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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 20/05/20

It’s a mixed start to the day for the majors. Failure to breakout from Tuesday’s highs could bring support levels into play…
Bob Mason
cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain concept.financial business.crypto currency mining.

EOS

EOS slipped by 0.28% on Tuesday. Partially reversing a 1.73% gain from Monday, EOS ended the day at $2.6516.

A bearish start to the day saw EOS fall to an early morning intraday low $2.5705 before finding support.

EOS fell through the first major resistance level at $2.5924 before striking a late morning intraday high $2.6633.

Falling short of the first major resistance level at $2.7437, EOS fell back to an afternoon low $2.6037 and into the red.

Finding late support, EOS recovered to $2.65 levels to limit the loss on the day.

At the time of writing, EOS was down by 0.04% to 2.6505. A mixed start to the day saw EOS fall to an early morning low $2.6440 before striking a high $2.6563.

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

For the day ahead

EOS would need to move through to $2.66 levels to bring the first major resistance level at $2.6864 into play.

Support from the broader market would be needed, however, for EOS to break out from Tuesday’s high $2.6633.

Barring an extended crypto rally, however, the major first resistance level would likely cap any upside.

Failure to move back through to $2.66 levels could see EOS fall deeper into the red.

A fall through the morning low to sub-$2.6285 levels would bring the first major support level at $2.5936 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.5357.

Looking at the Technical Indicators

Major Support Level: $2.5936

Major Resistance Level: $2.6864

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 slipped by 0.07% on Tuesday. Following a 3.76% rally on Monday, Ethereum ended the day at $214.71.

A bearish start to the day saw Ethereum slide to an early morning intraday low $209.22 before finding support.

Steering clear of the first major support level at $208.88, Ethereum bounced back to a late morning intraday high $215.84.

Falling short of the first major resistance level at $218.88, Ethereum fell back to $210 levels before finding late support.

A late recovery to $214 levels reversed the losses from the day.

At the time of writing, Ethereum was down by 0.27% to $214.12. A mixed start to the day saw Ethereum rise to an early morning high $214.97 before falling to a low $213.76.

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

For the day ahead

Ethereum would need to move through to $215 levels to bring the second major resistance level at $217.29 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $215.84.

Barring a broad-based crypto rebound, resistance at $215 would likely leave Ethereum short of the first major resistance level.

Failure to move through to $215 levels could see Ethereum slide deeper into the red.

A fall back through the morning low to sub-$213.30 levels would bring the first major support level at $210.67 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of the second major support level at $206.64.

Looking at the Technical Indicators

Major Support Level: $210.67

Major Resistance Level: $217.29

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 0.19% on Tuesday. Partially reversing a 2.02% gain from Monday, Ripple’s XRP ended the day at $0.20477.

Tracking the broader market, Ripple’s XRP slid to an early morning intraday low $0.20064 before finding support.

Ripple’s XRP fell through the first major support level at $0.2015 before striking a late morning intraday high $0.20635.

Falling short of the first major resistance level at $0.2086, Ripple’s XRP fell back to $0.2025 levels and into the red.

Finding late support from the broader market, Ripple’s XRP recovered to $0.2040 levels to limit the loss on the day.

At the time of writing, Ripple’s XRP was up by 0.02% to $0.20482. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.20435 before striking a high $0.20550.

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

For the day ahead

Ripple’s XRP will need to move back through to $0.2050 levels to support a run at the first major resistance level at $0.2072.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s high $0.20635.

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

Failure to move through to $0.2050 levels could see Ripple’s XRP fall back into the red.

A fall back through the morning low to sub-$0.2040 levels would bring the first major support level at $0.2015 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.1982.

Looking at the Technical Indicators

Major Support Level: $0.2015

Major Resistance Level: $0.2072

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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