EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 22/01/20

EOS

EOS rose by 0.96% on Tuesday. Following on from a 0.02% gain on Monday, EOS ended the day at $3.6537.

A relatively bullish start to the day saw EOS rise to a late morning intraday high $3.6852 before hitting reverse.

Falling short of the first major resistance level at $3.7138, EOS slid to an early evening intraday low $3.5561.

Steering clear of the first major support level at $3.4994, EOS bounced back to $3.6 levels to end the day in the green.

At the time of writing, EOS was up by 0.08% to $3.6565. A mixed start to the day saw EOS rise from an early morning low $3.6489 to a high $3.6693 before easing back.

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

For the day ahead

EOS would need to move through Tuesday’s high $3.6852 to support a run at the first major resistance level at $3.7082.

Support from the broader market would be needed for EOS to break through to $3.70 levels.

Barring a broad-based crypto rally, however, Tuesday’s high $3.6852 and first major resistance level would likely cap any upside.

Failure to move through Tuesday’s high could see EOS hit reverse.

A fall back through to sub-$3.63 levels would bring the first major support level at $3.5781 into play before any recovery.

Barring an extended sell-off, however, EOS should steer clear of sub-$3.50 levels. The second major support level at $3.5026 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $3.5781

Major Resistance Level: $3.7072

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 1.52% on Tuesday. Reversing a 0.04% decline from Monday, Ethereum ended the day at $169.19.

A relatively choppy day saw Ethereum fall from an early afternoon high $168.91 to an early evening intraday low $164.50.

Steering clear of the first major support level at $162.09, Ethereum rallied to a late intraday high $170.0 before easing back.

The first major resistance level at $170.29 capped the upside on the day.

At the time of writing, Ethereum was up by 0.04% to $169.25. A mixed start to the day saw Ethereum rise to an early morning high $169.83 before falling to a low $169.22.

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

For the day ahead

Ethereum would need to move back through to Tuesday’s high $170.00 to support a run at the first major resistance level at $171.29.

Support from the broader market would be needed, however, for Ethereum to break through to $171 levels.

Barring a broad-based crypto rally the resistance at $170 would likely continue to limit any upside.

In the event of a breakout, the second major resistance level at $173.40 would likely come into play.

Failure to move back through to $170 levels could see Ethereum hit reverse.

A fall back through to sub-$167.90 levels would bring the first major support level at $165.79 into play.

Barring an extended crypto sell-off, however, Ethereum should steer of sub-$160 levels for a 6^th consecutive day.

The second major support level at $162.40 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $165.79

Major Resistance Level: $171.29

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rose by 1.47% on Tuesday. Reversing a 1.08% fall from Monday, Ripple’s XRP ended the day at $0.23679.

A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.24166 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2380 before sliding to an early evening intraday low $0.23025.

Steering clear of the first major support level at $0.2258, Ripple’s XRP broke back through the first major resistance level before easing back to sub-$0.2370 levels.

At the time of writing, Ripple’s XRP was up by 0.38% to $0.23370. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.23874 before falling to a low $0.23704.

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

For the day ahead

Ripple’s XRP will need to move through the morning high $0.23874 to support a run at the first major resistance level at $0.2422.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.24 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $0.24166 would likely cap any upside.

Failure to move back through the morning high $0.23874 could see Ripple’s XRP struggle throughout the day.

A fall through to sub-$0.2360 levels would bring the first major support level at $0.2308 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer of sub-$0.22 levels. The second major support level at $0.2248 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.2308

Major Resistance Level: $0.2422

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