Yahoo Finance EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 11/05/20
EOS
EOS tumbled by 11.0% on Sunday. Following a 0.03% gain on Saturday, EOS ended the week down 13.83% to $2.4471.
It was a particularly bearish start to the day. EOS tumbled from an early morning intraday high $2.7506 to a 1st-hour intraday low $2.2606.
The meltdown saw EOS slide through the major support levels before recovering to $2.49 levels by mid-morning.
Falling short of the third major support level at $2.5698, EOS slid back to $2.30 levels before finding late support.
At the time of writing, EOS was up by 0.20% to $2.4521. A mixed start to the day saw EOS rise to an early morning high $2.4811 before falling to a low $2.4405.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through to $2.49 levels to bring the first major resistance level at $2.7116 into play.
Support from the broader market would be needed, however, for EOS to break out from the morning high $2.4811.
Barring an extended crypto rebound, resistance at $2.50 would likely leave EOS short of the first major support level.
Failure to move back through to $2.49 levels would see EOS slide into the red.
A fall through the morning low $2.4405 would bring the first major support level at $2.2216 into play.
Barring another extended crypto sell-off, however, EOS should steer clear of sub-$2.20 levels.
Looking at the Technical Indicators
Major Support Level: $2.2216
Major Resistance Level: $2.7116
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum tumbled by 10.63% on Sunday. Following on from a 0.78% decline on Saturday, Ethereum ended the week down 10.71% to $187.73.
Tracking the broader market, Ethereum slid from an intraday high $210.06 to a 1st-hour intraday low $180.01.
Ethereum fell through the major support levels before briefly recovering to $193 levels.
Falling short of the third major support level at $197.98, Ethereum fell back to $180 levels before finding late support.
At the time of writing, Ethereum was up by 0.86% to $189.34. A bullish start to the day saw Ethereum rise from an early morning low $187.65 to a high $191.23.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through to $192.60 levels to bring the first major resistance level at $205.19 into play.
Support from the broader market would be needed, however, for Ethereum to break out from the morning high $191.23.
Barring a broad-based crypto rebound, resistance at $200 would likely pin Ethereum back on the day.
Failure to move back through to $192.60 levels could see Ethereum fall back into the red.
A fall back through the morning low $187.65 would bring the first major support level at $175.14 into play.
Barring another extended sell-off, however, Ethereum should avoid sub-$180 levels.
Looking at the Technical Indicators
Major Support Level: $175.14
Major Resistance Level: $205.19
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 8.68% on Sunday. Following on from a 0.97% decline on Saturday, Ripple’s XRP ended the week down 10.06% to $0.19721.
The Sunday meltdown saw Ripple’s XRP slide from an intraday high $0.21622 to a 1st-hour intraday low $0.17501.
Ripple’s XRP slid through the major support levels before briefly revisiting $0.20 levels by mid-morning.
The partial recovery saw Ripple’s XRP move back through the third major support level at $0.1999 before sliding back to sub-$0.19 levels.
Finding support from the broader market, however, Ripple’s XRP wrapped up the day at $0.19 levels.
At the time of writing, Ripple’s XRP was down by 0.16% to $0.19689. A mixed start to the day saw Ripple’s XRP rise from an early morning low $0.19682 to a high $0.20000.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move back through to $0.20 levels to bring the first major resistance level at $0.2173 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.20000.
Barring an extended crypto rebound, resistance at $0.20000 would likely leave Ripple’s XRP short of the major resistance levels.
Failure to move back through to $0.20 levels could see Ripple’s XRP fall deeper into the red.
A fall through the morning low $0.19682 would bring sub-$0.0.19 levels into play before any recovery.
Barring another crypto meltdown, however, Ripple’s XRP should steer clear of the first major support level at $0.1761.
Looking at the Technical Indicators
Major Support Level: $0.1761
Major Resistance Level: $0.2173
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
