EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 24/05/20

EOS

EOS fell by 1.04% on Saturday. Partially reversing a 5.24% rally from Friday, EOS ended the day at $2.5665.

A bullish start to the day saw EOS rise to an early morning intraday high $2.6204 before hitting reverse.

Falling short of the first major resistance level at $2.6676, EOS slid to a late afternoon intraday low $2.5457.

Steering clear of the first major support level at $2.4736, EOS briefly recovered to $2.58 levels before easing back.

At the time of writing, EOS was up by 0.60% to $2.5820. A mixed start to the day saw EOS fall to an early morning low $2.5587 before striking a high $2.5869.

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 $2.6094 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.5789.

Barring a broad-based 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-$2.5770 levels would bring the first major support level at $2.5347 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.5028.

Looking at the Technical Indicators

Major Support Level: $2.5347

Major Resistance Level: $2.6094

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 0.31% on Saturday. Partially reversing a 4.39% rally from Friday, Ethereum ended the day at $206.66.

A bullish start to the day saw Ethereum rise to an early morning intraday high $211.30 before hitting reverse.

Falling short of the first major resistance level at $212.36, Ethereum fell to a midday intraday low $204.56.

Steering clear of the first major support level at $199.20, Ethereum recovered to $208 levels before a final hour pullback.

At the time of writing, Ethereum was up by 0.56% to $207.82. A mixed start to the day saw Ethereum fall to an early morning low $205.01 before striking a high $207.83.

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

For the day ahead

Ethereum would need to avoid sub-$207.50 levels to bring the first major resistance level at $210.45 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $207.83.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $211.30 would likely limit any upside.

Failure to avoid sub-$207.50 levels could see Ethereum slide into the red.

A fall through to sub-$207.50 levels would bring the first major support level at $203.71 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of sub-$200 levels.

The second major support level at $200.77 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $203.71

Major Resistance Level: $210.45

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 0.90% on Saturday. Partially reversing a 3.30% rally on Friday, Ripple’s XRP ended the day at $0.19862.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.20220 before taking a hit.

Falling short of the first major resistance level at $0.2046, Ripple’s XRP fell to a midday low $0.19805.

Steering clear of the major support levels, Ripple’s XRP recovered to $0.20 levels before a late pullback.

The pullback saw Ripple’s XRP fall to a final hour intraday low $0.019798. In spite of the reversal, Ripple’s steered clear of the first major support level at $0.1941.

At the time of writing, Ripple’s XRP was up by 0.52% to $0.19965. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.19834 before striking a high $0.19999.

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 $0.20 levels to support a run at the first major resistance level at $0.2012.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.19999.

Barring a broad-based crypto rebound, the first major resistance level would likely limit any upside.

Failure to move through to $0.20 levels could see Ripple’s XRP hit reverse.

A fall through to sub-$0.1990 levels would bring the first major support level at $0.1970 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1954.

Looking at the Technical Indicators

Major Support Level: $0.1970

Major Resistance Level: $0.2012

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