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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 18/02/20

It’s another bearish start for the majors. Failure to break through to key levels could see a broad-based sell-off.
Bob Mason
Depositphotos_193678068_s-2019

EOS

EOS fell by 0.68% on Monday. Following on from a 7.68% slide on Sunday, EOS ended the day at $4.3549.

A bearish start to the day saw EOS slide from an early morning high $4.4002 to an early morning intraday low $4.0299.

In spite of the pullback, EOS steered clear of the first major support level at $4.0067 before finding support.

Through the afternoon, EOS recovered to strike a late afternoon intraday high $4.4147 before sliding back into the red. Falling short of the first major resistance level at $4.8067, eased back to wrap up the day at sub-$4.40 levels.

At the time of writing, EOS was down by 1.96% to $4.2695. A bearish start to the day saw EOS slide from an early morning high $4.3621 to a low $4.2590.

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

For the day ahead

EOS would need to move through to $4.30 levels to support a run at the first major resistance level at $4.5031.

Support from the broader market would be needed, however, for EOS to break out from Monday’s high $4.4147.

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 $4.30 levels could see EOS spend another day in the red.

A fall back through to sub-$4.2665 levels would bring the first major support level at $4.1883 into play.

Barring an extended crypto sell-off, however, EOS should continue to steer of sub-$4.00 levels.

Looking at the Technical Indicators

Major Support Level: $4.1183

Major Resistance Level: $4.5031

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

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Ethereum

Ethereum rose by 3.65% on Monday. Reversing a 2.39% fall from Sunday, Ethereum ended the day at $268.03.

A bearish start to the day saw Ethereum fall from an early morning high $261.5 to an early morning low $242.36.

Steering clear of the major resistance levels, Ethereum fell through the first major support level at $254.18 and the second major support level at $243.44.

The reversal also saw Ethereum fall through the 23.6% FIB of $257 before making a move.

Finding support through the afternoon, Ethereum broke back through the support levels and the 23.6% FIB to $260 levels.

Range-bound through the rest of the day, Ethereum managed to hold onto $260 levels before a final hour move back through to $268 levels.

At the time of writing, Ethereum was down by 1.00% to $265.35. A bearish start to the day saw Ethereum fall from an early morning high $268.94 to a low $263.71.

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

For the day ahead

Ethereum would need to avoid a fall back to sub-$260 levels to support a run at the first major resistance level at $277.23.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $269.00.

Barring a broad-based crypto rebound, resistance at $270.00 would likely leave Ethereum short of the first major resistance level.

Failure to avoid sub-$260 levels could see Ethereum spend the day in the red.

A fall through to sub-$259.80 levels would bring the first major support level at $250.59 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$240 levels.

Looking at the Technical Indicators

Major Support Level: $250.59

Major Resistance Level: $277.23

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 1.85% on Monday. Following on from a 4.76% slide on Sunday, Ripple’s XRP ended the day at $0.28715.

A bearish start to the day saw Ripple’s XRP fall from an early morning intraday high $0.29514 to an early morning intraday low $0.27015.

Steering clear of the first major support level at $0.2691, Ripple’s XRP found support through the afternoon.

Ripple’s XRP managed to move back through to $0.288 levels before falling back into the deep red. A final hour bounce limited the loss on the day, however.

At the time of writing, Ripple’s XRP was down by 1.56% to $0.28267. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.28808 to a low $0.28130.

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 $0.2840 levels to support a run at the first major resistance level at $0.2981.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.29514.

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 $0.2840 levels could see Ripple’s XRP fall deeper into the red.

A fall back through the morning low $0.28130 would bring the first major support level at $0.2732 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.27 on the day

Looking at the Technical Indicators

Major Support Level: $0.2732

Major Resistance Level: $0.2981

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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