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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 16/04/20

By:
Bob Mason
Published: Apr 16, 2020, 03:12 UTC

It's a mixed start to the day for the majors. A move back through the early highs would bring resistance levels into play.

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

EOS

EOS fell by 1.96% on Wednesday. Reversing a 0.57% gain from Tuesday, EOS ended the day at $2.4064.

A mixed start to the day saw EOS rise to an early morning intraday high $2.5006 before hitting reverse.

Falling short of the first major resistance level at $5.0800, EOS slid to an early afternoon intraday low $2.3959.

EOS fell through the first major support level at $2.4152 before recovering to $2.47 levels. A bearish end to the day, however, saw EOS slid back to sub-$2.40 levels before ending the day at $2.40.

The reversal saw EOS slide back through the first major resistance level to end the day in the red.

At the time of writing, EOS was down by 0.29% to $2.3994. A mixed start to the day saw EOS fall to an early morning low $2.3371 before striking a high $2.4109.

Steering clear of the major resistance levels, EOS fell through the first major support level at $2.3680 early on.

EOS/USD 16/04/20 Daily Chart

For the day ahead

EOS would need to move back through to $2.45 levels to support another run at the first major resistance level at $2.4727.

Support from the broader market would be needed, however, for EOS to breakout from the morning high $2.4109.

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

Failure to move through to $2.45 levels could see EOS slide deeper into the red.

A fall back through the first major support level at $2.3680 would bring $2.35 levels into play before any recovery.

Barring an extended crypto sell-off, however, EOS should continue to steer clear the second major support level at $2.3296.

Looking at the Technical Indicators

Major Support Level: $2.3680

Major Resistance Level: $2.4727

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 3.72% on Wednesday. Reversing a 1.21% gain from Tuesday, Ethereum ended the day at $152.77.

Tracking the broader market, Ethereum rose to an early morning intraday high $160.50 before hitting reverse.

Falling short of the first major resistance level at $162.58, Ethereum slid to a final hour intraday low $152.17.

Ethereum fell through the first major support level at $155.14 to end the day in the deep red.

At the time of writing, Ethereum was up by 0.29% to $153.21. A mixed start to the day saw Ethereum fall to an early morning low $148.08 before striking a high $153.76.

Steering clear of the major resistance levels, Ethereum fell through the first major support level at $149.46 early on.

ETH/USD 16/04/20 Daily Chart

For the day ahead

Ethereum would need to move through to $155.5 levels to support a run at the first major resistance level at $158.79.

Support from the broader market would be needed, however, for Ethereum to breakout from the morning high $153.76.

Barring an extended crypto rally, resistance at $155 would likely leave Ethereum short of the first major resistance level.

Failure to move back through to $155.5 levels could see Ethereum fall back into the red.

A fall through the first major support level at $149.46 would bring $148 levels into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $146.15.

Looking at the Technical Indicators

Major Support Level: $149.46

Major Resistance Level: $158.79

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slid by 2.73% on Wednesday. Following on from a 0.89% decline on Tuesday, Ripple’s XRP ended the day at $0.18092.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.18980 before hitting reverse.

Coming up against the first major resistance level at $0.1893, Ripple’s XRP slid to a final hour intraday low $0.18024.

Ripple’s XRP fell through the first major support level at $0.1833 to find support at the second major support level at $0.1804.

At the time of writing, Ripple’s XRP was down by 1.50% to $0.17820. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.18089 to a low $0.17426.

Steering clear of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.1775.

XRP/USD 16/04/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move through to $0.1840 levels to support a run at the first major resistance level at $0.1871.

Support from the broader market would be needed, however, for Ripple’s XRP to breakout from the morning high $0.18089.

Barring an extended crypto rally, the first major resistance level would likely leave Ripple’s XRP short of $0.19 levels.

Failure to move through to $0.1840 levels could see Ripple’s XRP fall deeper into the red.

A fall back through the first major support level would bring the second major support level at $0.1741 back into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer well clear of sub-$0.17 levels.

Looking at the Technical Indicators

Major Support Level: $0.1775

Major Resistance Level: $0.1871

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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