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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 09/05/20

By:
Bob Mason
Published: May 9, 2020, 01:31 UTC

It's a bullish start to the day, with a move back through the morning highs likely to bring resistance levels into play.

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

EOS

EOS fell by 0.64% on Friday. Partially reversing a 4.14% rally from Thursday, EOS ended the day at $2.7500.

A mixed start to the day saw EOS strike an early morning intraday high $2.8249 before hitting reverse.

Falling short of the first major resistance level at $2.8415, EOS slid to a mid-morning intraday low $2.7002.

Steering clear of the first major support level at $2.6342, EOS recovered to a late high $2.8079 before falling back into the red.

At the time of writing, EOS was up by 1.46% to $2.7902. A mixed start to the day saw EOS fall to an early morning low $2.7328 before striking a high $2.7995.

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

EOS/USD 09/05/20 Daily Chart

For the day ahead

EOS would need to move back through to $2.80 levels to bring the first major resistance level at $2.8165 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.7995.

Barring another extended crypto rally, the first major resistance level at $2.8165 would likely limit any upside.

Failure to move back through to $2.80 levels would see EOS hit reverse.

A fall back through to sub-$2.7580 levels would bring the first major support level at $2.6918 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.6337.

Looking at the Technical Indicators

Major Support Level: $2.6918

Major Resistance Level: $2.8165

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slipped by 0.43% on Friday. Following a 6.72% rally on Thursday, Ethereum ended the day at $211.59.

Tracking the broader market, Ethereum rose to an early morning intraday high $217.00 before hitting reverse.

Falling short of the first major resistance level at $220.03, Ethereum slid to a mid-morning intraday low $207.20.

Steering clear of the first major support level at $200.86, Ethereum recovered to $215 levels before a late pullback into the red.

At the time of writing, Ethereum was up by 1.21% to $214.15. A mixed start to the day saw Ethereum fall to an early morning low $209.25 before striking a high $214.37.

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

ETH/USD 09/05/20 Daily Chart

For the day ahead

Ethereum would need to move back through to $215 levels to bring the first major resistance level at $216.66 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $214.37.

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

Failure to move back through to $215 levels could see Ethereum hit reverse.

A fall back through to sub-$212 levels would bring the first major support level at $206.86 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $202.13.

Looking at the Technical Indicators

Major Support Level: $206.86

Major Resistance Level: $216.66

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 0.05% on Friday. Following a 3.23% gain on Thursday, Ripple’s XRP ended the day at $0.21868.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.22231 before hitting reverse.

Falling short of the first major resistance level at $0.2237, Ripple’s XRP slid to a mid-morning intraday low $0.21429.

Steering clear of the first major support level at $0.2118, Ripple’s XRP bounced back to $0.22 levels before a late pullback.

At the time of writing, Ripple’s XRP was up by 0.90% to $0.22065. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.21663 before striking a high $0.22137.

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

XRP/USD 09/05/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move back through to $0.2210 levels to support a run at the first major resistance level at $0.2226.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.22137.

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

Failure to move through to $0.2210 levels could see Ripple’s XRP give up the early gains.

A fall back through to sub-$0.2185 levels would bring the first major support level at $0.2145 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.2104.

Looking at the Technical Indicators

Major Support Level: $0.2145

Major Resistance Level: $0.2226

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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