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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 21/04/20

By:
Bob Mason
Published: Apr 21, 2020, 03:58 UTC

It's another bullish start to the day. Failure to move through early highs could deliver a 2nd sell-off, however...

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EOS

EOS slid by 3.49% on Monday. Partially reversing a 4.72% slide from Sunday, EOS ended the day at $2.5108.

A choppy start to the day saw EOS rise to an early morning high $2.6706 before sliding to a noon low $2.5578.

Steering clear of the first major support level at $2.5136, EOS rallied to an early afternoon intraday high $2.7099.

Falling short of the first major resistance level at $2.7182, EOS tumbled to a late intraday low $2.4403.

EOS fell through the first major support level at $2.5137 before finding late support to wrap up the day at $5.10 levels.

At the time of writing, EOS was up by 0.51% to $2.5235. It was a mixed start to the day. EOS rose from an early morning low $2.5020 to a high $2.5418 before easing back.

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

EOS/USD 21/04/20 Daily Chart

For the day ahead

EOS would need to move back through to $2.55 levels to support a run at the first major resistance level at $2.6408.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.5418.

Barring an extended crypto rally, the first major resistance level and Monday’s high $2.6706 should limit any upside.

Failure to move back through to $2.55 levels could see EOS give up the early gains.

A fall back through the morning low $2.5020 would bring the first major support level at $2.4105 into play before any recovery.

Barring a crypto sell-off, however, EOS should steer clear of sub-$2.40 levels on the day.

Looking at the Technical Indicators

Major Support Level: $2.4105

Major Resistance Level: $2.6408

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 5.42% on Monday. Following on from a 3.97% fall on Sunday, Ethereum ended the day at $170.50.

A bullish start to the day saw Ethereum rise to an early morning intraday high $186.67 before hitting reverse.

Falling short of the first major resistance level at $188.03, Ethereum slid to a late intraday low $166.40.

Ethereum fell through the first major support level at $174.64 and the second major support level at $168.89.

Finding late support, Ethereum broke back through the second major support level to return to $170 levels.

At the time of writing, Ethereum was up by 1.06% to $172.30. A bullish start to the day saw Ethereum rise from an early morning low $169.85 to a high $173.84.

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

ETH/USD 21/04/20 Daily Chart

For the day ahead

Ethereum would need to move through to $174.50 levels to support a run at the first major resistance level at $182.65.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $173.84.

Barring an extended crypto rally, resistance at $180 would likely leave Ethereum short of the first major resistance level.

Failure to move through to $174.50 levels could see Ethereum hit reverse.

A fall through the morning low $169.85 would bring the first major support level at $162.38 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$165 levels on the day.

Looking at the Technical Indicators

Major Support Level: $162.38

Major Resistance Level: $182.65

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 3.95% on Monday. Following on from a 3.46% fall on Sunday, Ripple’s XRP ended the day at $0.18174.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.19503 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.1946 before sliding to a late intraday low $0.17847.

The sell-off saw Ripple’s XRP slide through the first major support level at $0.1858 and the second major support level at $0.1824.

Finding late support, Ripple’s XRP moved back through to $0.18 levels. The second major support level pinned Ripple’s XRP back late on.

At the time of writing, Ripple’s XRP was 0.76% to $0.18313. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.18151 to a high $0.18534.

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

XRP/USD 21/04/20 Daily Chart

For the day ahead

Ripple’s XRP will need to break back through to $0.01850 levels to support another run at the first major resistance level at $0.1917.

Support from the broader market would be needed, however, for Ripple’s XRP to breakout from the morning high $0.18534.

Barring an extended crypto rally, the first major resistance level at $0.1917 would likely limit any upside.

Failure to move back through to $0.1850 levels could see Ripple’s XRP hit reverse.

A fall through the morning low $0.18151 would bring the first major support level at $0.1751 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1685.

Looking at the Technical Indicators

Major Support Level: $0.1751

Major Resistance Level: $0.1917

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.

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