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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 25/01/20

It’s a bearish start to the day for the majors. Failure to move through to key levels would bring support levels back into play.
Bob Mason
Coins of crypto currency are presented on a dark background. Virtual money concept.

EOS

EOS rose by 1.76% on Friday. Partially reversing a 2.01% slide from Thursday, EOS ended the day at $3.6329.

A bearish start to the day saw EOS slide to a late morning intraday low $3.3555 before making a move.

Steering clear of the first major support level at $3.4971, EOS rallied to a late intraday high $3.7049.

EOS broke through the first major resistance level at $3.6504 before falling back to $6.30 levels.

At the time of writing, EOS was up by 0.04% to $3.6345. A range-bound start to the day saw EOS rise from an early morning low $3.6297 to a high $3.6355.

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

For the day ahead

EOS would need to break back through to $3.70 levels to support a run at the first major resistance level at $3.7734.

Support from the broader market would be needed, however, for EOS to break out from Friday’s high $3.7049.

Barring a broad-based crypto rally, the first major resistance level, and Friday’s high would likely cap any upside.

Failure to move through to $3.70 levels could see EOS struggle throughout the day.

A fall back through to sub-$3.56 levels would bring the first major support level at $3.4240 into play.

Barring another broad-based crypto sell-off, however, EOS should steer clear of sub-$3.40 levels and Friday’s low $3.3555.

Looking at the Technical Indicators

Major Support Level: $3.4240

Major Resistance Level: $3.7734

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 fell by 0.12% on Friday. Following on from a 3.18% slide on Thursday, Ethereum ended the day at $162.3.

A bearish start to the day saw Ethereum slide to a late morning intraday low $154.48 before finding support.

Ethereum fell through the first major support level at $157.96 before rallying to an early evening intraday high $164.21.

Falling short of the first major resistance level at $167.31, Ethereum fell back to close out the day in the red.

At the time of writing, Ethereum was down by 0.76% to $161.07. A bearish start to the day saw Ethereum fall from an early morning high $162.35 to a low $161.15.

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

For the day ahead

Ethereum would need to move through to $163 levels to support a run at the first major resistance level at $166.18

Support from the broader market would be needed, however, for Ethereum to break back through to $165 levels.

Barring a broad-based crypto rebound, Ethereum will likely fall well short of $166 levels on the day.

In the event of a rebound, the first major resistance at $166.18 would likely limit any upside.

Failure to move back through to $163 levels could see Ethereum remain in the red.

A fall through to sub-$160.30 levels would bring the first major support level at $156.45 into play before any recovery.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $150.60.

Looking at the Technical Indicators

Major Support Level: $156.45

Major Resistance Level: $166.18

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 1.53% on Friday. Following a 4.71% slide on Thursday, Ripple’s XRP ended the day at $0.22242.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.22628 before hitting reverse.

Falling short of the first major resistance level at $0.2351, Ripple’s XRP slid to a late morning intraday low $0.21411.

Ripple’s XRP fell through the first major support level at $0.2187 before recovering to $0.225 levels.

Pressure through the latter part of the day, however, led to a pullback to leave Ripple’s XRP deep in the red at the day end.

At the time of writing, Ripple’s XRP was down by 0.58% to $0.22114. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.22278 before falling to a low $0.22069.

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

For the day ahead

Ripple’s XRP will need to move back through to $0.2250 levels to support a run at the first major resistance level at $0.2278.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.22628.

Barring a broad-based crypto rally, the first major resistance level at $0.2278 would likely pin Ripple’s XRP back from $0.23 levels.

Failure to move back through to $0.2250 levels could see Ripple’s XRP struggle throughout the day.

A fall through to sub-$0.2210 levels would bring the first major support level at $0.2156 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer of sub-$0.21 levels.

Looking at the Technical Indicators

Major Support Level: $0.2156

Major Resistance Level: $0.2278

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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