FXEMPIRE
All

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

It’s back into the red once more for the majors. Avoiding support levels through the morning will be key…
Bob Mason
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.

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.

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.

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

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US