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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 10/04/20

By:
Bob Mason
Published: Apr 10, 2020, 02:46 UTC

It's a bearish start to the day for the majors. Failure to move back through key levels would bring support levels into play.

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

EOS

EOS fell by 0.49% on Thursday. Partially reversing a 4.01% rally from Wednesday, EOS ended the day at $2.7298.

A mixed start to the day saw EOS fall to a mid-day intraday low $2.6766 before finding support.

Steering clear of the first major support level at $2.6225, EOS struck an early afternoon intraday high $2.7599 before easing back.

Falling short of the first major resistance level at $2.8313, EOS fell back to $2.70 levels before finding late support.

At the time of writing, EOS was down by 0.19% to $2.7246. A mixed start to the day saw EOS rise to an early morning high $2.7440 before falling to low $2.7199.

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

EOS/USD 10/04/20 Daily Chart

For the day ahead

EOS would need to avoid sub-$2.72 levels to support another run at the first major resistance level at $2.7676.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.7440.

Barring another extended crypto rally, the first major resistance level at $2.7676 would likely leave EOS short of $2.80 levels.

Failure to avoid sub-$2.72 levels could see EOS fall deeper into the red before any recovery.

A fall back through to sub-$2.72 levels would bring the first major support level at $2.6843 into play.

Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.6388.

Looking at the Technical Indicators

Major Support Level: $2.6843

Major Resistance Level: $2.7676

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 2.12% on Thursday. Partially reversing a 5.36% rally from Wednesday, Ethereum ended the day at $169.75.

Tracking the broader market, Ethereum fell from a late morning intraday high $173.55 to a mid-day intraday low $165.32.

Falling short of the major resistance levels, Ethereum fell through the first major support level at $166.31.

Through the early afternoon, Ethereum returned to $170 levels before wrapping up the day at sub-$170.

At the time of writing, Ethereum was down by 0.39% to $169.08. A bearish start to the day saw Ethereum fall from an early morning high $170.39 to a low $168.51.

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

ETH/USD 10/04/20/Daily Chart

For the day ahead

Ethereum would need to move back through to $170 levels to support a run at the first major resistance level at $173.76.

Support from the broader market would be needed, however, for Ethereum to breakout from Thursday’s high $173.55.

Barring a broad-based crypto rebound, resistance at $170 would likely leave Ethereum short of the first major resistance level.

Failure to move back through to $170 levels could see Ethereum struggle throughout the day.

A fall through to sub-$168 levels would bring the first major support level at $165.53 into play.

Barring an extended crypto sell-off, however, Ethereum should continue to steer clear of sub-$165 support levels.

Looking at the Technical Indicators

Major Support Level: $165.53

Major Resistance Level: $173.76

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 1.83% on Thursday. Partially reversing a 4.77% rally from Wednesday, Ripple’s XRP ended the day at $0.19847.

It was a bearish start to the day. Ripple’s XRP slid from an early morning intraday high $0.20233 to a mid-day intraday low $0.19367.

Falling short of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.1949.

Finding support in the early afternoon, Ripple’s XRP recovered to $0.20 levels before wrapping up the day at $0.198 levels.

At the time of writing, Ripple’s XRP was down by 0.24% to $0.19800. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19899 to a low $0.19799.

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

XRP/USD 10/04/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move back through to $0.1985 levels to support a run at the first major resistance level at $0.2026.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.20233.

Barring an extended crypto rally, the first major resistance level at $0.2026 would likely limit any upside on the day.

In the event of a breakout, the second major resistance level at $0.2068 would likely come into play.

Failure to move back through to $0.1985 levels could see Ripple’s XRP fall deeper into the red.

A fall through the morning low $0.19799 levels would bring the first major support level at $0.1940 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.1895.

Looking at the Technical Indicators

Major Support Level: $0.1940

Major Resistance Level: $0.2026

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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