It's a mixed start to the day for the majors. Failure to move through key levels should bring support levels into play.
EOS slid by 5.40% on Tuesday. Reversing most of Monday’s 5.68% rally, EOS ended the day at $2.6762.
It was a bullish start to the day. EOS rallied to late morning high $2.9000 before hitting reverse.
The rally saw EOS break through the first major resistance level at $2.886 before sliding to an early afternoon intraday low $2.5910.
EOS fell through the first major support level at $2.7135 and the second major support level at $2.6030.
Finding late support, EOS broke back through the second major support level to limit the loss on the day.
At the time of writing, EOS was down by 0.20% to $2.6708. A mixed start to the day saw EOS fall to an early morning low $2.6698 before rising to a high $2.6791.
EOS left the major support and resistance levels untested early on.
EOS would need to move through to $2.72 levels to bring the first major resistance level at $2.8538 into play.
Support from the broader market would be needed, however, for EOS to break back through to $2.80 levels.
Barring another extended crypto rally, resistance at $2.80 would likely leave EOS short of the first major resistance level.
Failure to move through to $2.72 levels could see EOS fall deeper into the red.
A fall through Tuesday’s low $2.5910 would bring the first major support level at $2.5448 into play.
Barring another crypto meltdown, however, EOS should steer clear of sub-$2.50 support levels. The second major support level sits at $2.4134.
Major Support Level: $2.5448
Major Resistance Level: $2.8538
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum slid by 4.31% on Tuesday. Partially reversing a 7.34% rally from Monday, Ethereum ended the day at $237.71.
It was another bullish start to the day. Ethereum rallied to a late morning intraday high $253.6 before hitting reverse.
Falling short of the first major resistance level at $256.38, Ethereum slid to an early afternoon intraday low $225.60.
Ethereum fell through the first major support level at $235.51 before finding support to wrap up the day at $237 levels.
At the time of writing, Ethereum was down by 0.09% to $237.49. A mixed start to the day saw Ethereum fall to an early morning low $236.76 before rising to a high $238.51.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move back through to $240 levels to bring the first major resistance level at $252.34 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $250 levels.
Barring another broad-based crypto rally, the first major resistance level and Tuesday’s high $253.6 should cap any upside.
Failure to move back through to $240 levels could see Ethereum fall deeper into the red.
A fall back through to sub-$230 levels would bring the first major support level at $224.34 into play.
Barring another extended crypto sell-off, however, Ethereum should steer clear sub-$220 levels on the day.
Major Support Level: $224.34
Major Resistance Level: $252.34
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP slid by 3.75% on Tuesday. Partially reversing a 4.36% rally from Monday, Ripple’s XRP ended the day at $0.20331.
A bullish start to the day saw Ripple’s XRP rise a midday intraday high $0.21520 before hitting reverse.
Coming up against the first major resistance level at $0.21580, Ripple’s XRP slid to an early afternoon intraday low $0.19704.
Ripple’s XRP fell through the first major support level at $0.2039 to briefly visit sub-$0.20. Finding late support, however, Ripple’s XRP recovered to $0.20 levels to limit the loss on the day.
At the time of writing, Ripple’s XRP was down by 0.30% to $0.20269. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.20336 before falling to a low $0.20256.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to move through to $0.2050 levels to support a run at the first major resistance level at $0.2133.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.21 levels.
Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $0.2152 would likely cap any upside on the day.
Failure to move through to $0.2050 levels could see Ripple’s XRP fall deeper into the red.
A fall through the morning low $0.20256 to sub-$0.20 levels would bring the first major support level at $0.1952 into play.
Barring another extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.19 levels and the second major support level at $0.1879.
Major Support Level: $0.1952
Major Resistance Level: $0.2133
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
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Thanks, Bob
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.