Advertisement
Advertisement

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 21/03/20

By:
Bob Mason
Published: Mar 21, 2020, 07:52 UTC

It's back into the red for the crypto majors. Failure to move back through early highs will bring support levels into play.

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

EOS

EOS slid by 7.51% on Friday. Partially reversing a 13.71% rally from Thursday, EOS ended the day at $2.2047.

A bullish start to the day saw EOS rally to a late morning intraday high $2.5258 before hitting reverse.

EOS broke through the first major resistance level at $2.4650 before tumbling to a late intraday low $1.8900.

The reversal saw EOS fall through the first major support level at $2.0397 before finding late support.

At the time of writing, EOS was down by 0.75% to $2.1882. A mixed start to the day saw EOS rise to an early morning high $2.2904 before falling to a low $2.1626.

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

EOS/USD 21/03/20 Daily Chart

For the day ahead

EOS would need to move through to $2.2070 levels to bring the first major resistance level at $2.5237 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.2904.

Barring another extended rally, resistance at $2.40 levels would likely leave EOS short the first major resistance level at $2.5237.

Failure to move through to $2.2070 levels could see EOS fall deeper into the red.

A fall back through to sub-$2.20 levels would bring the first major support level at $1.8879 into play.

Barring another crypto meltdown, however, EOS should steer well clear of $1.8 support levels.

Looking at the Technical Indicators

Major Support Level: $1.8879

Major Resistance Level: $2.5237

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 2.47% on Friday. Partially reversing a 15.25% rally from Thursday, Ethereum ended the day at $133.27

A bullish start to the day saw Ethereum rally to a late morning intraday high $154.00 before hitting reverse.

Ethereum broke through the first major resistance level at $148.84 before sliding to a late intraday low $115.51.

Ethereum fell through the first major support level at $120.12 before rebounding to $133 levels.

At the time of writing, Ethereum was down by 1.88% to $130.76. A mixed start to the day saw Ethereum rise to an early morning high $137.62 before falling to a low $127.81.

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

ETH/USD 21/03/20 Daily Chart

For the day ahead

Ethereum would need to move through to $134 levels to support a run at the first major resistance level at $153.01.

Support from the broader market would be needed, however, for Ethereum to break back through to $150 levels.

Barring a broad-based rebound, resistance at $140 would likely leave Ethereum short of the first major resistance level.

Failure to move through to $134 levels could see Ethereum struggle throughout the day.

A fall back through to sub-$125 levels would bring the first major support level at $114.52 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of sub-$100 support levels.

Looking at the Technical Indicators

Major Support Level: $114.52

Major Resistance Level: $153.01

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 4.89% on Friday. Partially reversing an 11.40% rally from Thursday, Ripple’s XRP ended the day at $0.15685.

A bullish start to the day saw Ripple’s XRP rally to a late morning intraday high $0.1753 before succumbing market forces.

Falling short of the first major support level at $0.1773, Ripple’s XRP slid to a late morning intraday low $0.14466.

Finding support at the first major support level at $0.14488, Ripple’s XRP recovered to $0.15 levels to limit the loss on the day.

At the time of writing, Ripple’s XRP was down by 0.84% to $0.15553. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.16172 before falling to a low $0.15397.

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

XRP/USD 21/03/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move back through to $0.1590 levels to support a run at the first major resistance level at $0.1732.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.16172.

Barring a broad-based crypto rebound, resistance at $0.16 would likely leave Ripple’s XRP short of the first major resistance level at S0.1732.

Failure to move back through to $0.1590 levels could see Ripple’s XRP fall deeper into the red.

A fall back through to sub-$0.1540 levels would bring the first major support level at $0.1426 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.14 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.1426

Major Resistance Level: $0.1732

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