EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 02/03/20

EOS

EOS slipped by 0.03% on Sunday. Following on from a 0.21% decline on Saturday, EOS ended the week down by 19.66% to $3.5315.

It was a choppy day for EOS. EOS fell to an early morning low $3.5083 before striking a mid-day intraday high $3.6600.

Steering clear of the major support levels, EOS came up against the first major resistance level at $3.6222.

Hitting reverse through the afternoon, EOS fell to a late intraday low $3.4316 before a late recovery.

The sell-off saw EOS fall through the first major support level at $3.4709 before reversing the afternoon losses.

At the time of writing, EOS was up by 1.27% to $3.5764. A bullish start to the day saw EOS rise from an early morning low $3.5017 to a high $3.5937.

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

For the day ahead

EOS would need to move back through the morning high $3.5937 to bring the first major resistance level at $3.6505.

Support from the broader market would be needed, however, for EOS to break back through to $3.60 levels.

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 morning high could see EOS hit reverse.

A fall back through the morning low to sub-$3.5410 levels would bring the first major support level at $3.4221 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of sub-$3.40 support levels.

Looking at the Technical Indicators

Major Support Level: $3.4221

Major Resistance Level: $3.6505

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slipped by 0.05% on Sunday. Following on from a 4.32% slide on Saturday, Ethereum ended the week down by 21.13% at $217.26.

Tracking the broader market, Ethereum rose from an early morning low $215.99 to a mid-day intraday high $227.99.

Coming within range of the first major resistance level at $228.14, Ethereum tumbled to a late intraday low $211.5.

Finding support at the first major support level at $211.5, Ethereum reversed the losses to close out at $217 levels.

At the time of writing, Ethereum was down by 1.47% to $220.45. A bullish start to the day saw Ethereum rise from an early morning low $215.75 to a high $222.00.

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

For the day ahead

Ethereum would need to break back through the morning high $222.0 to bring the first major resistance level at $226.33 back into play.

Support from the broader market would be needed, however, for Ethereum to take a run at $230 levels.

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

In the event of a breakout, expect the second major resistance level at $235.41 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-$219 levels would bring the first major support level at $209.84 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: $209.84

Major Resistance Level: $226.33

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 0.95% on Saturday. Following on from a 3.13% slide on Saturday, Ripple’s XRP ended the day at $0.22782.

It was also a choppy day for Ripple’s XRP. Recovering from an early morning low $0.22944, Ripple’s XRP struck an early morning high $0.23694 before easing back.

Steering clear of the major support and resistance levels, Ripple’s XRP struck a mid-day intraday high $0.23704 before hitting reverse.

Ripple’s XRP came up against the first major resistance level at $0.2372 before sliding to a late intraday low $0.22510.

The reversal saw Ripple’s XRP fall through the first major support level at $0.22640.

While finding support late on, however, Ripple’s XRP was unable to reverse the losses from the afternoon.

At the time of writing, Ripple’s XRP was up by 1.24% to $0.23065. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.22650 to a high $0.23119.

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

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 $0.2349.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $0.23704 and take a run at $0.24 levels.

Barring an extended crypto rally, the first major resistance levels would likely pin Ripple’s XRP back from $0.24 levels.

Failure to move back through the morning high $0.23119 could see Ripple’s XRP fall into the red.

A fall back through to sub-$0.23 levels would bring the first major support level at $0.2229 into play.

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

Looking at the Technical Indicators

Major Support Level: $0.2229

Major Resistance Level: $0.2349

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