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

EOS

EOS rallied by 6.06% on Monday. Following a 0.03% decline on Sunday, EOS ended the day at $3.7257.

A bullish start to the day saw EOS rally from an early morning intraday low $3.5017 to a late afternoon intraday high $3.7731.

EOS broke through the first major resistance level at $3.6505 and the second major resistance level at $3.7694.

A late pullback to sub-$3.70 levels was short-lived, with EOS wrapping up the day at $3.72 levels.

At the time of writing, EOS was down by 0.84% to $3.6944. A bearish start to the day saw EOS fall from an early morning high $3.7294 to a low $3.6611.

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 $3.7294 to bring the first major resistance level at $3.8320 into play.

Support from the broader market would be needed, however, for EOS to break out from Monday’s high $3.7731

Barring a broad-based crypto rally, resistance at $3.80 would likely leave EOS short of the first major resistance level.

Failure to move back through the morning high could see EOS hit reverse.

A fall back through the morning low to sub-$3.6670 levels would bring the first major support level at $3.5606 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of sub-$3.50 support levels.

Looking at the Technical Indicators

Major Support Level: $3.5606

Major Resistance Level: $3.8320

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 6.85% on Monday. Following a 0.05% fall on Sunday, Ethereum ended the day at $232.12.

Tracking the broader market, Ethereum rallied from an early morning low $215.75 to a late afternoon intraday high $234.5.

Ethereum broke through the first major resistance level at $226.33 to hit $330 levels before easing back.

Holding above the first major resistance level, Ethereum wrapped up the day at $232 levels.

At the time of writing, Ethereum was down by 0.94% to $229.93. A bearish start to the day saw Ethereum fall from an early morning high $232.47 to a low $227.85.

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

For the day ahead

Ethereum would need to break back through to $230 levels to bring the first major resistance level at $239.16 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $234.5.

Barring a broad-based crypto rally, resistance at $235 would likely leave Ethereum short of the first major resistance level.

In the event of a breakout, Ethereum could visit $240 levels before any pullback.

Failure to move back through the morning high could see Ethereum fall deeper into the red.

A fall through to sub-$227.50 levels would bring the first major support level at $220.41 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: $220.41

Major Resistance Level: $239.16

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 5.50% on Monday. Reversing a 0.95% fall from Sunday, Ripple’s XRP ended the day at $0.24033.

It was a bullish day for Ripple’s XRP, which rallied from an early morning intraday low $0.22650 to a late intraday high $0.24225.

Ripple’s XRP broke through the first major resistance level at $0.2349 and the second major resistance level at $0.2419.

A late pullback saw Ripple’s XRP fall to sub-$0.24 levels before wrapping up the day at $0.24 levels.

The second major resistance level at $0.2419 capped the upside on the day.

At the time of writing, Ripple’s XRP was down by 1.15% to $0.23756. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.24029 to a low $0.23548.

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 to $0.24 levels to support a run at the first major resistance level at $0.2462.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.24225.

Barring an extended crypto rally, the first major resistance levels would likely pin Ripple’s XRP back from $0.25 levels.

Failure to move back through to $0.24 levels could see Ripple’s XRP struggle throughout the day.

A fall back through to sub-$0.2365 levels would bring the first major support level at $0.2305 into play.

Barring a crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.22 levels on the day. The second major support level at $0.2206 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $0.2305

Major Resistance Level: $0.2462

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