EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 17/01/20

EOS

EOS rose by 1.94% on Thursday. Reversing a 0.67% fall from Wednesday, EOS ended the day at $3.8367.

A bearish start to the day saw EOS slide from an early high $3.7961 to an early morning intraday low $3.5216.

EOS fell through the first major support level at $3.5756 before rallying to a late afternoon intraday high $3.9485.

Coming up against the first major resistance level at $3.9469, EOS slipped back to $3.8 levels to limit the upside on the day.

At the time of writing, EOS was down by 1.49% to $3.7797. A bearish start to the day saw EOS fall from an early morning high $3.8463 to a low $3.7536.

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

For the day ahead

EOS would need to move back through to $3.80 levels to support a run at the first major resistance level at $4.0163.

Support from the broader market would be needed for EOS to breakout from Thursday’s high $3.9485.

Barring a broad-based crypto rebound, however, EOS would likely come up short of $3.90 levels on the day.

In the event of a rebound, Thursday’s high $3.9485 and first major resistance level would likely cap any upside.

Failure to move back through to $3.80 levels would see EOS struggle throughout the day.

A fall back through the morning low $3.7536 would bring the first major support level at $3.5894 into play before any recovery.

Barring an extended sell-off, however, EOS should steer clear of the second major support level at $3.3420.

Looking at the Technical Indicators

Major Support Level: $3.5894

Major Resistance Level: $4.0163

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.41% on Thursday. Reversing a 0.33% gain from Wednesday, Ethereum ended the day at $163.93.

Tracking the broader market, Ethereum fell from an early morning intraday high $167.28 to an early intraday low $158.17.

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

Finding support through the day, Ethereum recovered to $165 levels before sliding back into the red.

At the time of writing, Ethereum was down by 0.39% to $163.29. A mixed start to the day saw Ethereum strike an early morning high $164.87 before falling to a low $162.01.

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

For the day ahead

Ethereum would need to move back through to $164 levels to support a run at the first major resistance level at $168.08.

Support from the broader market would be needed for Ethereum to breakthrough Thursday’s high $167.28.

Barring a broad-based crypto rebound, however, resistance at $167 would likely cap any upside.

Failure to move back through to $164 levels could see Ethereum spend the day in the red.

A fall back through the morning low $162.01 would bring the first major support level at $158.97 into play.

Barring an extended crypto sell-off, however, Ethereum should steer of sub-$158 levels on the day.

Looking at the Technical Indicators

Major Support Level: $158.97

Major Resistance Level: $168.08

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 1.99% on Thursday. Following on from a 0.06% decline on Wednesday, Ripple’s XRP ended the day at $0.22888.

A bearish start to the day saw Ripple’s XRP slide from an intraday high $0.23492 to an early morning intraday low $0.22120.

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

Finding support through the remainder of the day, Ripple’s XRP recovered to $0.23 levels before easing back into the deep red.

At the time of writing, Ripple’s XRP was down by 0.63% to $0.22744. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.22937 before falling to a low $0.22633.

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 $0.2285 levels to support a run at the first major resistance level at $0.2355.

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 $0.2355.

In the event of a rebound, the first major resistance level and Thursday’s high $0.23492 would likely cap any upside.

Failure to move back through to $0.2285 levels could see Ripple’s XRP fall further back.

A fall back through the morning low $0.22633 would bring the first major support level at $0.2217 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer of the second major support level at $0.2146.

Looking at the Technical Indicators

Major Support Level: $0.2217

Major Resistance Level: $0.2355

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