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

EOS

EOS tumbled by 13.48% on Wednesday. Reversing a 5.25% rally from Tuesday, EOS ended the day at $3.9719.

Relatively range-bound through the morning, EOS rose to a morning high $4.6072 before falling to a late morning low $4.4813.

Steering clear of the major support and resistance levels, EOS rose to an afternoon intraday high $4.6134 before hitting reverse.

Falling short of the first major resistance level at $4.7520, EOS tumbled to a late intraday low $3.6253.

EOS fell through the major support levels before moving back through the third major support level at $3.6901.

At the time of writing, EOS was up by 1.33% to $4.0247. A relatively bullish start to the day saw EOS rise from an early morning low $3.9546 to a high $4.0380.

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

For the day ahead

EOS would need to move through to $4.0700 levels to support a run at the first major resistance level at $4.5151.

Support from the broader market would be needed, however, for EOS to break out from this morning’s high $4.0380.

Barring a broad-based crypto rebound, the first major resistance level at $4.5151 would likely be untested on the day.

Failure to move through to $4.070 levels could see EOS return to the red.

A fall through to sub-$4.00 levels would bring the first major support level at $3.5270 into play.

Barring an extended crypto sell-off, however, EOS should steer well clear of the second major support level at $3.0821.

Looking at the Technical Indicators

Major Support Level: $3.5270

Major Resistance Level: $4.5151

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 8.71% on Wednesday. Reversing a 5.63% rally from Tuesday, Ethereum ended the day at $258.66.

Tracking the broader market, Ethereum rose to a late afternoon intraday high $287.13 before hitting reverse.

Falling short of the first major resistance level at $293.71, Ethereum fell to a late intraday low $250.00.

Ethereum fell through the first major support level at $266.08 and the 23.6% FIB of $257.00 before finding support.

The late support saw Ethereum break back through the 23.6% FIB late in the day to briefly visit $260 levels.

At the time of writing, Ethereum was up by 1.70% to $263.06. A bullish start to the day saw Ethereum rise from an early morning low $257.00 to a high $264.26.

Ethereum left the major support and resistance levels untested early on. Support at the 23.6% FIB of $257 limited the downside early on.

For the day ahead

Ethereum would need to move through to $265.30 levels to bring the first major resistance level at $280.53 into play.

Support from the broader market would be needed, however, for Ethereum to break through to $280 levels.

Barring a broad-based crypto rebound, resistance at $280.00 would likely leave Ethereum short of the first major resistance level.

Failure to move through to $265.30 levels could see Ethereum hit reverse.

A fall through the morning low and 23.6% FIB of $257.00 would bring the first major support level at $243.40 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$250 levels.

Looking at the Technical Indicators

Major Support Level: $243.40

Major Resistance Level: $280.53

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slid by 8.01% on Wednesday. Reversing a 3.77% gain from Tuesday, Ripple’s XRP ended the day at $0.27450.

Ripple’s XRP rose from a mid-morning low $0.29049 to a late afternoon intraday high $0.30946 before hitting reverse.

Coming up against the first major resistance level at $0.3089, Ripple’s XRP tumbled to a late intraday low $0.27100.

Ripple’s XRP fell through the first major support level at $0.2820 before briefly recovering to $0.28 levels.

The first major support level at $0.2820 pinned Ripple’s XRP back late in the day, however. Ripple’s XRP fell back to $0.27 levels, ending the day in the deep red.

At the time of writing, Ripple’s XRP was up by 1.89% to $0.27970. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.27320 to a high $0.28133.

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 $0.2850 levels to support a run at the first major resistance level at $0.2986.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high to $0.29 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 $0.2850 levels could see Ripple’s XRP fall back into the red.

A fall back through the morning low $0.27320 to sub-$0.2710 levels would bring the first major support level at $0.2607 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: $0.2607

Major Resistance Level: $0.2986

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