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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 11/01/20

It’s a bearish start to the day as investors lock in gains from Friday. A move back through the morning highs by the early afternoon would signal a breakout
Bob Mason
Closeup hand holding bitcoin over the Cryptocurrency trading scr

EOS

EOS surged by 8.28% on Friday. Reversing a 0.96% fall from Thursday, EOS ended the day at $2.9843.

A bearish start to the day saw EOS slide to a late morning intraday low $2.6526 before making a move.

EOS fell through the first major support level at $2.6949 before striking a late intraday high $3.0030.

The rally saw EOS break through the major resistance levels to hit $3.00 levels for the 1st time since late November.

In spite of a late pullback, EOS held above the third major resistance level at $2.9479 at the day end.

At the time of writing, EOS was down by 0.83% to $2.9484. A mixed start to the day saw EOS strike an early high $3.0222 before falling to a low $2.9301.

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 $3.0222 to support a run at the first major resistance level at $3.0999.

Support from the broader market would be needed, however, for EOS to break out from $3.0000.

Barring an extended broad-based crypto rally, the first major resistance level, and Friday’s high would likely limit any upside.

Failure to move back through the morning high $3.0222 levels could see EOS fall deeper into the red.

A fall through the morning low to sub-$2.88 levels would bring the first major support level at $2.7495 into play.

Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.5258.

Looking at the Technical Indicators

Major Support Level: $2.7495

Major Resistance Level: $3.0999

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 5.08% on Friday. Reversing a 2.08% slide from Thursday, Ethereum ended the day at $144.72.

Tracking the broader market, Ethereum fell to an early morning intraday low $135.26 before striking a late intraday high $145.81.

Steering clear of the major support levels, Ethereum broke through the first major resistance level at $141.02 and second major resistance level at $144.33.

A late pullback to $141 levels saw Ethereum fall through the second major resistance level before a final hour breakout.

At the time of writing, Ethereum was down by 1.62% to $142.37. A mixed start to the day saw Ethereum rise to an early morning high $145.25 before falling to a low $142.26.

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

For the day ahead

Ethereum would need to move through to the morning high $145.25 to support a run at the first major resistance level at $148.60.

Support from the broader market would be needed for Ethereum to break out from Friday’s high $145.81.

Barring a broad-based crypto rally, however, resistance at $145 levels would likely limit any upside.

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

A fall through the morning low to sub-$142 levels would bring the first major support level at $138.05 into play.

Barring a crypto sell-off, however, Ethereum should steer well clear of Friday’s low $135.26.

Looking at the Technical Indicators

Major Support Level: $138.05

Major Resistance Level: $148.60

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 4.18% on Friday. Reversing a 1.66% fall from Thursday, Ripple’s XRP ended the day at $0.21228.

A relatively bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.20050 before finding support.

Finding support at the first major support level at $0.20040, Ripple’s XRP rallied to a late intraday high $0.21271.

Ripple’s XRP broke through the first major resistance level at $0.20790 and the second major resistance level at $0.2121.

While easing back from the day high, Ripple’s XRP held above the second major resistance level at the day end.

At the time of writing, Ripple’s XRP was down by 1.11% to $0.20992. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.21430 before falling to a low $0.20912.

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 $0.21 levels to support a run at the first major resistance level at $0.21650.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.21430.

Barring a broad-based crypto rebound, the first major resistance level at $0.21650 would likely limit any upside.

Failure to move back through to $0.2100 levels could see Ripple’s XRP slide deeper into the red.

A fall through the morning low $0.20912 to sub-$0.2080 levels would bring the first major support level at $0.20430 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer of the second major support level at $0.19630.

Looking at the Technical Indicators

Major Support Level: $0.2043

Major Resistance Level: $0.2165

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

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