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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 23/03/20

It’s a choppy start to the day for the majors. Failure to return to the early highs will likely weigh later in the day.
Bob Mason
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EOS

EOS slid by 6.31% on Sunday. Reversing a 3.54% gain from Saturday, EOS ended the week up 4.08% to $2.1356.

A bullish start to the day saw EOS rise to a mid-morning intraday high $2.3950 before hitting reverse.

Coming up against the first major resistance level at $2.3923, EOS tumbled to a final hour intraday low $2.0984.

The reversal saw EOS fall through the first major support level at $2.1374 to wrap up the day in the deep red.

At the time of writing, EOS was down by 0.25% to $2.1302. A choppy start to the day saw EOS slide to an early morning low $2.0632 before striking a high $2.1647.

EOS left the major support and resistance levels untested early in the day.

For the day ahead

EOS would need to move through to $2.21 levels to bring the first major resistance level at $2.3209 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.1647.

Barring another extended rally, the first major resistance level at $2.3209 would likely limit any upside.

Failure to move through to $2.21 levels could see EOS fall deeper into the red.

A fall back through to sub-$2.10 levels would bring the first major support level at $2.0243 back into play.

Barring another crypto meltdown, however, EOS should steer well clear of $2.00 support levels.

Looking at the Technical Indicators

Major Support Level: $2.0243

Major Resistance Level: $2.3209

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

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Ethereum

Ethereum slid by 7.81% on Sunday. Following on from a 0.42% decline on Saturday, Ethereum ended the week down 0.74% at $122.42.

A relatively bullish start to the day saw Ethereum rise to a mid-morning intraday high $137.38 before hitting reverse.

Falling short of the first major resistance level at $138.34, Ethereum tumbled to a final hour intraday low $120.90.

While falling through the first major support level at $126.54, Ethereum avoided the second major support level at $120.29.

At the time of writing, Ethereum was up by 0.62% to $123.18. A mixed start to the day saw Ethereum fall to an early morning low $119.20 before striking a high $125.35.

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

For the day ahead

Ethereum would need to move through to $127 levels to support a run at the first major resistance level at $132.90.

Support from the broader market would be needed, however, for Ethereum to break back through to $130 levels.

Barring an extended crypto rally, resistance at $130 would likely leave Ethereum short of the first major resistance level.

Failure to move through to $127 levels could see Ethereum struggle later in the day.

A fall back through to sub-$120 levels would bring the first major support level at $116.42 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $110.42.

Looking at the Technical Indicators

Major Support Level: $116.42

Major Resistance Level: $132.90

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slid by 6.47% on Sunday. Reversing a 0.77% gain from Saturday, Ripple’s XRP ended the week down 3.68% at $0.14795.

A relatively bullish start to the day saw Ripple’s XRP rise to a mid-morning intraday high $0.16200 before hitting reverse.

Falling short of the first major resistance level at $0.1634, Ripple’s XRP slid to a final hour intraday low $0.14641.

Falling through the first major support level at $0.1525, Ripple’s XRP found support at the second major support level at $0.1467.

In spite of the support, Ripple’s XRP closed out the day at sub-$0.15 levels for the 1st time since Wednesday.

At the time of writing, Ripple’s XRP was up by 0.94% to $0.14934. A choppy start to the day saw Ripple’s XRP fall to an early morning low $0.14500 before striking a high $0.15016.

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 to $0.1520 levels to support a run at the first major resistance level at $0.1578.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.15016.

Barring an extended crypto rally, the first major resistance level at S0.1578 would likely cap any upside.

Failure to move back through to $0.1520 levels could see Ripple’s XRP hit reverse.

A fall back through the morning low $0.14500 would bring the first major support level at $0.1422 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.14 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.1422

Major Resistance Level: $0.1578

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

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