EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 22/02/20

EOS

EOS rose by 1.11% on Friday. Following on from a 0.85% gain on Thursday, EOS ended the day at $4.0447.

A mixed start to the day saw EOS fall to an early morning intraday low $3.9503 before making a move.

Steering clear of the first major support level at $3.8311, EOS rallied to a mid-day intraday high $4.1929.

EOS broke through the first major resistance level at $4.1237 before easing back to sub-$4.00 levels.

A final hour move delivered the upside on the day.

At the time of writing, EOS was up by 0.27% to $4.0556. A mixed start to the day saw EOS rise to an early morning high $4.1063 before falling to a low $4.0100.

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

For the day ahead

EOS would need to move through to $4.0650 levels to support a run at the first major resistance level at $4.1750.

Support from the broader market would be needed, however, for EOS to break out from the early morning high $4.1063.

In the event of an extended crypto rally on the day, EOS could visit $4.3 levels before any pullback.

The second major resistance level at $4.3052 would likely limit any upside, however.

Failure to move through to $4.0650 levels could see EOS hit reverse

A fall back through the morning low $4.0100 would bring the first major support level at $3.9324 into play.

Barring an extended crypto sell-off, however, EOS should steer well clear of sub-$3.80 levels. The Second major support level at $3.8200 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $3.9324

Major Resistance Level: $4.1750

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 3.34% on Friday. Reversing a 0.43% loss from Thursday, Ethereum ended the day at $265.8.

A bearish start to the day saw Ethereum fall to an early morning intraday low $254.10 before making a move.

Ethereum fell through the 23.6% FIB of $257 before rallying to a late afternoon intraday high $268.71.

Moving back through the 23.6% FIB, Ethereum also broke through the first major resistance level at $266.02.

A late pullback saw Ethereum ease back to sub-$260 levels before a final hour bounce to $265 levels.

At the time of writing, Ethereum was down by 0.90% to $263.41. A mixed start to the day saw Ethereum rise to an early morning high $267.04 before falling to a low $261.99.

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

For the day ahead

Ethereum would need to move through Friday’s high $268.71 to bring the first major resistance level at $271.64 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $270 levels.

Barring an extended crypto rally, the first major resistance level at $271.64 would likely cap any upside.

Failure to move through Friday’s high $268.71 could see Ethereum slide deeper into the red.

A fall through back through to sub-$262.90 levels would bring the first major support level at $257.03 and the 23.6% FIB of $257.00 into play.

Barring a broad-based crypto sell-off, however, Ethereum should steer clear of sub-$250 support levels.

Looking at the Technical Indicators

Major Support Level: $257.03

Major Resistance Level: $271.64

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 1.12% on Friday. Partially reversing a 1.25% fall from Thursday, Ripple’s XRP ended the day at $0.27426.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.26865 before finding support.

Steering clear of the first major support level at $0.2610, Ripple’s XRP rallied to a late afternoon intraday high $0.2790.

Falling short of the first major resistance level at $0.2812, Ripple’s XRP eased back to sub-$0.27 levels before finding late support.

Support from the broader market delivered a final hour move back into positive territory for the day.

At the time of writing, Ripple’s XRP was down by 0.20% to $0.27370.  A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.27612 before falling to a low $0.27158.

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

For the day ahead

Ripple’s XRP will need to break back through to $0.2740 levels to support a run at the first major resistance level at $0.2793.

Support from the broader market would be needed, however, for Ripple’s XRP to move through Friday’s high $0.2790.

Barring an extended crypto rally, resistance at $0.28 would likely leave Ripple’s XRP short of the second major resistance level at $0.2843.

Failure to move back through to $0.2740 levels could see Ripple’s XRP fall deeper into the red.

A fall back through the morning low $0.27158 would bring the first major support level at $0.2689 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.26 on the day.

The second major resistance level at $0.2636 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.2689

Major Resistance Level: $0.2793

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