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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 01/01/20

It’s a positive start to the year for the majors. Steering clear of key levels through the morning would support a breakout later in the day.
Bob Mason
Bitcoin coin on white keyboard

EOS

EOS fell by 1.54% on Tuesday. Following on from a 2.37% slide on Monday, EOS ended the day at $2.5904.

A choppy start to the day saw EOS rise to a mid-morning high $2.6523 before falling to a late morning low $2.6012.

Steering clear of the major support and resistance levels, EOS struck an early afternoon intraday high $2.6591 before hitting reverse.

Falling short of the first major resistance level at $2.7025, EOS slid to a late intraday low $2.5723.

EOS fell through the first major support level at $2.5847 before wrapping up the day at $2.59 levels.

At the time of writing, EOS was up by 0.94% to $2.6148. A bullish start to the day saw EOS rise from an early morning low $2.5794 to a high $2.6348.

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

For the day ahead

EOS would need to steer clear of sub-$2.61 levels to support a run at the first major resistance level at $2.6422.

Support from the broader market would be needed, however, for EOS to break back through the morning high $2.6348.

Barring an extended broad-based crypto rally, the first major resistance level at $2.6422 would likely limit any upside later the day.

Failure to steer clear of sub-$2.61 levels would bring the first major support level at $2.5554 into play.

Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.5205.

Looking at the Technical Indicators

Major Support Level: $2.5554

Major Resistance Level: $2.6422

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.94% on Tuesday. Following on from a 2.39% slide on Monday, Ethereum ended the day at $128.54.

A mixed start to the day saw Ethereum rise from an early morning low $130.31 to a mid-morning high $132.54 before easing back.

Steering clear of the major support and resistance levels, Ethereum struck an early afternoon intraday high $133.19.

Falling short of the first major resistance level at $134.78, Ethereum slid to a late intraday low $127.60.

Ethereum fell through the first major support level at $128.60 before steadying. While finding late support, however, Ethereum was unable to break back through the first major support level.

At the time of writing, Ethereum was up by 0.95% to $129.76. A bullish start to the day saw Ethereum rise from an early morning low $128.12 to a high $130.50 before easing back.

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

For the day ahead

Ethereum would need to move through to $130 levels to support a run at the first major resistance level at $131.95.

Support from the broader market would be needed for Ethereum to break back through the morning high $130.5.

Barring a broad-based crypto rally, however, the first major resistance level would likely limit any upside.

In the event of an extended rally, the second major resistance level at $135.37 could come into play before any pullback.

Failure to move through to $130 levels could see Ethereum hit reverse. A pullback through the morning low to $128.12 would bring the first major support level at $126.36 into play.

Barring a crypto sell-off, however, Ethereum should steer clear of the second major support level at $124.19.

Looking at the Technical Indicators

Major Support Level: $126.36

Major Resistance Level: $131.95

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slipped by 0.09% on Tuesday. Following on from a 1.78% fall on Monday, Ripple’s XRP ended the day at $0.19332.

A bullish start to the day saw Ripple’s XRP rally to an early morning high $0.19443 before falling back to sub-$0.192 levels.

Steering clear of the first major support level at $0.1912, Ripple’s XRP struck an early afternoon intraday high $0.19476.

Falling short of the first major resistance level at $0.1971, Ripple’s XRP slid to a late intraday low $0.19011.

Ripple’s XRP fell through the first major support level at $0.1912 before wrapping up the day at $0.1930 levels.

At the time of writing, Ripple’s XRP was up by 0.47% to $0.19422. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.19242 to a high $0.19496 before easing back.

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

For the day ahead

Ripple’s XRP will need to steer clear of sub-$0.1930 levels support a run at the first major resistance level at $0.1954.

Support from the broader market would be needed, however, for Ripple’s XRP to break through the morning high $0.19496.

Barring an extended rally through the day, the first major resistance level and the morning high $0.19496 would likely limit any upside.

Failure to steer clear of sub-$0.1930 levels could see Ripple’s XRP struggle later in the day.

A fall through the morning low $0.19242 would bring the first major support level at $0.1907 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer of the second major support level at $0.1881.

Looking at the Technical Indicators

Major Support Level: $0.1907

Major Resistance Level: $0.1954

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

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