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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 17/05/20

Bob Mason

EOS

EOS rose by 1.90% on Saturday. Reversing a 1.73% fall from Friday, EOS ended the day at $2.6324.

A bullish start to the day saw EOS rally from an intraday low $2.5705 to an early morning intraday high $2.6863.

EOS broke through the first major resistance level at $2.6503 before hitting reverse.

The reversal saw EOS fall back to sub-$2.60 levels before finding late support to deliver the upside on the day.

At the time of writing, EOS was down by 0.29% to $2.6247. A mixed start to the day saw EOS fall to an early morning low $2.6228 before striking a high $2.6480.

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

For the day ahead

EOS would need to move through to $2.63 levels to bring the first major resistance level at $2.6890 into play.

Support from the broader market would be needed, however, for EOS to break out from Saturday’s high $2.6863.

Barring an extended crypto rally, the major first resistance level would likely cap any upside.

Failure to move back through to $2.63 levels would see EOS fall deeper into the red.

A fall through the morning low $2.6228 would bring the first major support level at $2.5732 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.5139.

Looking at the Technical Indicators

Major Support Level: $2.5732

Major Resistance Level: $2.6890

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 3.02% on Saturday. Partially reversing a 4.28% slide from Friday, Ethereum ended the day at $200.53.

A bullish start to the day saw Ethereum rally from an intraday low $193.24 to a mid-day intraday high $203.36.

Ethereum broke through the first major resistance level at $202.22 before sliding back to $197 levels.

Finding support from the broader market, Ethereum broke back through to $200 levels to deliver the upside on the day.

At the time of writing, Ethereum was up by 0.24% to $201.01. Another mixed start to the day saw Ethereum fall to an early morning low $199.10 before rising to a high $202.50.

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

For the day ahead

Ethereum would need to avoid sub-$200 levels to bring the first major resistance level at $204.85 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Saturday’s high $203.36.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

Failure to avoid sub-$200 levels could see Ethereum hit reverse.

A fall back through the morning low $199.10 would bring the first major support level at $194.73 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$190 levels.

Looking at the Technical Indicators

Major Support Level: $194.73

Major Resistance Level: $204.85

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 0.81% on Saturday. Partially reversing a 3.13% slide from Friday, Ripple’s XRP ended the day at $0.19961.

A bullish start to the day saw Ripple’s XRP rise from an intraday low $0.19647 to an early morning intraday high $0.20229.

Steering clear of the major support and resistance levels, Ripple’s XRP fell back to sub-$0.1980 levels before finding late support.

The late support delivered the upside on the day.

At the time of writing, Ripple’s XRP was up by 0.32% to $0.20024. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.19882 before striking a high $0.20129.

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

For the day ahead

Ripple’s XRP will need to avoid sub-$0.20 levels to support a run at the first major resistance level at $0.2024.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Saturday’s high $0.20229.

Barring an extended crypto rally, the first major resistance level and Saturday’s high would likely limit any upside.

Failure to avoid sub-$0.20 levels could see Ripple’s XRP give up the early gains.

A fall back through the morning low $0.19882 would bring the first major support level at $0.1966 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.19 support levels.

The second major support level at $0.1936 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.1966

Major Resistance Level: $0.2024

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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