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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 02/04/20

Bob Mason

EOS

EOS rose by 2.42% on Wednesday. Reversing a 0.62% decline from Tuesday, EOS ended the day at $2.2687.

A bearish start to the day saw EOS fall to a late afternoon intraday low $2.1530.

The sell-off saw EOS fall through the first major support level at $2.1845 before making a late move.

Finding support at the second major support level at $2.1530, EOS rallied to a final hour intraday high $2.2937.

Breaking back through the support levels, EOS broke through the first major resistance level at $2.2487 and the second major resistance level at $2.2816.

A late pullback, however, saw EOS fall back through the second major resistance level.

At the time of writing, EOS was up by 0.85% to $2.2881.  A bullish start to the day saw EOS rise from an early morning low $2.2696 to a high $2.3174 before easing back.

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

For the day ahead

EOS would need to move back through to $2.30 levels to support a run at the first major resistance level at $2.3239.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.3174.

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

Failure to move back through to $2.30 levels could see EOS hit reverse.

A fall back through to sub-$2.24 levels would bring the first major support level at $2.1832 into play.

Barring an extended crypto sell-off, however, EOS should continue to steer clear of sub-$2.10 levels.

Looking at the Technical Indicators

Major Support Level: $2.1832

Major Resistance Level: $2.3239

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 2.30% on Wednesday. Following on from a 0.59% gain on Tuesday, Ethereum ended the day at $136.14.

Tracking the broader market, Ethereum fell to a late afternoon intraday low $128.6 before rebounding.

Ethereum fell through the first major support level at $130.57 before rallying to a late intraday high $137.4.

Ethereum broke through the first major resistance level at $135.47 and the second major resistance level at $137.86.

A late pullback saw Ethereum fall back through the second major resistance level to wrap up the day at $136 levels.

At the time of writing, Ethereum was up by 0.68% to $137.06. A mixed start to the day saw Ethereum rise to an early morning high $138.95 before falling to a low $135.50.

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

For the day ahead

Ethereum would need to move back through the morning high $138.95 to support a run at the first major resistance level at $139.49.

Support from the broader market would be needed, however, for Ethereum to break through to $139 levels.

Barring an extended crypto rally, the first major resistance level at $139.49 would likely leave Ethereum short of $140.

Failure to move back through the morning high could see Ethereum struggle later in the day.

A fall through to sub-$134 levels would bring the first major support level at $130.69 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $125.25.

Looking at the Technical Indicators

Major Support Level: $130.69

Major Resistance Level: $139.49

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 1.10% on Wednesday. Following on from a 1.49% gain on Tuesday, Ripple’s XRP ended the day at $0.17603.

A bearish start to the day saw Ripple’s XRP slide to a late afternoon intraday low $0.16874.

Ripple’s XRP fell through the first major support level at $0.1704 before rallying to a late intraday high $0.17717.

While breaking back through the first major support level, Ripple’s XRP fell short of the first major resistance level at $0.1782.

At the time of writing, Ripple’s XRP was up by 0.04% to $0.17610. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.17759 before falling to a low $0.17509.

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 $0.1770 levels to support a run at the first major resistance level at $0.1792.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.1780 levels.

Barring an extended crypto rally, the first major resistance level at $0.1792 would likely leave Ripple’s XRP short of $0.18 levels.

Failure to move back through to $0.1770 levels could see Ripple’s XRP slide back into the red.

A fall through to sub-$0.1740 levels would bring the first major support level at $0.1708 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.1656.

Looking at the Technical Indicators

Major Support Level: $0.1708

Major Resistance Level: $0.1792

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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