EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 12/04/20

EOS

EOS rose by 0.65% on Saturday. Following an 8.69% tumble on Friday, EOS ended the day at $2.5122.

A bullish start to the day saw EOS rise to a mid-morning intraday high $2.5493 before hitting reverse.

Falling short of the first major resistance level at $2.6863, EOS slid to a late intraday low $2.4289.

Steering clear of the first major support level at $2.3580, EOS bounced back to $2.52 levels before easing back.

At the time of writing, EOS was down by 1.19% to $2.4823. A bearish start to the day saw EOS fall from an early morning high $2.5256 to a low $2.4767.

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

For the day ahead

EOS would need to move through to $2.50 levels to support a run at the first major resistance level at $2.5647.

Support from the broader market would be needed, however, for EOS to break out from Saturday’s high $2.5493.

Barring a broad-based crypto rebound, resistance at $2.50 would likely leave EOS short of the first major resistance level.

Failure to move through to $2.50 levels could see EOS fall deeper into the red.

A fall back through the morning low $2.4767 would bring the first major support level at $2.4443 into play.

Barring another crypto meltdown, however, EOS should steer clear of the second major support level at $2.3764.

Looking at the Technical Indicators

Major Support Level: $2.4443

Major Resistance Level: $2.5647

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.28% on Saturday. Following a 6.84% slide on Friday, Ethereum ended the day at $158.55.

Tracking the broader market, Ethereum rose to an early morning intraday high $161.50 before hitting reverse.

Falling short of the first major resistance level at $168.23, Ethereum slid to a late intraday low $154.2.

Steering clear of the first major support level at $150.14, Ethereum found late support to end the day in the green.

At the time of writing, Ethereum was down by 1.22% to $156.62. A bearish start to the day saw Ethereum fall from an early morning high $159.80 to a low $156.51.

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

For the day ahead

Ethereum would need to move back through to $158 levels to support a run at the first major resistance level at $161.97.

Support from the broader market would be needed, however, for Ethereum to breakout from Saturday’s high $161.50.

Barring a broad-based crypto rebound, resistance at $160 would likely leave Ethereum short of the first major resistance level.

Failure to move back through to $158 levels could see Ethereum fall deeper into the red.

A fall through to sub-$156 levels would bring the first major support level at $154.67 into play.

Barring a crypto meltdown, however, Ethereum should continue to steer clear of sub-$150 support levels.

The second major support level at $150.78 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $154.67

Major Resistance Level: $161.97

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP gained 0.27% on Saturday. Following a 5.73% slide on Friday, Ripple’s XRP ended the day at $0.18860.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.19247 before hitting reverse.

Falling short of the first major resistance level at $0.1974, Ripple’s XRP slid to a late intraday low $0.1853.

Steering clear of the first major support level at $0.1802, Ripple’s XRP recovered to $0.188 levels to end the day in the green.

At the time of writing, Ripple’s XRP was down by 0.65% to $0.18737. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.18998 to a low $0.18708.

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 $0.1890 levels to support a run at the first major resistance level at $0.1923.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.19 levels.

Barring a broad-based crypto rebound, the first major resistance level at $0.1923 would likely limit any upside on the day.

In the event of a breakout, the second major resistance level at $0.1960 would likely come into play.

Failure to move back through to $0.1980 levels could see Ripple’s XRP struggle throughout the day.

A fall through the morning low $0.18708 would bring the first major support level at $0.1851 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.18 levels.

The second major support level at $0.1816 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $0.1851

Major Resistance Level: $0.1923

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