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

It’s back into the red at the start of the day. A move through key levels by late morning would support another breakout later today.
Bob Mason
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

EOS

EOS slid by 4.82% on Sunday. Following on from a 2.32% fall on Saturday, EOS ended the week up 12.55% at $3.6111.

A bullish start to the day saw EOS rise to an early morning intraday high $3.9324 before falling to a late intraday low $3.4207.

Falling short of the first major resistance level at $3.9637, EOS fell through the first major support level at $3.6661 and second major support level at $3.5342.

Finding support late in the day, EOS broke back through the second major support level to reduce the deficit on the day.

At the time of writing, EOS was down by 0.33% to $3.5993. A mixed start to the day saw EOS rise to an early morning high $3.6290 before falling to a low $3.5650.

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

For the day ahead

EOS would need to break through to $3.68 levels to support a run at the first major resistance level at $3.8648.

Support from the broader market would be needed for EOS to move back through to $3.60 levels.

Barring a broad-based crypto rally, however, Sunday’s high $3.9324 and first major resistance level would likely cap any upside.

Failure to move back through to $3.68 levels could see EOS fall deeper into the red.

A fall back through to sub-$3.50 levels would bring the first major support level at $3.4249 into play before any recovery.

Barring an extended sell-off, however, EOS should steer clear of sub-$3.40 levels the second major support level at $3.2388.

Looking at the Technical Indicators

Major Support Level: $3.4249

Major Resistance Level: $3.8648

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 4.19% on Sunday. Reversing a 2.67% fall from Saturday, Ethereum ended the week up by 13.78% to $166.76.

A bullish start to the day saw Ethereum rise to an early morning intraday high $178.00 before hitting reverse.

Falling short of the first major resistance level at $180.61, Ethereum slid to an early afternoon intraday low $161.70.

Ethereum fell through the first major support level at $166.21 before finding support.

Through the second half of the day, Ethereum moved back through the first major support level to $167 levels before easing back. In spite of the pullback, Ethereum held above the first major support level at the day end.

At the time of writing, Ethereum was down by 0.56% to $165.87. A mixed start to the day saw Ethereum rise to an early morning high $167.36 before falling to a low $165.37.

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

For the day ahead

Ethereum would need to move through to $169 levels to support a run at the first major resistance level at $175.94.

Support from the broader market would be needed, however, for Ethereum to break back through to $170 levels.

In the event of a broad-based crypto rally, the first major resistance level and Sunday’s high $178.0 would likely cap any upside.

Failure to move through to $169 levels could see Ethereum fall further into the red.

A fall back through the Sunday’s low $161.70 would bring the first major support level at $159.64 into play.

Barring an extended crypto sell-off, however, Ethereum should steer of sub-$160 levels for a 4th consecutive day.

Looking at the Technical Indicators

Major Support Level: $159.64

Major Resistance Level: $175.94

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 2.98% on Sunday. Reversing a 2.02% gain from Saturday, Ripple’s XRP ended the week up 9.35% to $0.23529.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.25171 before hitting reverse.

Falling short of the first major resistance level at $0.2546, Ripple’s XRP slid to a mid-day intraday low $0.22618.

Ripple’s XRP fell through the first major support level at $0.2311 before finding support. Through the 2nd half of the day, Ripple’s XRP broke back through the first major support level to $0.2360 levels before easing back.

At the time of writing, Ripple’s XRP was down by 0.67% to $0.23372. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.23620 before falling to a low $0.23242.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will need to move through to $0.2380 levels to support a run at the first major resistance level at $0.2493.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.24 levels.

In the event of a broad-based crypto rebound, the first major resistance level and Sunday’s high $0.25171 would likely cap any upside.

Failure to move through to $0.2380 levels could see Ripple’s XRP struggle throughout the day.

A fall back through to sub-$0.23 levels would bring the first major support level at $0.2237 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer of sub-$0.22 levels and the second major support level at $0.2122.

Looking at the Technical Indicators

Major Support Level: $0.2237

Major Resistance Level: $0.2493

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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