EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 23/01/20

EOS

EOS fell by 0.13% on Wednesday. Partially reversing a 0.96% gain from Tuesday, EOS ended the day at $3.6443.

A mixed start to the day saw EOS fall to an early morning intraday low $3.5824 before making a move.

Steering clear of the first major support level at $3.5781, EOS struck a mid-morning intraday high $3.7442 before hitting reverse.

EOS broke through the first major resistance level at $3.7072 before falling back to $3.60 levels and into the red.

At the time of writing, EOS was down by 0.93% to $3.6104. Bearish early on, EOS fell from an early morning high $3.6481 to a low $3.6022 before finding support.

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

For the day ahead

EOS would need to move through to $3.6570 levels to support a run at the first major resistance level at $3.7315.

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

Barring a broad-based crypto rally, however, EOS would likely fall short of Wednesday’s high $3.7442 and first major resistance level.

Failure to move through to $3.6570 levels could see EOS fall deeper into the red.

A fall back through the morning low $3.6022 would bring the first major support level at $3.5697 into play before any recovery.

Barring an extended sell-off, however, EOS should steer clear of sub-$3.50 levels and the second major support level at $3.4952.

Looking at the Technical Indicators

Major Support Level: $3.5697

Major Resistance Level: $3.7315

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 0.95% on Wednesday. Partially reversing a 1.52% rise from Tuesday, Ethereum ended the day at $167.68.

Another relatively choppy start to the day saw Ethereum rise to a mid-morning intraday high $171.05 before hitting reverse.

Ethereum came within range of the first major resistance level at $171.29 before sliding to an early afternoon intraday low $165.65.

Finding support at the first major support level at $165.79, Ethereum recovered to $168 levels before easing back.

At the time of writing, Ethereum was down by 1.11% to $165.82. A bearish start to the day saw Ethereum fall from an early morning high $167.79 to a low $165.73.

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

For the day ahead

Ethereum would need to move through to $168 levels to support a run at the first major resistance level at $170.60.

Support from the broader market would be needed, however, for Ethereum to break back through to $170 levels.

Barring a broad-based crypto rally, the first major resistance at $170.6 would likely limit any upside.

In the event of a breakout, the second major resistance level at $173.53 would likely come into play

Failure to move back through to $168 levels could see Ethereum fall further into the red.

A fall through the first major support level at $165.20 would bring the second major support level at $162.73 into play.

Barring an extended crypto sell-off, however, Ethereum should continue to steer of sub-$160 levels.

Looking at the Technical Indicators

Major Support Level: $165.20

Major Resistance Level: $170.60

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 0.12% on Wednesday. Partially reversing a 1.47% gain from Tuesday, Ripple’s XRP ended the day at $0.23701.

Tracking the broader market, Ripple’s XRP rose to a mid-morning intraday high $0.23990 before hitting reverse.

Falling short of the first major resistance level at $0.2422, Ripple’s XRP slid to a late morning intraday low $0.23205.

Steering clear of the first major support level at $0.23080, Ripple’s XRP returned to $0.2370 levels to limit the downside.

At the time of writing, Ripple’s XRP was down by 2.11% to $0.23200. A bearish start to the day saw Ripple’s XRP slide from an early morning high $0.23725 to a low $0.23185.

Coming up short of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.2327.

For the day ahead

Ripple’s XRP will need to move through the first major support level to $0.2360 levels to support a run at the first major resistance level at $0.2406.

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 Wednesday’s high $0.2399 would likely cap any upside.

Failure to move back through to $0.2360 levels could see Ripple’s XRP struggle throughout the day.

A fall back through the morning low $0.23185 would bring the second major support level at $0.2285 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer of sub-$0.21 levels. The third major support level at $0.2206 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.2327

Major Resistance Level: $0.2406

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