EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 23/02/20

EOS

EOS rose by 1.80% on Saturday. Following on from a 1.11% gain on Friday, EOS ended the day at $4.1217.

A mixed start to the day saw EOS fall to a mid-morning intraday low $3.9765 before making a move.

Steering clear of the first major support level at $3.9324, EOS rallied to a mid-day intraday high $4.1679.

Falling short of the first major resistance level at $4.1750, fell back to an afternoon low $4.0392 before finding support.

Another late recovery delivered the upside on the day.

At the time of writing, EOS was up by 4.18% to $4.2941. A bullish start to the day saw EOS rise from an early morning low $4.0925 to a high $4.3119.

EOS broke through the first major resistance level at $4.2009 and the second major resistance level at $4.2801.

For the day ahead

EOS would need to move back through to $4.30 levels to support a run at the third major resistance level at $4.4715.

Support from the broader market would be needed, however, for EOS to break out from the early morning high $4.3119.

Barring an extended crypto rally on the day, however, EOS would likely fall short of $4.40 levels.

Failure to move back through to $4.30 levels could see EOS hit reverse

A fall back through the morning low $4.0925 to sub-$4.090 levels would bring the first major support level at $4.0095 into play.

Barring an extended crypto sell-off, however, EOS should continue to steer well clear of sub-$3.80 levels. The Second major support level at $3.8973 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $4.0095

Major Resistance Level: $4.2009

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.40% on Saturday. Partially reversing a 3.34% rally from Friday, Ethereum ended the day at $262.08.

A bearish start to the day saw Ethereum fall from an intraday high $267.04 to a mid-morning intraday low $256.30.

While steering clear of the major support and resistance levels, Ethereum fell through the 23.6% FIB of $257 before finding support.

At the time of writing, Ethereum was up by 2.36% to $268.26. A bullish start to the day saw Ethereum rise from an early morning low $261,53 to a high $269.30.

Ethereum broke through the first major resistance level at $267.31 early on.

For the day ahead

Ethereum would need to move through to $270 levels to bring the second major resistance level at $272.55 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $269.30.

Barring an extended crypto rally, resistance at $270 would likely cap any upside.

Failure to move through to $270 levels could see Ethereum hit reverse.

A fall through back through to sub-$261.80 levels would bring 23.6% FIB of $257.00 and the first major support level at $256.57 into play.

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

The second major support level at $251.07 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $256.57

Major Resistance Level: $267.31

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 0.36% on Saturday. Following on from a 1.12% gain on Friday, Ripple’s XRP ended the day at $0.27554.

A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.27612 before falling to a mid-morning intraday low $0.26998.

Steering clear of the first major support level at $0.2689, Ripple’s XRP rallied to a late afternoon intraday high $0.27875.

Falling short of the first major resistance level at $0.2793, Ripple’s XRP eased back to $0.273 levels before finding late support.

At the time of writing, Ripple’s XRP was up by 1.96% to $0.28094. A bullish start to the day saw Ripple’s XRP rally from an early morning low $0.27501 to a high $0.28133.

Ripple’s XRP broke through the first major resistance level at $0.2795 early in the day.

For the day ahead

Ripple’s XRP will need to break back through to $0.2810 levels to support a run at the second major resistance level at $0.2835.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.2830 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside on the day

Failure to move back through to $0.2810 levels could see Ripple’s XRP hit reverse.

A fall back through the morning low $0.27501 to sub-$0.2748 levels would bring the first major support level at $0.2708 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.27 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.2708

Major Resistance Level: $0.2795

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