EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 17/02/20
It’s a bearish start to the day for the majors, which are deep in the red. Failure to move through key levels by late morning could lead to heavier losses.
EOS
EOS slid by 7.68% on Sunday. Following on from an 11.38% tumble on Saturday, EOS ended the day at $4.3850.
A bullish start to the day saw EOS rise to an early morning intraday high $4.8500 before hitting reverse.
Falling short of the first major resistance level at $5.2561, EOS slid to a late afternoon intraday low $4.0500.
EOS fell through the first major support level at $4.3749 before recovering to $4.38 levels late in the day.
At the time of writing, EOS was down by 4.66% to $4.1807. A bearish start to the day saw EOS fall from an early morning high $4.4002 to a low $4.1230.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through to $4.43 levels to support a run at the first major resistance level at $4.8067.
Support from the broader market would be needed, however, for EOS to break out from the early morning high $4.4002.
Barring a broad-based crypto rebound, resistance at $4.50 levels would likely leave EOS short of the first major resistance level.
Failure to move through to $4.43 levels could see EOS struggle throughout the day.
A fall back through the morning low $4.1230 would bring the first major support level at $4.0067 into play.
Barring an extended crypto sell-off, however, EOS should steer of sub-$4.00 levels.
Looking at the Technical Indicators
Major Support Level: $4.0067
Major Resistance Level: $4.8067
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum fell by 2.39% on Sunday. Following on from a 7.35% slide on Saturday, Ethereum ended the day at $258.50.
A bullish start to the day saw Ethereum rise to an early morning intraday high $274.00 before hitting reverse.
Falling short of the first major resistance level at $282.83, Ethereum tumbled to a late afternoon intraday low $236.37.
The sell-off saw Ethereum slide through the first major support level at $254.18 and the second major support level at $243.44.
Of greater significance, however, was a fall through the 23.6% FIB of $257.
Finding support late in the day, Ethereum broke back through the major support levels and 23.6% FIB to wrap up the day at $258 levels.
At the time of writing, Ethereum was down by 3.21% to $250.21. A bearish start to the day saw Ethereum fall from an early morning high $261.50 to a low $246.50.
While leaving the major support and resistance levels untested, Ethereum fell through the 23.6% FIB of $257.00.
For the day ahead
Ethereum would need to move back through to $256.50 levels to bring the first major resistance level at $276.21 into play.
Support from the broader market would be needed, however, for Ethereum to break out from the 23.6% FIB.
Barring a broad-based crypto rebound, resistance at $270.00 would likely leave Ethereum short of the first major resistance level.
Failure to move through to $256.50 levels could see Ethereum spend the day in the red.
A fall back through the morning low $246.50 would bring the first major support level at $238.58 into play.
Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$230 levels.
Looking at the Technical Indicators
Major Support Level: $238.58
Major Resistance Level: $276.21
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 4.76% on Sunday. Following on from an 8.42% slide on Saturday, Ripple’s XRP ended the day at $0.29253.
Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.31862 before hitting reverse.
Falling well short of the first major resistance level at $0.3378, Ripple’s XRP tumbled to a late afternoon intraday low $0.27050.
Ripple’s XRP fell through the first major support level at $0.2855 before a bounce back to $0.29 levels.
At the time of writing, Ripple’s XRP was down by 4.01% to $0.28080. A bearish start to the day saw Ripple’s XRP slide from an early morning high $0.29255 to a low $0.27871.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to break through to $0.2940 levels to support a run at the first major resistance level at $0.3173.
Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.30 levels.
Barring an extended crypto rally, resistance at $0.29 would likely pin Ripple’s XRP back from the first major resistance level.
Failure to move back through to $0.2940 levels could see Ripple’s XRP fall deeper into the red.
A fall back through the morning low $0.27871 would bring the first major support level at $0.2691 into play.
Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.26 levels on the day
Looking at the Technical Indicators
Major Support Level: $0.2691
Major Resistance Level: $0.3173
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
