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

It’s a bearish start to the day. Failure to move back through to key levels will likely lead to heavier losses later in the day.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

EOS

EOS rose by 0.11% on Saturday. Partially reversing a 3.77% slide from Friday, EOS ended the day at $4.1640.

A bullish start to the day saw EOS rise to an early morning intraday high $4.2731 before hitting reverse.

Falling short of the first major resistance level at $4.3426, EOS slid to a late morning intraday low $4.0821.

Steering clear of the first major support level at $4.0002, EOS recovered to $4.20 levels before easing back.

At the time of writing, EOS was down by 1.16% to $4.1158. A bearish start to the day saw EOS fall from an early morning high $4.1578 to a low $4.0798.

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

For the day ahead

EOS would need to move through to $4.1750 levels to support a run at the first major resistance level at $4.2640.

Support from the broader market would be needed, however, for EOS to break back through the morning high $4.1578 to $4.20 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $4.2731 would likely limit in any upside.

Failure to move through $4.1750 levels could see EOS slide deeper into the red.

A fall back through the morning low $4.0798 would bring the first major support level at $4.0730 into play.

Barring a broad-based crypto sell-off, however, EOS should steer well clear of sub-$4.00 levels.

Looking at the Technical Indicators

Major Support Level: $4.0730

Major Resistance Level: $4.2640

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

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Ethereum

Ethereum rose by 2.10% on Saturday. Partially reversing a 2.59% fall from Friday, Ethereum ended the day at $183.50.

A bullish start to the day saw Ethereum rise from an intraday low $179.0 to an early morning high $184.0.

Falling short of the first major resistance level at $185.28, Ethereum fell to back to sub-$180 levels before making a move.

Finding support through the 2nd half of the day, Ethereum rallied to a late intraday high $184.20 before easing back.

Ethereum left the first major resistance level at $185.28 untested on the day.

At the time of writing, Ethereum was down by 0.93% to $181.80. A bearish start to the day saw Ethereum fall from an early morning high $183.56 to a low $180.83.

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

For the day ahead

Ethereum would need to move through to $182.30 levels to support a run at the first major resistance level at $185.47.

Support from the broader market would be needed, however, for Ethereum to break through to $185 levels.

Barring a broad-based crypto rebound, Ethereum would likely come up short of $185 levels and the first major resistance level at $185.28.

Failure to move through to $182.30 levels could see Ethereum fall deeper into the red.

A fall through the morning low $180.83 would bring the first major support level at $180.27 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of the second major support level at $177.03.

Looking at the Technical Indicators

Major Support Level: $180.27

Major Resistance Level: $185.47

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 0.71% on Saturday. Partially reversing a 1.45% fall from Friday, Ripple’s XRP ended the day at $0.24184.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.24363 before hitting reverse.

Falling short of the first major resistance level at $0.2451, Ripple’s XRP fell to a late morning intraday low $0.23720.

Steering clear of the first major support level at $0.2344, Ripple’s XRP recovered to $0.2424 levels before easing back.

At the time of writing, Ripple’s XRP was down by 0.93% to $0.23960. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.24178 to a low $0.23871.

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 $0.24 levels to support a run at the first major resistance level at $0.2446.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Saturday’s high $0.24363.

Barring a broad-based crypto rebound, the first major resistance level at $0.2446 and Saturday’s high would likely limit any upside on the day.

Failure to move back through to $0.24 levels could see Ripple’s XRP fall deeper into the red.

A fall back through the morning low $0.23871 would bring the first major support level at $0.23820 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer of sub-$0.23 levels on the day. The second major support level at $0.2345 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $0.2382

Major Resistance Level: $0.2446

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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