Yahoo Finance EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 16/01/20
EOS
EOS fell by 0.67% on Wednesday. Following a 22.09% rally from Tuesday, EOS ended the day at $3.7647.
A mixed start to the day saw EOS strike an early morning intraday high $3.9400 before hitting reverse.
Falling short of the first major resistance level at $4.1995, EOS fell to a mid-morning intraday low $3.5687.
Steering clear of the first major support level at $3.2453, EOS recovered to $3.8 levels before falling back to $3.6 levels.
Finding support late, however, EOS moved back through to $3.7 levels to limit the loss on the day.
At the time of writing, EOS was down by 4.79% to $3.5845. A bearish start to the day saw EOS fall from an early morning high $3.7961 to a low $3.5216.
Steering clear of the major resistance levels, EOS fell through the first major support level at $3.5756.
For the day ahead
EOS would need to move back through to $3.76 levels to support a run at the first major resistance level at $3.9469.
Support from the broader market would be needed for EOS to move back through this morning’s high $3.7961.
Barring another broad-based crypto rebound, however, EOS would likely come up short of the morning high.
In the event of a rebound, Wednesday’s high $3.94 and first major resistance level would likely cap any upside.
Failure to move back through to $3.76 levels would see EOS struggle throughout the day.
A fall back through the first major support level at $3.5756 would bring sub-$3.5 levels into play before any recovery.
Barring an extended sell-off, however, EOS should steer clear of the second major support level at $3.3865.
Looking at the Technical Indicators
Major Support Level: $3.5756
Major Resistance Level: $3.9469
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum rose by 0.33% on Wednesday. Following on from a 15.51% rally on Tuesday, Ethereum ended the day at $166.29.
A mixed start to the day saw Ethereum strike an early morning intraday high $172.18 before hitting reverse. Falling short of the first major resistance level at $176.56, Ethereum fell to a mid-morning intraday low $159.13.
Steering clear of the first major resistance level at $149.20, Ethereum recovered to $168 levels before a fall back to an afternoon low $160.35.
Finding late support, however, Ethereum moved back through to $166 levels and into the green.
At the time of writing, Ethereum was down by 3.37% to $160.68. A bearish start to the day saw Ethereum slide from an early morning high $167.28 to a low $158.17.
Steering clear of the major resistance levels, Ethereum fell through the first major support level at $159.55.
For the day ahead
Ethereum would need to move back through to $166 levels to support a run at the first major resistance level at $172.60.
Support from the broader market would be needed for Ethereum to break through the morning high $167.28.
Barring a broad-based crypto rebound, however, resistance at $170 would likely cap any upside.
Failure to move back through to $166 levels could see Ethereum spend the day in the red.
A fall back through the first major support level at $159.55 would bring the second major support level at $152.82 into play.
Barring an extended crypto sell-off, however, Ethereum should avoid a return to the morning low $158.17.
Looking at the Technical Indicators
Major Support Level: $159.55
Major Resistance Level: $172.60
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP
Ripple’s XRP fell by 0.06% on Wednesday. Following a 10.68% rally from Tuesday, Ripple’s XRP ended the day at $0.23360.
Tracking the broader market, Ripple’s XRP fell from an early morning high $0.24233 to a mid-morning intraday low $0.22546.
Steering clear of the major support and resistance levels, Ripple’s XRP bounced back to an early afternoon intraday high $0.24285.
Falling short of the first major resistance level at $0.2484, Ripple’s XRP fell back to $0.23 levels to end the day in the red.
At the time of writing, Ripple’s XRP was down by 4.41% to $0.2233. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.23492 to a low $0.22120.
Steering clear of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.2251.
For the day ahead
Ripple’s XRP will need to move back through to $0.2340 levels to support a run at the first major resistance level at $0.2425.
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, resistance at $0.23 would likely leave Ripple’s XRP short of the first major resistance level at $0.2425.
In the event of a rebound, Wednesday’s high $0.24285 and first major resistance level would likely cap any upside.
Failure to move back through to $0.23 levels could see Ripple’s XRP fall further back.
A fall back through the first major support level at $0.2251 would bring sub-$0.22 levels into play.
Barring a crypto meltdown, however, Ripple’s XRP should steer of the second major support level at $0.2166
Looking at the Technical Indicators
Major Support Level: $0.2251
Major Resistance Level: $0.2425
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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