It's back into the red for the majors. Failure to move through to key levels by late morning will bring support levels into play...
EOS slipped by 0.53% on Thursday. Partially reversing an 11.71% surge from Wednesday, EOS ended the day at $2.4651.
Another bearish start to the day saw EOS fall from an early morning high $2.4885 to a late morning intraday low $2.4145.
Steering clear of the first major support level at $2.2509, EOS bounced back to a late intraday high $2.5103.
Falling short of the first major resistance level at $2.6120, EOS fell back to sub-$2.47 levels to end the day in the red.
At the time of writing, EOS was down by 0.99%. A bearish 1st hour saw EOS fall from an early morning high $2.4681 to a low $2.4349.
EOS left the major support and resistance levels untested early on.
EOS would need to move through to $2.46 levels to support a run at the first major resistance level at $2.5121.
Support from the broader market would be needed, however, for EOS to break through $2.50 levels.
Barring a broad-based crypto rally, the first major resistance level would likely pin EOS back on the day.
Failure to move through to $2.46 levels could see EOS hit reverse. A fall through the morning low $2.4349 would bring the first major support level at $2.4163 into play.
Barring a crypto meltdown, however, EOS should steer clear of sub-$2.3 support levels. The second major support level at S2.3675 should limit any downside.
Major Support Level: $2.4163
Major Resistance Level: $2.5121
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum fell by 3.54% on Thursday. Partially reversing a 9.07% rally from Wednesday, Ethereum ended the day at $128.18.
Bearish through the morning, Ethereum fell from an early morning intraday high $134.11 to an early afternoon intraday low $125.68.
Steering well clear of the day’s major support and resistance levels, Ethereum managed to recover to $128 levels to limit the loss on the day.
At the time of writing, Ethereum was down by 0.94% to $126.97. A bearish start to the day saw Ethereum fall from an early morning high $128.64 to a low $126.25.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move through to $129.5 levels to support a run at the first major resistance level at $132.97.
Support from the broader market would be needed for Ethereum to break out from the morning high $128.64.
Barring a broad-based crypto rally, however, Ethereum would likely fall short of Thursday’s high $134.11.
Failure to move through to $129.5 levels would bring the first major support level at $124.54 into play.
Barring another crypto sell-off, however, Ethereum should steer clear of sub-$120 levels. The second major support level at $120.89 would likely limit any downside on the day.
Major Support Level: $124.54
Major Resistance Level: $132.97
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP slid by 4.21% on Thursday. Partially reversing a 9.07% rally from Wednesday, Ripple’s XRP ended the day at $0.18870.
Tracking the broader market, Ripple’s XRP slid from an early morning intraday high $0.19829 to a late morning intraday low $0.18600.
Steering clear of the day’s major support and resistance levels, Ripple’s XRP recovered to $0.19 levels before easing back.
At the time of writing, Ripple’s XRP was down by 1.07% to $0.18669. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.18905 to a low $0.18562.
Ripple’s XRP left the major support and resistance levels untested early on.
A move through to $0.1910 levels would support a run at the first major resistance level at $0.1960.
Support from the broader market would be needed for Ripple’s XRP to break back through to $0.19 levels.
Barring a broad-based crypto rebound, however, Ripple’s XRP would likely come up short of $0.20 levels for a 2nd consecutive day.
Failure to move back through to $0.1910 levels could see Ripple’s XRP fall deeper into the red.
A fall through the morning low $0.18562 would bring the first major support level at $0.1837 into play.
Barring another crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.1787.
Major Support Level: $0.1837
Major Resistance Level: $0.1960
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
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Thanks, Bob
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.