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

By:
Bob Mason
Published: May 5, 2020, 00:40 UTC

It's a positive start to the day. The majors will need to move back through Monday's highs, however, to bring resistance levels into play.

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EOS

EOS fell by 2.48% on Monday. Following on from a 3.55% slide on Sunday, EOS ended the day at $2.7693.

A bearish start to the day saw EOS slide from an early morning intraday high $2.8466 to a mid-morning intraday low $2.6274.

EOS fell through the first major support level at $2.7326. Finding support at the second major support level at $2.6273, EOS recovered to $2.73 levels before sliding back.

Through the 2nd half of the day, EOS managed to break back through the first major support level to a high $7.7982 before easing back.

At the time of writing, EOS was up by 0.22% to $2.7754. A bullish start to the day saw EOS rise from an early morning low $2.7690 to a high $2.7800.

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

EOS/USD 05/05/20 Daily Chart

For the day ahead

EOS would need to move through to $2.80 levels to bring the first major resistance level at $2.8681 into play.

Support from the broader market would be needed, however, for EOS to break out from Monday’s high $2.8466.

Barring a broad-based crypto rally, the first major resistance level at $2.8681 would likely leave EOS short of $2.90 levels.

Failure to move through to $2.80 levels would see EOS struggle throughout the day.

A fall through to sub-$2.75 levels would bring the first major support level at $2.6489 into play.

Barring an extended crypto sell-off, however, EOS should steer well clear of sub-$2.60 levels on the day.

Looking at the Technical Indicators

Major Support Level: $2.6489

Major Resistance Level: $2.8681

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum declined by 1.61% on Monday. Following on from a 1.87% fall on Sunday, Ethereum ended the day at $206.86.

A bearish start to the day saw Ethereum slide from an early morning intraday high $210.96 to a mid-morning intraday low $195.17.

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

Finding support in the late morning, Ethereum moved back through to $202 levels before falling back to $198 levels.

Through the 2nd half of the day, Ethereum recovered to a high $209.41 before easing back. The recovery saw Ethereum back through and hold above the first major support level at $203.85.

At the time of writing, Ethereum was up by 0.31% to $207.51. A mixed start to the day saw Ethereum rise to an early morning high $208.21 before falling to a low $206.92.

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

ETH/USD 05/05/20 Daily Chart

For the day ahead

Ethereum would need to move through to $210 levels to bring the first major resistance level at $213.49 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $210.96.

Barring an extended crypto rally, the first major resistance level at $213.49 would likely limit any upside.

Failure to move through to $210 levels could see Ethereum struggle throughout the day.

A fall back through to sub-$204.30 levels would bring the first major support level at $197.70 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: $197.70

Major Resistance Level: $213.49

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slipped by 0.64% on Monday. Following on from a 2.00% decline on Sunday, Ripple’s XRP ended the day at $0.21785.

Tracking the broader market, Ripple’s XRP slid from an early morning intraday high $0.22090 to a mid-morning intraday low $0.20723.

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

Through the late morning, Ripple’s XRP recovered to $0.2128 levels before sliding back to sub-$0.21 levels.

Finding support at the second major support level at $0.2092, Ripple’s XRP struck a late high $0.21997 before easing back.

While breaking back through the first major support level at $0.2142, resistance at $0.22 pinned Ripple’s XRP back late on.

At the time of writing, Ripple’s XRP was up by 0.18% to $0.21824. A range-bound start to the day saw Ripple’s XRP rise from an early morning low $0.21807 to a high $0.21900.

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

XRP/USD 05/05/20 Daily Chart

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 $0.2234.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.2209.

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

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

A fall through to sub-$0.2150 levels would bring the first major support level at $0.2098 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.2017.

Looking at the Technical Indicators

Major Support Level: $0.2098

Major Resistance Level: $0.2234

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

About the Author

Bob Masonauthor

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.

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