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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 04/01/20

It’s a bearish start to the day for the majors after Friday’s breakout. A move through Friday’s highs would bring resistance levels back into play, however.
Bob Mason
Cryptocurrency Ethereum with One Dollar Bill as financial concept.

EOS

EOS rallied by 7.43% on Friday. Reversing a 5.37% slide from Thursday, EOS ended the day at $2.6508.

A bearish start to the day saw EOS fall to an early morning intraday low $2.4389 before making a move.

Steering clear of the first major support level at $2.3973, EOS rallied to a late afternoon intraday high $2.6807.

EOS broke through the first major resistance level at $2.5754 before easing back. The second major resistance level at $2.6830 limited the upside on the day.

At the time of writing, EOS was down by 0.32% to $2.6423. A bearish start to the day saw EOS fall from an early morning high $2.6572 to a low $2.6320.

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

For the day ahead

EOS would need to move through to Friday’s high $2.6807 to support a run at the first major resistance level at $2.7414.

Support from the broader market would be needed, however, for EOS to break through the morning high $2.6572 levels.

Barring an extended broad-based crypto rally, the first major resistance level would likely limit any upside on the day.

Failure to move through to $2.68 levels could see EOS slide deeper into the red. A fall back through to sub-$2.60 levels would bring the first major support level at $2.4996 into play.

Barring a crypto meltdown, however, EOS should steer well clear of the second major support level at $2.3483.

Looking at the Technical Indicators

Major Support Level: $2.4996

Major Resistance Level: $2.7414

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 5.80% on Friday. Reversing a 2.56% fall from Thursday, Ethereum ended the day at $134.17.

A bearish start to the day saw Ethereum fall to an early morning intraday low $125.52 before finding support.

Steering clear of the first major support level at $125.03, Ethereum rallied to a late afternoon intraday high $134.93.

Ethereum broke through the first major resistance level at $129.38 and the second major resistance level at $131.96.

Falling short of the third major resistance level at $136.31, Ethereum fell back to $131 levels before a final-hour rally.

The final hour rally saw Ethereum break back through the second major resistance level to wrap up the day at $134 levels.

At the time of writing, Ethereum was down by 0.84% to $133.04. A bearish start to the day saw Ethereum fall from an early morning high $134.73 to a low $132.59.

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

For the day ahead

Ethereum would need to move through to Friday’s high $134.93 to support a run at the first major resistance level at $137.56.

Support from the broader market would be needed for Ethereum to break back through to $135 levels.

Barring a broad-based crypto rally, however, resistance at $135 would likely limit any upside on the day.

In the event of an extended rally, Ethereum could eye $140 levels and the second major resistance level at $140.95.

Failure to move through to Friday’s high could see Ethereum slide deeper into the red. A pullback through the morning low $132.59 would bring the first major support level at $128.15 into play.

Barring a crypto sell-off, however, Ethereum should steer well clear of Friday’s low $125.52

Looking at the Technical Indicators

Major Support Level: $128.15

Major Resistance Level: $137.56

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 3.16% on Friday. Reversing a 2.57% slide from Thursday, Ripple’s XRP ended the day at $0.19413.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.18519 before making a move.

Finding support at the first major support level at $0.1850, Ripple’s XRP rallied to an early afternoon intraday high $0.19481.

Ripple’s XRP broke through the first major resistance level at $0.1924 before falling back to $0.191 levels.

Find support late in the day, Ripple’s XRP broke back through the first major resistance level to hold onto $0.19 levels at the day end.

At the time of writing, Ripple’s XRP was down by 0.36% to $0.19343. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19464 to a low $0.19265.

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 the morning high $0.19464 support a run at the first major resistance level at $0.1976.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.19481.

Barring an extended rally through the day, the first major resistance level and Friday’s high $0.19481 would likely limit any upside.

Failure to move through the morning high $0.19464 could see Ripple’s XRP struggle throughout the day.

A fall to sub-$0.1920 levels would bring the first major support level at $0.18579 into play.

Barring a crypto meltdown, however, Ripple’s XRP should continue to steer of sub-$0.19 levels.

Looking at the Technical Indicators

Major Support Level: $0.1879

Major Resistance Level: $0.1976

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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