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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 16/01/20

The crypto bears look to fight back. Heavier losses could be on the cards if key levels aren’t hit by the early afternoon.
Bob Mason
Coins of crypto currency are presented on a dark background. Virtual money concept.

EOS

EOS fell by 0.67% on Wednesday. Following a 22.09% rally from Tuesday, EOS ended the day at $3.7647.

A mixed start to the day saw EOS strike an early morning intraday high $3.9400 before hitting reverse.

Falling short of the first major resistance level at $4.1995, EOS fell to a mid-morning intraday low $3.5687.

Steering clear of the first major support level at $3.2453, EOS recovered to $3.8 levels before falling back to $3.6 levels.

Finding support late, however, EOS moved back through to $3.7 levels to limit the loss on the day.

At the time of writing, EOS was down by 4.79% to $3.5845. A bearish start to the day saw EOS fall from an early morning high $3.7961 to a low $3.5216.

Steering clear of the major resistance levels, EOS fell through the first major support level at $3.5756.

For the day ahead

EOS would need to move back through to $3.76 levels to support a run at the first major resistance level at $3.9469.

Support from the broader market would be needed for EOS to move back through this morning’s high $3.7961.

Barring another broad-based crypto rebound, however, EOS would likely come up short of the morning high.

In the event of a rebound, Wednesday’s high $3.94 and first major resistance level would likely cap any upside.

Failure to move back through to $3.76 levels would see EOS struggle throughout the day.

A fall back through the first major support level at $3.5756 would bring sub-$3.5 levels into play before any recovery.

Barring an extended sell-off, however, EOS should steer clear of the second major support level at $3.3865.

Looking at the Technical Indicators

Major Support Level: $3.5756

Major Resistance Level: $3.9469

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.33% on Wednesday. Following on from a 15.51% rally on Tuesday, Ethereum ended the day at $166.29.

A mixed start to the day saw Ethereum strike an early morning intraday high $172.18 before hitting reverse. Falling short of the first major resistance level at $176.56, Ethereum fell to a mid-morning intraday low $159.13.

Steering clear of the first major resistance level at $149.20, Ethereum recovered to $168 levels before a fall back to an afternoon low $160.35.

Finding late support, however, Ethereum moved back through to $166 levels and into the green.

At the time of writing, Ethereum was down by 3.37% to $160.68. A bearish start to the day saw Ethereum slide from an early morning high $167.28 to a low $158.17.

Steering clear of the major resistance levels, Ethereum fell through the first major support level at $159.55.

For the day ahead

Ethereum would need to move back through to $166 levels to support a run at the first major resistance level at $172.60.

Support from the broader market would be needed for Ethereum to break through the morning high $167.28.

Barring a broad-based crypto rebound, however, resistance at $170 would likely cap any upside.

Failure to move back through to $166 levels could see Ethereum spend the day in the red.

A fall back through the first major support level at $159.55 would bring the second major support level at $152.82 into play.

Barring an extended crypto sell-off, however, Ethereum should avoid a return to the morning low $158.17.

Looking at the Technical Indicators

Major Support Level: $159.55

Major Resistance Level: $172.60

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 0.06% on Wednesday. Following a 10.68% rally from Tuesday, Ripple’s XRP ended the day at $0.23360.

Tracking the broader market, Ripple’s XRP fell from an early morning high $0.24233 to a mid-morning intraday low $0.22546.

Steering clear of the major support and resistance levels, Ripple’s XRP bounced back to an early afternoon intraday high $0.24285.

Falling short of the first major resistance level at $0.2484, Ripple’s XRP fell back to $0.23 levels to end the day in the red.

At the time of writing, Ripple’s XRP was down by 4.41% to $0.2233. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.23492 to a low $0.22120.

Steering clear of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.2251.

For the day ahead

Ripple’s XRP will need to move back through to $0.2340 levels to support a run at the first major resistance level at $0.2425.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.23 levels.

Barring a broad-based crypto rebound, resistance at $0.23 would likely leave Ripple’s XRP short of the first major resistance level at $0.2425.

In the event of a rebound, Wednesday’s high $0.24285 and first major resistance level would likely cap any upside.

Failure to move back through to $0.23 levels could see Ripple’s XRP fall further back.

A fall back through the first major support level at $0.2251 would bring sub-$0.22 levels into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer of the second major support level at $0.2166

Looking at the Technical Indicators

Major Support Level: $0.2251

Major Resistance Level: $0.2425

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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