EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 02/06/20

EOS

EOS rallied by 5.68% on Monday. Reversing a 3.52% slide from Sunday, with interest, EOS ended the day at $2.8240.

It was a relatively bullish start to the day. EOS rose from an early intraday low $2.6650 to an early morning high $2.7292 before easing back.

Falling short of the first major resistance level at $2.7513, EOS fell back to $2.66 levels before making a move.

Through the second half of the day, EOS rallied to a final hour intraday high $2.8375 with the final hour delivering a 3.28% breakout.

EOS broke through the first major resistance level at $2.7513 and the second major resistance level at $2.8260.

At the time of writing, EOS was down by 0.18% to $2.8189. A mixed start to the day saw EOS rise to an early morning high $2.8436 before falling to a low $2.8151.

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

For the day ahead

EOS would need to avoid sub-$2.80 levels to bring the first major resistance level at $2.8860 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.8436.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

Failure to avoid sub-$2.80 levels could see EOS give up some of Monday’s gains.

A fall through to sub-$2.7760 levels would bring the first major support level at $2.7135 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.60 levels. The second major support level at $2.6030 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $2.7135

Major Resistance Level: $2.8860

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 7.34% on Monday. Reversing a 5.05% slide from Sunday, Ethereum ended the day at $284.41.

It was bullish through most of the day.

Through the early morning, Ethereum rallied from an early morning intraday low $230.59 to an early morning high $242.38.

Ethereum broke through the first major resistance level at $241.05 before easing back to sub-$235 levels.

The dip was brief, however, with a late rally seeing Ethereum strike a final hour intraday high $251.46.

Ethereum broke through the first major resistance level at $241.05 and second major resistance level at $250.57 before pulling back.

The pullback saw Ethereum fall back the second major resistance level to wrap up the day at sub-$250 levels.

At the time of writing, Ethereum was down by 0.49% to $247.20.  A mixed start to the day saw Ethereum rise to an early morning high $249.26 before falling to a low $246.01

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

For the day ahead

Ethereum would need to move back through to $250 levels to bring the first major resistance level at $256.38 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $251.46.

Barring another broad-based crypto rally, the first major resistance level and 23.6% FIB of $257 would likely cap any upside.

Failure to move back through to $250 levels could see Ethereum fall deeper into the red.

A fall through to sub-$243.50 levels would bring the first major support level at $235.51 into play.

Barring another extended crypto sell-off, however, Ethereum should steer clear sub-$240 levels on the day.

Looking at the Technical Indicators

Major Support Level: $235.51

Major Resistance Level: $256.38

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rallied by 4.36% on Monday. Reversing a 2.22% fall from Sunday, Ripple’s XRP ended the day at $0.21124.

A bullish start to the day saw Ripple’s XRP rise from an early morning intraday low $0.20115 to an early morning high $0.20626.

Falling well short of the major resistance levels, Ripple’s XRP fell back to sub-$0.2020 levels before finding support.

A 2^nd half of a day rally saw Ripple’s XRP strike a final hour intraday high $0.21300 before easing back.

Ripple’s XRP broke through the first major resistance level at $0.2107 to wrap up the day at $0.211 levels.

At the time of writing, Ripple’s XRP was down by 0.27% to $0.21067. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.21169 before falling to a low $0.21016.

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

For the day ahead

Ripple’s XRP will need to avoid sub-$0.2085 levels to support a run at the first major resistance level at $0.2158.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.21300.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $0.21300 would likely cap any upside on the day.

Failure to avoid sub-$0.2085 levels could see Ripple’s XRP fall deeper into the red.

A fall through the morning low $0.21016 to sub-$0.2085 would bring the first major support level at $0.2039 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.20 levels and the second major support level at $0.1966.

Looking at the Technical Indicators

Major Support Level: $0.2039

Major Resistance Level: $0.2158

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