Advertisement
Advertisement

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 21/01/20

By:
Bob Mason
Published: Jan 21, 2020, 01:17 UTC

It's a mixed start to the day. A breakout from Monday's highs would bring the resistance levels into play later today.

Bitcoin coin on white keyboard

EOS

EOS rose by 0.02% on Monday. Following a 4.82% slide from Sunday, EOS ended the day at $3.6135.

A bearish start to the day saw EOS fall to an early afternoon intraday low $3.4857 before making a move.

Steering clear of the first major support level at $3.4249, EOS rose to a late afternoon intraday high $3.7001.

EOS came up short of the first major resistance level at $3.8648 before easing back to sub-$3.7 levels.

At the time of writing, EOS was up by 0.11% to $3.6175. A mixed start to the day saw EOS fall to an early morning low $3.5980 before rising to a high $3.6215.

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

EOS/uSD 21/01/20 Daily Chart

For the day ahead

EOS would need to hold on to $3.60 levels to support a run at the first major resistance level at $3.7138.

Support from the broader market would be needed for EOS to breakout from Monday’s high $3.7001.

Barring a broad-based crypto rally, however, Monday’s high $3.7001 and first major resistance level would likely cap any upside.

Failure to hold onto $3.60 levels could see EOS hit reverse

A fall back through to sub-$3.60 levels would bring the first major support level at $3.4994 into play before any recovery.

Barring an extended sell-off, however, EOS should steer clear of sub-$3.40 levels and the second major support level at $3.3854.

Looking at the Technical Indicators

Major Support Level: $3.4994

Major Resistance Level: $3.7138

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 0.04% on Monday. Following a 4.19% slide on Sunday, Ethereum ended the day at $166.68.

A bearish start to the day saw Ethereum fall from an early morning high $167.36 to an early afternoon intraday low $161.10.

Steering clear of the first major support level at $159.64, Ethereum bounced back to a late intraday high $169.30.

Falling short of the first major resistance level at $175.94, Ethereum eased back to $166 levels and into the red.

At the time of writing, Ethereum was down by 0.36% to $166.08. A bearish start to the day saw Ethereum fall from an early morning high $167.01 to a low $165.34.

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

ETH/USD 21/01/20 Daily Chart

For the day ahead

Ethereum would need to move back through to $167 levels to support a run at the first major resistance level at $170.29.

Support from the broader market would be needed, however, for Ethereum to breakout from Monday’s high $169.3.

Barring a broad-based crypto rally the first major resistance level and Monday’s high $169.3 would likely cap any upside.

Failure to move back through to $167 levels could see Ethereum fall deeper into the red.

A fall back through to sub-$165.70 levels would bring the first major support level at $162.09 into play.

Barring an extended crypto sell-off, however, Ethereum should steer of sub-$160 levels for a 5th consecutive day.

Looking at the Technical Indicators

Major Support Level: $162.09

Major Resistance Level: $170.29

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 1.08% on Monday. Following on from a 2.98% slide on Sunday, Ripple’s XRP ended the day at $0.23281.

Tracking the broader market, Ripple’s XRP fell from an early morning intraday high $0.23620 to an early afternoon intraday low $0.22404.

Falling short of the major resistance levels, Ripple’s XRP came within range of the first major support level at $0.2237.

Finding support late in the day, Ripple’s XRP recovered to a 2nd half of a day high $0.23577 before falling back into the red.

At the time of writing, Ripple’s XRP was down by 0.22% to $0.23230.  A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.23335 to a low $0.23111.

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

XRP/USD 21/01/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move through the morning high $0.23335 to support a run at the first major resistance level at $0.2380.

Support from the broader market would be needed, however, for Ripple’s XRP to breakout from Monday’s high $0.23620.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $0.23620 would likely cap any upside.

Failure to move back through the morning high $0.23335 could see Ripple’s XRP struggle throughout the day.

A fall through to sub-$0.2310 levels would bring the first major support level at $0.2258 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer of sub-$0.22 levels and the second major support level at $0.2189.

Looking at the Technical Indicators

Major Support Level: $0.2258

Major Resistance Level: $0.2380

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.

Did you find this article useful?

Advertisement