FXEMPIRE
All

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

It’s a mixed start to the day. Ripple’s XRP sees red after hitting resistance. A broader pullback could be on the cards…
Bob Mason
crypto currency mining concept

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 2nd 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

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US