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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 30/04/20

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·5 min read
In this article:
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EOS

EOS rallied by 8.55% on Wednesday. Following on from a 0.87% gain on Tuesday, EOS ended the day at $3.0025.

A mixed start to the day saw EOS fall to an early morning intraday low $2.7480 before making a move.

Steering clear of the first major support level at $2.7103, EOS rallied to an early afternoon intraday high $3.0952.

EOS broke through the major resistance levels before briefly falling back to $2.91 levels.

The pullback saw EOS fall back through the third major resistance level at $2.9266 before bouncing back to $3.00 levels.

At the time of writing, EOS was up by 1.78% to $3.0559. A bullish start to the day saw EOS rise from an early morning low $2.9922 to a high $3.0714.

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

<a href="https://www.tradingview.com/symbols/EOSUSD/?exchange=BITFINEX" rel="nofollow noopener" target="_blank" data-ylk="slk:EOS/USD 30/04/20 Daily Chart" class="link rapid-noclick-resp">EOS/USD 30/04/20 Daily Chart</a>

For the day ahead

EOS would need to avoid sub-$3.00 levels to support a run at the first major resistance level at $3.1491.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $3.0952

Barring another extended crypto rally, resistance at $3.10 would likely leave EOS short of the first major resistance level.

Failure to avoid sub-$3.00 levels could see EOS hit reverse.

A fall through to sub-$3.00 levels would bring the first major support level at $2.8019 into play before any recovery.

Barring a crypto sell-off, however, EOS should steer well clear of the second major support level at $2.6014.

Looking at the Technical Indicators

Major Support Level: $2.8019

Major Resistance Level: $3.1491

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 9.67% on Wednesday. Reversing a 0.11% decline from Tuesday, Ethereum ended the day at $215.66.

A bullish day saw Ethereum rally from an early morning intraday low $196.64 to a late afternoon intraday high $219.59.

Ethereum broke through the major resistance levels before briefly easing back to $211 levels.

Avoiding a pullback through the third major resistance level at $206.61, Ethereum bounced back to wrap up the day at $215 levels.

At the time of writing, Ethereum was up by 1.49% to $218.88. A bullish start to the day saw Ethereum rise from an early morning low $214.60 to a high $219.36.

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

<a href="https://www.tradingview.com/symbols/ETHUSD/?exchange=COINBASE" rel="nofollow noopener" target="_blank" data-ylk="slk:ETH/USD 30/04/20 Daily Chart" class="link rapid-noclick-resp">ETH/USD 30/04/20 Daily Chart</a>

For the day ahead

Ethereum would need to avoid sub-$211 levels to support a run at the first major resistance level at $224.62.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $219.59.

Barring an extended crypto rally, resistance at $220 would likely leave Ethereum short of the first major resistance level.

Failure to avoid sub-$211 levels could see Ethereum give up some of Wednesday’s gains.

A fall back through to sub-$210.50 levels would bring the first major support level at $201.67 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$200 levels on the day.

Looking at the Technical Indicators

Major Support Level: $201.67

Major Resistance Level: $224.62

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rose by 5.60% on Wednesday. Following on from an 8.44% rally on Tuesday, Ripple’s XRP ended the day at $0.22617.

A relatively range-bound start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.21401 before making a move.

Steering clear of the first major support level at $0.2000, Ripple’s XRP rallied to a late afternoon intraday high $0.23035.

Ripple’s XRP broke through the first major resistance level at $0.2231 before falling back to $0.22 levels.

The pullback saw Ripple’s XRP briefly fall back through the first major resistance level before wrapping up the day at $0.226 levels.

At the time of writing, Ripple’s XRP was up by 2.52% to $0.23186. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.22525 to a high $0.23200.

Ripple’s XRP left the major support and resistance levels untested early on.

<a href="https://www.tradingview.com/symbols/XRPUSD/?exchange=BITFINEX" rel="nofollow noopener" target="_blank" data-ylk="slk:XRP/USD 30/04/20 Daily Chart" class="link rapid-noclick-resp">XRP/USD 30/04/20 Daily Chart</a>

For the day ahead

Ripple’s XRP will need to avoid sub-$0.2240 levels to support a run at the first major resistance level at $0.2331.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.23200.

Barring an extended crypto rally, resistance at $0.2320 would likely leave Ripple’s XRP short of the first major resistance level at $0.2331.

Failure to avoid sub-$0.2240 levels could see Ripple’s XRP give up the current week gains.

A fall through the morning low to sub-$0.2235 levels would bring the first major support level at $0.2166 into play.

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

Looking at the Technical Indicators

Major Support Level: $0.2166

Major Resistance Level: $0.2331

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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