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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 03/01/20

It’s a bearish start to the day for the majors. Failure to move through to key levels by late morning could test investor resolve…
Bob Mason
cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain concept.financial business.crypto currency mining.

EOS

EOS slid by 5.37% on Thursday. Reversing a 0.60% gain from Wednesday, EOS ended the day at $2.4678.

A mixed start to the day saw EOS fall from an early morning intraday high $2.6125 to a low $2.5690.

Steering clear of the major support and resistance levels, EOS recovered to $2.60 levels before taking a hit.

The reversal saw EOS slide through the day’s major support levels to a late afternoon intraday low $2.4344.

Late in the day, EOS managed to move back through the third major support level at $2.4745 before sliding back to $2.46 levels.

At the time of writing, EOS was down by 0.28% to $2.4609. A bearish start to the day saw EOS fall from an early morning high $2.4699 to a low $2.4541.

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

For the day ahead

EOS would need to move through to $2.5050 levels to support a run at the first major resistance level at $2.5754.

Support from the broader market would be needed, however, for EOS to break back through to $2.50 levels.

Barring an extended broad-based crypto rally, the first major resistance level would likely pin EOS back from $2.60 levels.

Failure to move through to $2.5050 levels could see EOS slide deeper into the red. A fall back through Thursday’s low $2.4344 would bring the first major support level at $2.3973 into play.

Barring another crypto meltdown, however, EOS should steer clear of the second major support level at $2.3268.

Looking at the Technical Indicators

Major Support Level: $2.3973

Major Resistance Level: $2.5754

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 2.56% on Thursday. Reversing a 1.28% gain from Wednesday, Ethereum ended the day at $126.81.

A mixed start to the day saw Ethereum fall from an early morning intraday high $130.18 to an early low $128.21.

Steering clear of the major support and resistance levels, Ethereum recovered to $129 levels before hitting reverse.

The reversal saw Ethereum fall through the first major support level at $127.98 to a late afternoon intraday low $125.83.

Finding support at the second major support level at $125.77, Ethereum wrapped up the day at $126 levels.

At the time of writing, Ethereum was down by 0.13% to $126.65. It was a mixed start to the day. Ethereum rose from an early morning low $126.55 to a high $127.22 before easing back.

For the day ahead

Ethereum would need to move through to $127.60 levels to support a run at the first major resistance level at $129.38.

Support from the broader market would be needed for Ethereum to break through the morning high $127.22.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.

In the event of an extended rally, the second major resistance level at $131.96 could come into play before any pullback.

Failure to move through to $127.60 levels could see Ethereum slide deeper into the red. A pullback through the morning low to sub-$126 levels would bring the first major support level at $125.03 into play.

Barring a crypto sell-off, however, Ethereum should steer well clear of the second major support level at $123.26.

Looking at the Technical Indicators

Major Support Level: $125.03

Major Resistance Level: $129.38

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slid by 2.57% on Thursday. Following a 0.10% gain on Wednesday, Ripple’s XRP ended the day at $0.18817.

Tracking the broader market, Ripple’s XRP fell from an early morning intraday high $0.19337 to a mid-morning low $0.19070.

Falling short of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.1916.

A recovery to $0.1920 levels by late morning was brief, with Ripple’s XRP sliding to a late afternoon intraday low $0.1860.

Ripple’s XRP fell through the first major support level at $0.1916 and the second major resistance level at $0.1900.

The third major support level at $0.1858 limited the downside on the day.

At the time of writing, Ripple’s XRP was down by 0.71% to $0.18684. A bearish start to the day saw Ripple’s XRP slide from an early morning high $0.18818 to a low $0.18660.

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

For the day ahead

Ripple’s XRP will need to move through to $0.1890 levels support a run at the first major resistance level at $0.1924.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.1900 levels.

Barring an extended rally through the day, the first major resistance level and Wednesday’s high $0.19337 would likely limit any upside.

Failure to move through to $0.1890 levels could see Ripple’s XRP struggle throughout the day.

A fall through Thursday’s low $0.1860 would bring the first major support level at $0.1850 into play.

Barring a crypto meltdown, however, Ripple’s XRP should continue to steer of sub-$0.18 levels. The second major support level at $0.1818 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.1850

Major Resistance Level: $0.1924

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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