EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 23/12/19

EOS

EOS rose by 3.92% on Sunday. Reversing a 1.60% decline from Saturday, EOS ended the week down by 0.99% to $2.5481.

A bearish start to the day saw EOS fall to an early morning intraday low $2.4499 before making a move.

Steering clear of the first major support level at $2.4288, EOS rallied to a late intraday high $2.5634.

EOS broke through the first major resistance level at $2.4847 and the second major resistance level at $2.5166.

In spite of a late pullback, EOS held above the second major resistance level through to the end of the day.

At the time of writing, EOS was up by 0.99% to $2.5734. A bullish start to the day saw EOS rally from an early morning low $2.5472 to a high $2.5961 before easing back.

Steering clear of the major support levels, EOS broke through the first major resistance level at $2.5910 early on.

For the day ahead

EOS would need to hold on to $2.57 levels to support another run at the first major resistance level at $2.5910.

Support from the broader market would be needed, however, for EOS to break out from $2.58 levels for the 2^nd time.

Barring an extended broad-based crypto rally, the first major resistance level would likely pin EOS back from $2.60 levels.

Failure to hold onto $2.57 levels could see EOS hit reverse. A fall through the morning low $2.5471 would bring $2.52 levels into play before any recovery.

Barring a crypto meltdown, however, EOS should steer clear of the first major support level at $2.4775.

Looking at the Technical Indicators

Major Support Level: $2.4775

Major Resistance Level: $2.5910

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 4.12% on Sunday. Reversing a 0.99% decline from Saturday, Ethereum ended the week down 7.01% at $132.4.

Bullish from the start of the day, Ethereum rallied from an early morning intraday low $126.89 to a late intraday high $133.22.

Steering clear of the first major support level at $126.33, Ethereum broke through the major resistance levels.

In spite of a late pullback, Ethereum avoided a fall back through the third major resistance level at $131.03.

At the time of writing, Ethereum was up by 1.37% to $134.22. A bullish start to the day saw Ethereum rise from an early morning low $132.22 to a high $135.24.

Steering clear of the major support levels, Ethereum broke through the first major resistance level at $134.78.

For the day ahead

Ethereum would need to steer clear of sub-$133 levels to support another run at the first major resistance level at $134.78.

Support from the broader market would be needed for Ethereum to break back through to $135 levels.

Barring a broad-based crypto rally, however, Ethereum resistance at $135 would likely pin Ethereum back on the day.

In the event of a breakout, the second major resistance level at $137.17 would likely come into play.

Failure to steer clear of sub-$133 levels could see Ethereum take a hit. A pullback through to sub-$130.80 levels would bring the first major support level at $128.45 into play.

Barring a crypto sell-off, however, Ethereum should steer clear of sub-$130 levels on the day.

Looking at the Technical Indicators

Major Support Level: $128.45

Major Resistance Level: $134.78

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 2.54% on Sunday. Reversing a 1.90% fall from Saturday, Ripple’s XRP ended the week down 9.67% to $0.19723.

A bullish start to the day saw Ripple’s XRP rise from an early morning intraday low $0.1950 to a mid-morning high $0.19640.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.19590.

A pullback to sub-$0.1930 levels was brief, with support from the broader market driving Ripple’s XRP to a late intraday high $0.19742.

Ripple’s XRP broke back through and held above the first major resistance level until the end of the day.

At the time of writing, Ripple’s XRP was down by 0.09% to $0.19706. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.19944 before falling to a low $0.19689.

Ripple’s XRP broke through the first major resistance level at $0.1993 whilst steering clear of the major support levels.

For the day ahead

Ripple’s XRP will need to move back through to $0.1980 levels to support another run at the first major resistance level at $0.1993.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.1980 levels.

Barring a broad-based crypto rebound, Saturday’s high $0.19748 and the first major resistance level would likely limit any upside.

Failure to move through to $0.1980 levels could see Ripple’s XRP slide deeper into the red.

A fall through to sub-$0.1955 levels would bring the first major support level at $0.1933 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1894.

Looking at the Technical Indicators

Major Support Level: $0.1933

Major Resistance Level: $0.1993

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