EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 04/05/20

EOS

EOS slid by 3.55% on Sunday. Reversing a 2.52% gain from Saturday, EOS ended the week up by 3.58% to $2.8379.

A bullish start to the day saw EOS rally to an early morning intraday high $3.0136 before hitting reverse.

EOS broke through the first major resistance level at $2.9751 and the second major resistance level at $3.0085.

The reversal saw EOS slide to a mid-afternoon intraday low $2.7678 before recovering to $2.80 levels.

EOS fell through the first major support level at $2.8827 and the second major support level at $2.8237 on the way down.

At the time of writing, EOS was down by 5.06% to $2.6943. A bearish start to the day saw EOS slide from an early morning high $2.8466 to a low $2.6762.

Steering clear of the major resistance levels, EOS fell through the first major support level at $2.7326 early on.

For the day ahead

EOS would need to move through to $2.8730 levels to bring the first major resistance level at $2.9784 into play.

Support from the broader market would be needed, however, for EOS to break out from the first major support level.

Barring a broad-based crypto rebound, resistance at $2.90 would likely leave EOS short of the major resistance levels.

Failure to move through to $2.8730 levels would see EOS struggle throughout the day.

A fall back through the morning low $2.6762 would bring the second major support level at $2.6273 into play.

Barring an extended crypto sell-off, however, EOS should steer well clear of sub-$2.65 levels on the day.

Looking at the Technical Indicators

Major Support Level: $2.7326

Major Resistance Level: $2.9784

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.87% on Sunday. Reversing a 1.02% gain from Saturday, Ethereum ended the week up by 6.29% to $210.24.

Tracking the broader market, Ethereum rallied to an early morning intraday high $219.48 before hitting reverse.

Ethereum broke through the first major resistance level at $216.37 and the second major resistance level at $218.49.

The reversal, however, saw Ethereum slide to a mid-afternoon intraday low $205.28 before briefly revisiting $211 levels.

Ethereum fell through the first major support level at $211.35 and the second major support level at $208.45 on the day down.

At the time of writing, Ethereum was down by 5.74% to $198.17. A particularly bearish start to the day saw Ethereum slide from an early morning high $210.96 to a low $197.21.

Ethereum fell through the first major support level at $203.85 and the second major support level at $197.47.

For the day ahead

Ethereum would need to move through to $211.70 levels to bring the first major resistance level at $218.05 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the first major support level.

Barring a broad-based crypto rebound, resistance at $210 would likely leave Ethereum in the red on the day.

Failure to move through to $211.70 levels could see Ethereum struggle throughout the day.

A fall back through the second major support level at $197.47 would bring sub-$195 levels into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$190 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $203.85

Major Resistance Level: $218.05

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 2.00% on Sunday. Partially reversing a 2.80% gain from Saturday, Ripple’s XRP ended the week up by 11.69% to $0.21926.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.22684 before hitting reverse.

Falling short of the first major resistance level at $0.2279, Ripple’s XRP slid to a mid-afternoon intraday low $0.21550.

Ripple’s XRP fell through the first major support level at $0.2177 before briefly recovering to $0.2210 levels.

At the time of writing, Ripple’s XRP was down by 3.24% to $0.21216. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.22090 to a low $0.20865.

Ripple’s XRP fell through the first major support level at $0.2142 and the second major support level at $0.2092.

For the day ahead

Ripple’s XRP will need to move through to $0.22 levels to support a run at the first major resistance level at $0.2256.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the first major resistance level.

Barring a broad-based crypto rebound, resistance at $0.22 would likely leave Ripple’s XRP  short of the first major resistance level.

Failure to move through to $0.22 levels could see Ripple’s XRP fall deeper into the red.

A fall through the second major support level at $0.2092 would bring $0.2050 levels into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the third major support level at $0.1979.

Looking at the Technical Indicators

Major Support Level: $0.2142

Major Resistance Level: $0.2256

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