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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 23/05/20

It’s a relatively bullish start to the day for the majors. Steering clear of key levels will be needed, however, to bring resistance levels into play.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

EOS

EOS rallied by 5.24% on Friday. Reversing a 5.18% slide from Thursday, EOS ended the day at $2.5876.

A bearish start to the day saw EOS fall to an early morning intraday low $2.4395 before making a move.

Steering clear of the first major support level at $2.3710, EOS rallied to a late intraday high $2.6335.

EOS broke through the first major resistance level at $2.5770 to hit $2.63 levels before a late pullback.

In spite of the late pullback, however, EOS held above the first major resistance level.

At the time of writing, EOS was up by 0.37% to $2.5972. A bullish start to the day saw EOS rise from an early morning low $2.5934 to a high $2.6190.

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

For the day ahead

EOS would need to move through to $2.60 levels to bring the first major resistance level at $2.6676 into play.

Support from the broader market would be needed, however, for EOS to break out from Friday’s high $2.6335.

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

Failure to move back through to $2.60 levels could see EOS slide into the red.

A fall through to sub-$2.5550 levels would bring the first major support level at $2.4736 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.3595.

Looking at the Technical Indicators

Major Support Level: $2.4736

Major Resistance Level: $2.6676

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 rallied by 4.39% on Friday. Partially reversing a 5.40% slide from Thursday, Ethereum ended the day at $207.32.

A bearish start to the day saw Ethereum fall to an early morning intraday low $196.12 before finding support.

Steering clear of the first major support level at $189.42, Ethereum rallied to a late afternoon intraday high $209.28.

Ethereum came within range of the first major resistance level at $209.67 before easing back late in the day.

At the time of writing, Ethereum was up by 1.01% to $209.42. A bullish start to the day saw Ethereum rise from an early morning low $207.30 to a high $210.00.

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

For the day ahead

Ethereum would need to avoid sub-$204 levels to bring the first major resistance level at $212.36 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $210.66.

Barring an extended crypto rally, resistance at $215 levels would likely limit any upside.

Failure to avoid sub-$204 levels could see Ethereum slide deep into the red.

A fall through to sub-$204 levels would bring the first major support level at $199.20 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $191.08.

Looking at the Technical Indicators

Major Support Level: $199.20

Major Resistance Level: $212.36

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 3.30% on Friday. Reversing most of a 3.51% slide from Thursday, Ripple’s XRP ended the day at $0.20039.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.19208 before making a move.

Steering clear of the first major support level at $0.1880, Ripple’s XRP rallied to a late afternoon intraday high $0.20257.

Ripple’s XRP broke through the first major resistance level at $0.2016 before falling back to sub-$0.20 levels.

In spite of a final hour recovery to $0.20 levels, Ripple’s XRP failed to break back through the first major resistance level.

At the time of writing, Ripple’s XRP was up by 0.56% to $0.20152. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.20035 to a high $0.20195.

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

For the day ahead

Ripple’s XRP will need to avoid sub-$0.20 levels to support a run at the first major resistance level at $0.2046.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.20257.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

Failure to avoid sub-$0.20 levels could see Ripple’s XRP give up Friday’s gains.

A fall through to sub-$0.1990 levels would bring the first major support level at $0.1941 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1879.

Looking at the Technical Indicators

 

Major Support Level: $0.1941

Major Resistance Level: $0.2046

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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