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

By:
Bob Mason
Published: Feb 18, 2020, 00:57 UTC

It's another bearish start for the majors. Failure to break through to key levels could see a broad-based sell-off.

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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.

EOS/USD 18/02/20 Daily Chart

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

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.

ETH/USD 18/02/20 Daily Chart

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.

XRP/USD 18/02/20 Daily Chart

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

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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