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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 21/05/20

By:
Bob Mason
Published: May 21, 2020, 05:03 UTC

It's a bearish start to the day. Failure to break back through to key levels will bring support levels into play...

Shiny Ripple crypto-currency background

EOS

EOS fell by 2.19% on Wednesday. Following on from a 0.28% decline on Tuesday, EOS ended the day at $2.5934.

A range-bound start to the day saw EOS rise to an early morning intraday high $2.6766 before easing back to sub-$2.65 levels.

EOS fell short of the first major resistance level at $2.6864 before sliding in the early afternoon to an intraday low $2.5300.

EOS fell through the first major support level at $2.5936 and second major support level at $2.5357 before finding support.

A return to $2.60 levels late in the day was brief, however, with EOS closing out at $2.59 levels. The first major support level at $2.5936 limited the downside at the day end.

At the time of writing, EOS was down by 0.87% to $2.5710. A mixed start to the day saw EOS rise to an early morning high $2.6119 before falling to a low $2.5710.

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

EOS/USD 21/05/20 Daily Chart

For the day ahead

EOS would need to move through to $2.60 levels to bring the first major resistance level at $2.6700 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.6119.

Barring a broad-based crypto rebound, however, resistance at $2.60 would likely leave EOS short of the major first resistance level.

Failure to move back through to $2.60 levels could see EOS fall deeper into the red.

A fall through to sub-$2.55 levels would bring the first major support level at $2.5234 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.4534.

Looking at the Technical Indicators

Major Support Level: $2.5234

Major Resistance Level: $2.6700

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 2.25% on Wednesday. Following on from a 0.07% decline on Tuesday, Ethereum ended the day at $209.96.

It was a choppy day for the majors. Ethereum rose to a mid-morning intraday high $215.50 before hitting reverse.

Falling short of the first major resistance level at $217.29, Ethereum slid to an early afternoon intraday low $205.10.

Ethereum fell through the first major support level at $210.67 and the second major support level at $206.64.

Finding late support, Ethereum broke back through the major support levels to a high $210.82 before easing back.

The late pullback saw Ethereum fall back through the first major support level.

At the time of writing, Ethereum was down by 0.67% to $208.56. A mixed start to the day saw Ethereum rise to an early morning high $211.52 before falling to a low $208.35.

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

ETH/USD 21/05/20 Daily Chart

For the day ahead

Ethereum would need to move back through to $210.20 levels to bring the first major resistance level at $215.27 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $211.52.

Barring a broad-based crypto rebound, the first major resistance level and Wednesday’s high $215.50 would likely limit any upside.

Failure to move back through to $210.20 levels could see Ethereum slide deeper into the red.

A fall back through the morning low to sub-$208 levels would bring the first major support level at $204.87 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of the second major support level at $199.79.

Looking at the Technical Indicators

Major Support Level: $204.87

Major Resistance Level: $215.27

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 1.67% on Wednesday. Following on from a 0.19% decline on Tuesday, Ripple’s XRP ended the day at $0.20139.

A relatively bullish start to the day saw Ripple’s XRP rose to a mid-morning intraday high $0.20625 before hitting reverse.

Falling short of the first major resistance level at $0.2072, Ripple’s XRP slid to a mid-afternoon intraday low $0.19722.

Ripple’s XRP fell through the first major support level at $0.2015 and the second major support level at $0.1982.

Finding late support, Ripple’s XRP broke back through the major support levels to $0.2023 levels before easing back.

The late pullback saw Ripple’s XRP fall back through the first major support level.

At the time of writing, Ripple’s XRP was down by 0.38% to $0.20063. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.20280 before falling to a low $0.20032.

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

XRP/USD 21/05/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move back through to $0.2020 levels to support a run at the first major resistance level at $0.2060.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.20280.

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

Failure to move through to $0.2020 levels could see Ripple’s XRP fall deeper into the red.

A fall back through the morning low $0.20032 would bring the first major support level at $0.1970 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.1926.

Looking at the Technical Indicators

Major Support Level: $0.1970

Major Resistance Level: $0.2060

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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