EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 12/02/20

EOS

EOS rallied by 7.12% on Tuesday. Reversing a 2.10% fall from Monday, EOS ended the day at $5.2569.

A bearish start to the day saw EOS fall to an early morning intraday low $4.7927 before making a move.

Steering clear of the first major support level at $4.7431, EOS rallied to a late afternoon intraday high $5.3000.

EOS broke through the first major resistance level at $5.0149 and the second major resistance level at $5.1867.

Range-bound through the remainder of the day, EOS found support at $5.20 levels to deliver the upside on the day.

At the time of writing, EOS was up by 0.87% to $5.3024. A bullish start to the day saw EOS rise from an early morning low $5.2556 to a high $5.3342.

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 $5.3342 to support a run at the first major resistance level at $5.4404.

Support from the broader market would be needed, however, for EOS to break out from $5.4 levels.

Barring a broad-based crypto rebound, resistance at $5.30 would likely the upside on the day.

Failure to move through the morning high $5.3342 could see EOS hit reverse.

A fall back through the morning low $5.2556 to sub-$5.1165 levels would bring the first major support level at $4.9331 into play.

Barring an extended crypto sell-off, however, EOS should continue to steer of sub-$4.80 levels.

Looking at the Technical Indicators

Major Support Level: $4.9331

Major Resistance Level: $5.4404

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 6.78% on Tuesday. Reversing a 2.60% fall from Monday, Ethereum ended the day at $237.98.

A bearish start to the day saw Ethereum fall to an early morning intraday low $217.83 before making a move.

Steering clear of the first major support level at $216.24, Ethereum rallied to a late afternoon intraday high $239.92.

Ethereum broke through the first major resistance level at $229.53 and the second major resistance level at $236.21.

In spite of a late pullback to $236 levels, Ethereum avoided a fall back through the second major resistance level.

At the time of writing, Ethereum was up by 3.22% to $245.64. A particularly bullish start to the day saw Ethereum rally from an early morning low $237.95 to a high $249.00.

Steering clear of the major support levels, Ethereum broke through the first major resistance level at $245.99 early on.

For the day ahead

Ethereum would need to break back through the first major resistance level at $245.99 to support a run at $250 levels.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $249.00.

Barring an extended crypto rally, Ethereum would likely come up short of the second major resistance level at $254.00.

Failure to move through the first major resistance level could see Ethereum give up the early gains.

A fall back through the morning low $237.95 to sub-$232 levels would bring the first major support level at $223.90 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$230 levels.

Looking at the Technical Indicators

Major Support Level: $223.90

Major Resistance Level: $245.99

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 2.75% on Tuesday. Partially reversing a 3.16% slide from Monday, Ripple’s XRP ended the day at $0.28102.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.26720 before finding support.

Steering clear of the first major support level at $0.2662, Ripple’s XRP rallied to a late afternoon intraday high $0.28323.

Ripple’s XRP broke through the first major resistance level at $0.2819 before falling back to sub-$0.28 levels.

In spite of a late move back through to $0.28 levels, the first major resistance level capped the upside on the day.

At the time of writing, Ripple’s XRP was up by 1.35% to $0.28480. A bullish start to the day saw Ripple’s XRP rally from an early morning low $0.28102 to a high $0.28725.

Steering clear of the major support levels, Ripple’s XRP came up against the first major resistance level at $0.2871.

For the day ahead

Ripple’s XRP will need to break back through the first major resistance level at $0.2871 to support a run at $0.29 levels.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.28725.

Barring an extended crypto rally, resistance at $0.29 would likely leave Ripple’s XRP short of the second major resistance level at $0.2932

Failure to break back through the first major resistance level could see Ripple’s XRP struggle later in the day.

A fall back through the morning low $0.28102 to sub-$0.2770 levels would bring the first major support level at $0.2711 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.27 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.2711

Major Resistance Level: $0.2871

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