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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 02/01/20

By:
Bob Mason
Published: Jan 2, 2020, 01:10 UTC

It's a mixed start to the day for the majors. A slide could be on the cards should key levels not be hit by late morning...

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EOS

EOS rose by 0.60% on Wednesday. Partially reversing a 1.54% fall from Tuesday, EOS ended the day at $2.6058.

A bullish start to the day saw EOS rally from an early morning intraday low $2.5794 to a late morning intraday high $2.6476.

EOS broke through the first major resistance level at $2.6422 before easing back.

Through the 2nd half of the day, EOS struck a high $2.6420 before sliding to a low $2.5945. While the first major resistance level at $2.6422 limited the upside, late support led to the recovery to $2.60 levels.

At the time of writing, EOS was up by 0.15% to $2.6097. A relatively bullish start to the day saw EOS rise from an early morning low $2.6029 to a high $2.6097.

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

EOS/USD 02/01/20 Daily Chart

For the day ahead

EOS would need to move through to $2.6110 levels to support a run at the first major resistance level at $2.6425.

Support from the broader market would be needed, however, for EOS to break back through the morning high $2.61 levels.

Barring an extended broad-based crypto rally, the first major resistance level and Wednesday’s high $2.6476 would likely limit any upside.

Failure to steer move through to $2.6110 levels would bring the first major support level at $2.5743 into play.

Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.5427

Looking at the Technical Indicators

Major Support Level: $2.5743

Major Resistance Level: $2.6425

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 1.28% on Wednesday. Partially reversing a 1.94% fall from Tuesday, Ethereum ended the day at $130.19.

A bullish start to the day saw Ethereum rally from an early morning intraday low $128.12 to a late afternoon intraday high $132.68.

Steering clear of the first major support level at $126.36, Ethereum broke through the first major resistance level at $131.95.

Falling well short of the second major resistance level at $135.37, Ethereum slid back to sub-$130 levels before wrapping up the day at $130.

At the time of writing, Ethereum was down by 0.06% to $130.11. A bearish start to the day saw Ethereum fall from an early morning high $130.18 to a low $129.67.

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

ETH/USD 02/01/20 Daily Chart

For the day ahead

Ethereum would need to move through to $130.50 levels to support a run at the first major resistance level at $132.54.

Support from the broader market would be needed for Ethereum to break through to $131 levels.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $132.68 would likely limit any upside.

In the event of an extended rally, the second major resistance level at $134.89 could come into play before any pullback.

Failure to move through to $130.5 levels could see Ethereum slide deeper into the red. A pullback through the morning low to $129.67 would bring the first major support level at $127.98 into play.

Barring a crypto sell-off, however, Ethereum should steer well clear of the second major support level at $125.77.

Looking at the Technical Indicators

Major Support Level: $127.98

Major Resistance Level: $132.54

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 0.10% on Wednesday. Reversing a 0.09% fall from Tuesday, Ripple’s XRP ended the day at $0.19333.

A bullish start saw Ripple’s XRP rally from an early intraday low $0.19242 to a mid-morning intraday high $0.19658.

Steering clear of the first major support level at $0.1907, Ripple’s XRP broke through the first major resistance level at $0.1954.

Falling short of the second major resistance level at $0.1974, Ripple’s XRP fell back to sub-$0.1950 levels going into the afternoon.

Through the 2nd half of the day, a recovery to $0.195 levels was short-lived, with Ripple’s XRP sliding to sub-$0.1930 late on.

Finding support in the final hour, Ripple’s XRP closed recovered to $0.193 levels to end the day in the green.

At the time of writing, Ripple’s XRP was down by 0.10% to $0.19314. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19329 to a low $0.19291.

XRP/USD 02/01/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move through to $0.1945 levels support a run at the first major resistance level at $0.1958.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.1940 levels.

Barring an extended rally through the day, the first major resistance level and Wednesday’s high $0.19658 would likely limit any upside.

Failure to move through to $0.1945 levels could see Ripple’s XRP struggle throughout the day.

A fall through the morning low $0.19291 would bring the first major support level at $0.1916 into play.

Barring a crypto meltdown, however, Ripple’s XRP should continue to steer of sub-$0.19 levels. The second major support level at $0.1900 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.1916

Major Resistance Level: $0.1958

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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