels.

For the day ahead

Ethereum would need to move through to $163 levels to support a run at the first major resistance level at $167.31.

Support from the broader market would be needed, however, for Ethereum to break back through to $160 levels.

Barring a broad-based crypto rebound, Ethereum will likely fall well short of $165 levels on the day.

In the event of a rebound, the first major resistance at $167.31 and Thursday high $167.79 would likely limit any upside.

Failure to move back through to $163 levels could see Ethereum spend the day in the red.

A fall through the first major support level at $157.96 would bring $155 levels into play before any recovery.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $153.53.

Looking at the Technical Indicators

Major Support Level: $157.96

Major Resistance Level: $167.31

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 4.71% on Thursday. Following on from a 0.12% decline on Wednesday, Ripple’s XRP ended the day at $0.22583.

Tracking the broader market, Ripple’s XRP slid from an early morning intraday high $0.23725 to a late intraday low $0.22077.

Ripple’s XRP fell through the first major support level at $0.2327 and the second major support level at $0.2285.

Finding support at the third major support level at $0.2206, Ripple’s XRP recovered to $0.2260 levels before easing back.

Ripple’s XRP failed to break back through the major support levels late on.

At the time of writing, Ripple’s XRP was down by 1.96% to $0.22141. A mixed start to the day saw Ripple’s XRP rise to an early high $0.22628 before sliding to a low $0.21771.

Ripple’s XRP fell through the first major support level at $0.2187 before recovering to $0.22 levels.

For the day ahead

Ripple’s XRP will need to move through to $0.2280 levels to support a run at the first major resistance level at $0.2351.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.23 levels.

Barring a broad-based crypto rebound, Ripple’s XRP would likely fall well short of the first major resistance level and Wednesday’s high $0.23725.

Failure to move back through to $0.2280 levels could see Ripple’s XRP struggle throughout the day.

A fall back through the first major support level at $0.2187 would bring the second major support level at $0.2115 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer of sub-$0.21 levels.

Looking at the Technical Indicators

Major Support Level: $0.2187

Major Resistance Level: $0.2351

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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