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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 24/04/20
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It's a bullish start to the day for the majors. A move back through early highs would be needed, however, to avoid a pullback.
EOS
EOS rose by 2.04% on Thursday. Following on from a 4.09% rally on Wednesday, EOS ended the day at $2.6806.
A bearish start to the day saw EOS fall to a mid-morning intraday low $2.5860 before making a move.
Steering clear of the first major support level at $2.5375, EOS rallied to an early afternoon intraday high $2.7764.
EOS broke through the first major resistance level at $2.6884 and second major resistance level at $2.7500.
Late in the day, EOS fell back through the resistance levels to wrap up the day at $2.68 levels.
At the time of writing, EOS was up by 0.92% to $2.7053. A bullish start to the day saw EOS rise from an early morning low $2.6820 to a high $2.7115.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to avoid sub-$2.70 levels to support a run at the first major resistance level at $2.7760.
Support from the broader market would be needed, however, for EOS to break out from the morning high $2.7115.
Barring another extended crypto rally, the first major resistance level would likely limit any upside.
Failure to avoid sub-$2.70 levels could see EOS struggle later in the day.
A fall through to sub-$2.68 levels would bring the first major support level at $2.5856 into play before any recovery.
Barring a crypto sell-off, however, EOS should steer well clear of the second major support level at $2.4906.
Looking at the Technical Indicators
Major Support Level: $2.5856
Major Resistance Level: $2.7760
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum rose by 1.40% on Thursday. Following on from a 7.05% rally on Wednesday, Ethereum ended the day at $185.66.
Tracking the broader market, Ethereum fell to a mid-morning intraday low $178.44 before finding support.
Steering clear of the first major support level at $173.95, Ethereum rallied to an early afternoon intraday high $194.86.
Ethereum broke through the first major resistance level at $188.34 and the second major resistance level at $193.57.
It was a bearish end to the day, however. Ethereum slid back through the major resistance levels to wrap up the day at $185 levels.
At the time of writing, Ethereum was up by 1.14% to $187.77. A bullish start to the day saw Ethereum rise from an early morning low $185.31 to a high $188.32.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid sub-$187 levels to support a run at the first major resistance level at $194.20.
Support from the broader market would be needed, however, for Ethereum to break back through to $190 levels.
Barring an extended crypto rally, resistance at $190 would likely leave Ethereum short of the first major resistance level.
Failure to avoid sub-$187 levels could see Ethereum hit reverse.
A fall through to sub-$186.30 levels would bring the first major support level at $177.78 into play before any recovery.
Barring a crypto meltdown, however, Ethereum should steer well clear of the second major support level at $169.90.
Looking at the Technical Indicators
Major Support Level: $177.78
Major Resistance Level: $194.20
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 2.33% on Thursday. Following on from a 2.74% gain on Wednesday, Ripple’s XRP ended the day at $0.19307.
A bearish start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.1861 before making a move.
Steering clear of the first major support level at $0.1838, Ripple’s XRP rallied to an early afternoon intraday high $0.20000.
Breaking through the first major resistance level at $0.1916 and second major resistance level at $0.1947.
It was bearish through the remainder of the day, however. Ripple’s XRP fell back through the second major resistance level to wrap up the day at sub-$0.1940 levels.
At the time of writing, Ripple’s XRP was up by 1.34% to $0.19565. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.19270 to a high $0.19700.
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-$0.1930 levels to support another run at the first major resistance level at $0.2000.
Support from the broader market would be needed, however, for Ripple’s XRP to breakout from the morning high $0.1970.
Barring an extended crypto rally, the first major resistance level at $0.2000 would likely limit any upside.
Failure to avoid sub-$0.1930 levels could see Ripple’s XRP hit reverse.
A fall through to sub-$0.1900 levels would bring the first major support level at $0.1861 into play.
Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.19 levels.
Looking at the Technical Indicators
Major Support Level: $0.1861
Major Resistance Level: $0.2000
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
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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