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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 17/12/19

It’s a bearish start to the day with Ripple’s XRP visiting sub-$0.20 levels… It could well get worse before it gets better.
Bob Mason
Coins of crypto currency are presented on a dark background. Virtual money concept.

EOS

EOS slid by 7.48% on Monday. Following on from a 6.59% slide from last week, EOS ended the day at $2.3809.

Tracking the broader market, EOS fell from an early morning intraday high $2.5773 to a mid-morning low $2.5257.

Steering clear of the major resistance levels, EOS fell through the first major support level at $2.5456.

Finding support through the late morning, EOS recovered to $2.57 levels before hitting reverse.

The reversal saw EOS fall through the major support levels to a late intraday low $2.2816.

While finding late support, EOS failed to break back through the third major support level at $2.4609.

At the time of writing, EOS was down by 1.22% to $2.3519. A bearish start to the day saw EOS fall from an early morning high $2.3804 to a low $2.3412.

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

For the day ahead

EOS would need to move through to $2.4150 levels to support a run at the first major resistance level at $2.5444.

Support from the broader market would be needed, however, for EOS to break out from $2.40 levels.

Barring a broad-based crypto rally, resistance at $2.5000 would likely pin EOS back on the day.

Failure to move through to $2.4150 levels could see EOS slide deeper into the red. A fall through the morning low $2.3412 would bring the first major support level at $2.2487 into play.

Barring a crypto meltdown, however, EOS should steer clear of the second major support level at S2.1173.

Looking at the Technical Indicators

Major Support Level: $2.2487

Major Resistance Level: $2.5444

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum tumbled by 7.04% on Monday. Following on from last week’s 5.51% fall, Ethereum ended the day at $132.36

A bearish start to the day saw Ethereum fall from an early intraday high $142.53 to a mid-morning low $140.11.

Finding support at the first major support level at $140.12, Ethereum recovered to $141.9 levels before the meltdown.

The meltdown saw Ethereum slide through the major support levels to a late intraday low $129.03.

While finding support late on, Ethereum failed to break back through the third major support level at $133.68.

At the time of writing, Ethereum was down by 0.65% to $131.50. A mixed start to the day saw Ethereum rise to an early morning high $132.66 before falling to a low $130.67.

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

For the day ahead

Ethereum would need to move back through to $135 levels to support a run at the first major resistance level at $140.25.

Support from the broader market would be needed for Ethereum to break back through to $140 levels.

Barring a broad-based crypto rebound, however, the first major resistance level at $140.25 would likely limit any upside.

Failure to move back through to $135 levels could see Ethereum struggle throughout the day.

A fall back through the morning low $130.67 would bring the first major support level at $126.75 into play.

Barring another crypto meltdown, however, Ethereum should steer clear of the second major support level at $121.14.

Looking at the Technical Indicators

Major Support Level: $126.75

Major Resistance Level: $140.25

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 5.33% on Monday. Following on from last week’s 5.48% decline, Ripple’s XRP ended the day at $0.20670.

A bearish start to the day saw Ripple’s XRP fall through the first major support level at $0.2158 to a late morning low $0.2117.

Finding support in the late morning, Ripple’s XRP recovered to $0.2150 levels before succumbing to market forces.

Ripple’s XRP tumbled through the day’s major support levels to an intraday low $0.20336 before steadying.

At the time of writing, Ripple’s XRP was down by 3.24% to $0.20001. A particularly bearish morning saw Ripple’s XRP fall from an early morning high $0.20675 to a new swing lo $0.19020.

Steering clear of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.2006 and the second major support level at $0.1945.

For the day ahead

A move back through to $0.2095 levels would support a run at the first major resistance level at $0.2156.

Support from the broader market would be needed for Ripple’s XRP to break out from the first major support level at $0.2006.

Barring a broad-based crypto rebound, however, Ripple’s XRP would likely come up short of $0.21 levels on the day.

Failure to move back through to $0.2095 levels could see Ripple’s XRP lose more ground on the day.

A fall through the second major support level at $0.1945 could bring sub-$0.19 levels into play before any recovery.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the third major support level at $0.1795.

Looking at the Technical Indicators

Major Support Level: $0.2006

Major Resistance Level: $0.2156

23.6% FIB Retracement Level: $0.3841

38.2% FIB Retracement Level: $0.4964

62% FIB Retracement Level: $0.6780

Please let us know what you think in the comments below.

Thanks, Bob

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