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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 21/12/19

By:
Bob Mason
Published: Dec 21, 2019, 02:45 GMT+00:00

It's back into the red once more for the majors. Avoiding support levels through the morning will be key...

Depositphotos_213402194_s-2019

EOS

EOS rose by 1.13% on Friday. Reversing a 0.53% loss from Thursday, EOS ended the day at $2.4954.

A bearish start to the day saw EOS fall to an early morning intraday low $2.4325 before making a move.

Steering clear of the first major support level at $2.4163, EOS rallied to a mid-afternoon intraday high $2.5580.

EOS broke through the first major resistance level at $2.5121.

Coming up against the second major resistance level at $2.5591, EOS fell back to $2.45 levels before finding support.

Late in the day, resistance at $2.50 limited the upside, however.

At the time of writing, EOS was down by 0.78% to $2.4760. A bearish start to the day saw EOS fall from an early morning high $2.4926 to a low $2.4550.

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

EOS/USD 21/12/19 Daily Chart

For the day ahead

EOS would need to move through the morning high $2.4926 to $2.4960 levels to support a run at the first major resistance level at $2.5581.

Support from the broader market would be needed, however, for EOS to break out from $2.50 levels.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $2.5580 would likely pin EOS back on the day.

Failure to move through to $2.4960 levels could see EOS hit reverse. A fall through the morning low $2.4550 would bring the first major support level at $2.4326 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.30 support levels. The second major support level at $2.3698 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $2.4326

Major Resistance Level: $2.5581

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.15% on Friday. Following a 3.54% slide on Thursday, Ethereum ended the day at $128.37.

A bearish start to the day saw Ethereum slide to an early morning intraday low $125.71 before finding support.

Steering clear of the first major support level at $124.54, Ethereum rallied to a mid-afternoon intraday high $129.32.

Falling short of the first major resistance level at $132.97, Ethereum slid back to $126 levels before recovering to $128 levels.

A late recovery delivered the upside on the day.

At the time of writing, Ethereum was down by 0.76% to $127.39. A bearish start to the day saw Ethereum fall from an early morning high $128.45 to a low $127.16.

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

ETH/USD 21/12/19 Daily Chart

For the day ahead

Ethereum would need to move back through to $128 levels to support a run at the first major resistance level at $129.89.

Support from the broader market would be needed for Ethereum to break out from the morning high $128.45.

Barring a broad-based crypto rally, however, Ethereum would likely fall short of $130 levels for a 2nd consecutive day.

Failure to move back through to $128 could see Ethereum fall deeper into the red. A pullback through the morning low $127.16 to $126 levels would bring the first major support level at $126.28 into play.

Barring another crypto sell-off, however, Ethereum should steer clear of sub-$125 levels.

Looking at the Technical Indicators

Major Support Level: $126.28

Major Resistance Level: $129.89

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rallied by 3.68% on Friday. Partially reversing a 4.21% slide from Thursday, Ripple’s XRP ended the day at $0.19599.

Tracking the broader market, Ripple’s XRP slid to an early morning intraday low $0.18448 before finding support.

Steering clear of the first major support level at $0.1837, Ripple’s XRP rallied to a late intraday high $0.19913.

Ripple’s XRP broke through the first major resistance level at $0.1960 to come up against resistance at $0.20 to limit the upside on the day.

At the time of writing, Ripple’s XRP was down by 1.22% to $0.19360. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19699 to a low $0.19290.

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

XRP/USD 21/12/19 Daily Chart

For the day ahead

Ripple’s XRP will need to hold onto $0.1930 levels support a run at the first major resistance level at $0.2019.

Support from the broader market would be needed for Ripple’s XRP to break out from Friday’s high $0.19913.

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

Failure to hold onto $0.1930 levels could see Ripple’s XRP fall deeper into the red.

A fall through the morning low $0.19290 would bring the first major support level at $0.1873 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.18 levels and the second major support level at $0.1786.

Looking at the Technical Indicators

Major Support Level: $0.1873

Major Resistance Level: $0.2019

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 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.

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