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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 02/04/20

It’s been a mixed start to the day for the majors. Failure to move back through the early highs could see support levels come into play.
Bob Mason
Coins of crypto currency are presented on a dark background. Virtual money concept.

EOS

EOS rose by 2.42% on Wednesday. Reversing a 0.62% decline from Tuesday, EOS ended the day at $2.2687.

A bearish start to the day saw EOS fall to a late afternoon intraday low $2.1530.

The sell-off saw EOS fall through the first major support level at $2.1845 before making a late move.

Finding support at the second major support level at $2.1530, EOS rallied to a final hour intraday high $2.2937.

Breaking back through the support levels, EOS broke through the first major resistance level at $2.2487 and the second major resistance level at $2.2816.

A late pullback, however, saw EOS fall back through the second major resistance level.

At the time of writing, EOS was up by 0.85% to $2.2881.  A bullish start to the day saw EOS rise from an early morning low $2.2696 to a high $2.3174 before easing back.

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

EOS/USD 02/04/20 Daily Chart

For the day ahead

EOS would need to move back through to $2.30 levels to support a run at the first major resistance level at $2.3239.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.3174.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

Failure to move back through to $2.30 levels could see EOS hit reverse.

A fall back through to sub-$2.24 levels would bring the first major support level at $2.1832 into play.

Barring an extended crypto sell-off, however, EOS should continue to steer clear of sub-$2.10 levels.

Looking at the Technical Indicators

Major Support Level: $2.1832

Major Resistance Level: $2.3239

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 rallied by 2.30% on Wednesday. Following on from a 0.59% gain on Tuesday, Ethereum ended the day at $136.14.

Tracking the broader market, Ethereum fell to a late afternoon intraday low $128.6 before rebounding.

Ethereum fell through the first major support level at $130.57 before rallying to a late intraday high $137.4.

Ethereum broke through the first major resistance level at $135.47 and the second major resistance level at $137.86.

A late pullback saw Ethereum fall back through the second major resistance level to wrap up the day at $136 levels.

At the time of writing, Ethereum was up by 0.68% to $137.06. A mixed start to the day saw Ethereum rise to an early morning high $138.95 before falling to a low $135.50.

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

For the day ahead

Ethereum would need to move back through the morning high $138.95 to support a run at the first major resistance level at $139.49.

Support from the broader market would be needed, however, for Ethereum to break through to $139 levels.

Barring an extended crypto rally, the first major resistance level at $139.49 would likely leave Ethereum short of $140.

Failure to move back through the morning high could see Ethereum struggle later in the day.

A fall through to sub-$134 levels would bring the first major support level at $130.69 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $125.25.

Looking at the Technical Indicators

Major Support Level: $130.69

Major Resistance Level: $139.49

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 1.10% on Wednesday. Following on from a 1.49% gain on Tuesday, Ripple’s XRP ended the day at $0.17603.

A bearish start to the day saw Ripple’s XRP slide to a late afternoon intraday low $0.16874.

Ripple’s XRP fell through the first major support level at $0.1704 before rallying to a late intraday high $0.17717.

While breaking back through the first major support level, Ripple’s XRP fell short of the first major resistance level at $0.1782.

At the time of writing, Ripple’s XRP was up by 0.04% to $0.17610. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.17759 before falling to a low $0.17509.

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 $0.1770 levels to support a run at the first major resistance level at $0.1792.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.1780 levels.

Barring an extended crypto rally, the first major resistance level at $0.1792 would likely leave Ripple’s XRP short of $0.18 levels.

Failure to move back through to $0.1770 levels could see Ripple’s XRP slide back into the red.

A fall through to sub-$0.1740 levels would bring the first major support level at $0.1708 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.1656.

Looking at the Technical Indicators

Major Support Level: $0.1708

Major Resistance Level: $0.1792

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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