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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 09/04/20

By:
Bob Mason
Published: Apr 9, 2020, 02:24 UTC

It's a mixed start to the day for the majors. Failure to move back through Wednesday's highs could see the majors give up yesterday's gains.

Coins of crypto currency are presented on a dark background. Virtual money concept.

EOS

EOS rallied by 4.01% on Wednesday. Reversing most of a 4.66% slide from Tuesday, EOS ended the day at $2.7436.

It was a bullish start to the day. EOS rallied from an early morning intraday low $2.5891 to a mid-morning intraday high $2.7979 before easing back.

Steering clear of the major support levels, EOS came up against the first major resistance level at $2.7929.

The pullback saw EOS fall back to sub-$2.65 levels before finding late support to reverse Tuesday’s slide.

At the time of writing, EOS was down by 0.82% to $2.7212. A mixed start to the day saw EOS rise to an early morning high $2.7577 before falling to a low $2.7153.

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

EOS/USD 09/04/20 Daily Chart

For the day ahead

EOS would need to avoid sub-$2.71 levels to support another run at the first major resistance level at $2.8313.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.7979.

Barring another extended crypto rally, resistance at $2.80 would likely leave EOS short of the first major resistance level at $2.8313.

Failure to avoid sub-$2.71 levels could see EOS fall deeper into the red before any recovery.

A fall back through to sub-$2.71 levels would bring the first major support level at $2.6225 into play.

Barring a crypto meltdown, however, EOS should continue to steer clear of sub-$2.60 support levels.

Looking at the Technical Indicators

Major Support Level: $2.6225

Major Resistance Level: $2.8313

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 5.36% on Wednesday. Reversing a 4.07% slide from Tuesday, Ethereum ended the day at $173.36.

Tracking the broader market, Ethereum rallied from an early intraday low $163.49 to a mid-morning intraday high $174.77 before easing back.

The pullback saw Ethereum fall back to $166 levels before bouncing back to $173 levels.

At the time of writing, Ethereum was down by 1.35% to $171.02. A mixed start to the day saw Ethereum rise to an early morning high $173.50 before falling to a low $170.28.

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

ETH/USD 09/04/20 Daily Chart

For the day ahead

Ethereum would need to move back through the morning high $173.50 to support another run at the first major resistance level at $177.59.

Support from the broader market would be needed, however, for Ethereum to breakout from Wednesday’s high $174.77.

Barring an extended crypto rally, resistance at $175 would likely leave Ethereum short of the first major resistance level.

Failure to move back through the morning high $173.50 could see Ethereum struggle throughout the day.

A fall through to sub-$170.50 levels would bring the first major support level at $166.31 into play.

Barring an extended crypto sell-off, however, Ethereum should continue to steer clear of sub-$160 levels on the day.

Looking at the Technical Indicators

Major Support Level: $166.31

Major Resistance Level: $177.59

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rallied by 4.77% on Wednesday. Reversing a 2.57% fall from Tuesday, Ripple’s XRP ended the day at $0.20219.

It was also a bullish start to the day. Ripple’s XRP rallied from an early morning intraday low $0.19176 to a mid-morning intraday high $0.20330.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.2021.

A late morning pullback to $0.1950 levels was brief. Ripple’s XRP broke back through the first major resistance level to wrap up the day at $0.2030 levels.

At the time of writing, Ripple’s XRP was down by 1.35% to $0.19946. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.20233 before falling to a low $0.19868.

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

XRP/USD 09/04/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move back through to $0.20 levels to support another run at the first major resistance level at $0.2064.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.2033.

Barring an extended crypto rally, the first major resistance level at $0.2064 would likely limit any upside on the day.

In the event of a breakout, the second major resistance level at $0.2106 would likely come into play.

Failure to move back through to $0.20 levels could see Ripple’s XRP fall deeper into the red.

A fall back through to sub-$0.1990 levels would bring the first major support level at $0.1949 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should continue to steer clear of sub-$0.19 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.1949

Major Resistance Level: $0.2064

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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