EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 05/03/20

EOS

EOS fell by 0.87% on Wednesday. Following on from a 2.28% slide on Tuesday, EOS ended the day at $3.6052.

A relatively bullish start to the day saw EOS rise to an early morning intraday high $3.6845 before hitting reverse.

Falling short of the first major resistance level at $3.7243, EOS slid to a late afternoon intraday low $3.5328.

EOS fell through the first major support level at $3.5622 before finding support to wrap up the day at $3.60 levels.

At the time of writing, EOS was up by 1.44% to $3.6572. A bullish start to the day saw EOS rise from an early morning low $3.6070 to a high $3.6721.

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 $3.6721 to bring the first major resistance level at $3.6822 into play.

Support from the broader market would be needed, however, for EOS to break back through to $3.68 levels.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $3.6845 should limit any upside.

Failure to move back through the morning high $3.6721 could see EOS hit reverse.

A fall back through to sub-$3.6080 levels would bring the first major support level at $3.5305 into play.

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

Looking at the Technical Indicators

Major Support Level: $3.5305

Major Resistance Level: $3.6822

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.38% on Wednesday. Partially reversing a 3.61% slide from Tuesday, Ethereum ended the day at $224.56.

Tracking the broader market, Ethereum rose to an early morning intraday high $228.83 before hitting reverse.

Falling short of the first major resistance level at $231.11, Ethereum slid to a late afternoon intraday low $220.39.

Steering clear of the first major support level at $218.19, Ethereum recovered to $224 levels to end the day in the green.

At the time of writing, Ethereum was up by 1.16% to $227.17. A bullish start to the day saw Ethereum rise from an early morning low $224.49 to a high $228.45.

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

For the day ahead

Ethereum would need to move back through to $228 levels to support another run at the first major resistance level at $228.80.

Support from the broader market would be needed, however, for Ethereum to breakout form the morning high $228.45.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $228.83 would likely limit any upside.

In the event of a breakout, Ethereum could test the second major resistance level at $233.03 before any pullback.

Failure to move back through to $228 levels could see Ethereum hit reverse.

A fall through to sub-$224.60 levels, however, would bring the first major support level at $220.36 into play.

Barring an extended crypto sell-off, Ethereum should steer clear of sub-$220 levels and the second major support level at $216.15.

Looking at the Technical Indicators

Major Support Level: $220.36

Major Resistance Level: $228.80

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 0.15% on Wednesday. Partially reversing a 2.14% fall from Tuesday, Ripple’s XRP ended the day at $0.23551.

A bullish start to the day saw Ripple’s XRP rise to a mid-morning intraday high $0.23897 before hitting reverse.

Falling short of the first major resistance level at $0.2401, Ripple’s XRP fell to a late afternoon intraday low $0.23111.

Steering clear of the first major support level at $0.2304, Ripple’s XRP recovered to $0.2355 levels to end the day in the green.

At the time of writing, Ripple’s XRP was up by 0.82% to $0.23743. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.23570 to a high $0.23825.

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

For the day ahead

Ripple’s XRP will need to move back through to $0.2380 levels to support a run at the first major resistance level at $0.2393.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.23897.

Barring an extended crypto rally, the first major resistance level at $0.2393 and Wednesday’s high would likely limit any upside.

Failure to move back through to $0.2380 levels could see Ripple’s XRP give up the early gains.

A fall back through to sub-$0.2350 levels would bring the first major support level at $0.2314 into play.

Barring a broad-based crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.2273.

Looking at the Technical Indicators

Major Support Level: $0.2314

Major Resistance Level: $0.2393

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