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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 01/03/20

By:
Bob Mason
Published: Mar 1, 2020, 03:19 UTC

It's a bullish start to the day for the majors. A move back through the early highs would be needed, however, to avoid a pullback.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

EOS

EOS slipped by 0.21% on Saturday. Following on from a 2.56% fall on Friday, EOS ended the month down by 15.30% to $3.5233.

A bullish start to the day saw EOS rise to a mid-morning intraday high $3.6687 before hitting reverse.

Falling short of the first major resistance level at $3.6888, EOS fell to an early afternoon intraday low $3.5165.

Steering clear of the first major support level at $3.3611, EOS recovered to $3.62 levels before a late fall back into the red.

At the time of writing, EOS was up by 2.4% to $3.6079. A mixed start to the day saw EOS fall to an early morning low $3.5083 before striking a high $3.6334.

Steering clear of the major support levels, EOS broke through the first major resistance level at $3.6222 early on.

EOS/USD 01/03/20 Daily Chart

For the day ahead

EOS would need to break back through the first major resistance level at $3.6222 to bring $3.7 levels into play.

Support from the broader market would be needed, however, for EOS to break out from Saturday’s high $3.6687.

Barring a broad-based crypto rally, the first major resistance level would likely leave EOS short of $3.70 levels once more.

Failure to move back through the first major resistance level could see EOS fall back into the red.

A fall back through to sub-$3.57 levels would bring the first major support level at $3.4709 into play.

Barring an extended crypto sell-off, however, EOS should continue to steer clear of sub-$3.30 levels.

The second major support level at $3.4185 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $3.4709

Major Resistance Level: $3.6222

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 4.32% on Saturday. Following on from a 0.10% decline on Friday, Ethereum ended the month up by 20.92% to $217.31.

A bullish start to the day saw Ethereum strike a mid-morning intraday high $233.32 before hitting reverse.

Falling short of the first major resistance level at $236.97, Ethereum slid to a final hour intraday low $216.83.

The reversal saw Ethereum fall through the first major support level at $215.7 before finding support.

At the time of writing, Ethereum was up by 2.52% to $222.78. A mixed start to the day saw Ethereum fall to an early morning low $215.99 before striking a high $225.78.

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

ETH/USD 01/03/20 Daily Chart

For the day ahead

Ethereum would need to break back through the morning high $225.78 to bring the first major resistance level at $228.14 back into play.

Support from the broader market would be needed, however, for Ethereum to break out from $225 levels.

Barring a broad-based crypto rebound, the first major resistance level should leave Ethereum short of $230 levels.

In the event of a breakout, expect $235 levels to come into play.

Failure to move back through the morning high could see Ethereum give up the early gains.

A fall through back through to sub-$222.50 levels would bring the first major support level at $211.65 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$210 support levels.

Looking at the Technical Indicators

Major Support Level: $211.65

Major Resistance Level: $228.14

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 3.13% on Saturday. Following on from a 0.48% decline on Friday, Ripple’s XRP ended the day at $0.2300.

Tracking the broader market, Ripple’s XRP struck a mid-morning intraday high $0.24299 before taking a hit.

Falling short of the first major resistance level at $0.2451, Ripple’s XRP fell to a final hour intraday low $0.23000.

Ripple’s XRP found support at $0.23 and the first major resistance level at $0.2296 at the day end.

At the time of writing, Ripple’s XRP was up by 1.71% to $0.23393. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.22944 before striking a high $0.23694.

Steering clear of the major support levels, Ripple’s XRP came within range of the first major resistance level at $0.2372.

XRP/USD 01/03/20 Daily Chart

For the day ahead

Ripple’s XRP will need to break back through the morning high to support a run at the first major resistance level at $0.2372.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2360 levels.

Barring an extended crypto rally, the first major resistance levels would likely pin Ripple’s XRP back from $0.25 levels.

Failure to move back through the morning high $0.23694 could see Ripple’s XRP fall back into the red.

A fall back through to sub-$0.2340 levels would bring the first major support level at $0.2264 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.22 levels on the day.

The second major support level at $0.2228 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.2264

Major Resistance Level: $0.2372

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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