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