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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 14/05/20

It’s a mixed start to the day for the majors. Failure to move back through early highs could lead to a reversal of Wednesday’s gains.
Bob Mason
crypto currency mining concept

EOS

EOS rallied by 3.77% on Wednesday. Following on from a 1.60% gain on Tuesday, EOS ended the day at $2.5261.

A mixed start to the day saw EOS rise to an early morning high $2.4647 before hitting reverse.

Falling short of the first major resistance level at $2.4703, EOS slid to a late morning intraday low $2.4206.

Steering clear of the first major support level at $2.3996, EOS rallied to a late intraday high $2.5600.

EOS broke through the first major resistance level at $2.4703 and the second major resistance level at $2.5032.

In spite of a late pullback, EOS avoided a fall back through the second major resistance level.

At the time of writing, EOS was down by 0.08% to $2.5240. A mixed start to the day saw EOS rise to an early morning high $2.5320 before falling to a low $2.5167.

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

For the day ahead

EOS would need to move through to $2.55 levels to bring the first major resistance level at $2.5839 into play.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.5600.

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

Failure to move back through to $2.55 levels would see EOS slide deeper into the red.

A fall through the morning low to sub-$2.50 levels would bring the first major support level at $2.4445 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.3628.

Looking at the Technical Indicators

Major Support Level: $2.4445

Major Resistance Level: $2.5839

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

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Ethereum

Ethereum rallied by 5.26% on Wednesday. Following on from a 2.24% gain on Tuesday, Ethereum ended the day at $199.92.

Tracking the broader market, Ethereum rose to an early morning high $191.68 before hitting reverse.

Falling short of the first major resistance level at $193.40, Ethereum slid to a late morning intraday low $188.36.

Steering clear of the first major support level at $186.30, Ethereum rallied to a late intraday high $201.59.

Ethereum broke through the first major resistance level at $193.40 and the second major resistance level at $196.69.

A late pullback saw Ethereum wrap up the day at sub-$200 levels.

At the time of writing, Ethereum was down by 0.28% to $199.36. A mixed start to the day saw Ethereum rise to an early morning high $201.27 before falling to a low $198.83.

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

For the day ahead

Ethereum would need to move back through to $200 levels to bring the first major resistance level at $204.89 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $201.59.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.

Failure to move back through to $200 levels could see Ethereum take a bigger hit.

A fall back through to sub-$196.60 levels would bring the first major support level at $191.66 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $183.39.

Looking at the Technical Indicators

Major Support Level: $191.66

Major Resistance Level: $204.89

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 2.53% on Wednesday. Following on from a 2.47% gain on Tuesday, Ripple’s XRP ended the day at $0.2019.

It was a mixed start to the day. Ripple’s XRP rose to an early morning high $0.19949 before sliding to a late morning intraday low $0.19589.

Steering clear of the first major support level at $0.1922, Ripple’s XRP bounced back to a late intraday high $0.20430.

Ripple’s XRP broke through the first major resistance level at $0.2008 to wrap up the day at $0.20 levels.

The second major resistance level at $0.2047 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 0.29% to $0.20131. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.20298 before falling to a low $0.20102.

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

For the day ahead

Ripple’s XRP will need to avoid sub-$0.20 levels to bring the first major resistance level at $0.2055 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.20430.

Barring an extended crypto rebound, the first major resistance level at $0.2055 would likely limit any upside.

Failure to avoid sub-$0.20 levels could see Ripple’s XRP fall deeper into the red.

A fall back through to sub-$0.20 levels would bring the first major support level at $0.1971 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.19 support levels.

The second major support level at $0.1923 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $0.1971

Major Resistance Level: $0.2055

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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