It's back into the red for the majors. Failure to move through key levels by late morning could well lead to heavier losses on the day.
EOS tumbled by 6.10% on Monday. Partially reversing a 7.03% rally from the previous day, EOS ended the day at $4.1278.
A bearish start to the day saw EOS slide from an early morning intraday high $4.4124 to a late afternoon intraday low $3.9108.
EOS fell through the first major support level at $4.1910 and the second major support level at $3.9826.
Finding support late on, EOS moved back through the second major support level to wrap up the day at $4.1278.
At the time of writing, EOS was down by 1.45% to $4.0678. A bearish start to the day saw EOS fall from an early morning high $4.1501 to a low $4.0394.
EOS left the major support and resistance levels untested early on.
EOS would need to move back through to $4.15 levels to support a run at the first major resistance level at $4.3899.
Support from the broader market would be needed, however, for EOS to break out from the early morning high $4.1501.
Barring a broad-based crypto rebound, however, EOS would likely fall short of $4.30 levels on the day.
Failure to move back through to $4.15 levels could see EOS fall deeper into the red.
A fall back through the morning low $4.0394 would bring the first major support level at $3.8883 into play.
Barring an extended crypto sell-off, however, EOS should continue to steer well clear of sub-$3.80 levels.
Major Support Level: $3.8883
Major Resistance Level: $4.3899
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum fell 3.69% on Monday. Partially reversing a 5.17% gain from Sunday, Ethereum ended the day at $265.31.
A bullish start to the day saw Ethereum strike an early morning intraday high $278.13 before hitting reverse.
Falling short of the first major resistance level at $280.89, Ethereum slid to a late afternoon intraday low $256.06.
Ethereum fell through the first major support level at $265.80 and the 23.6% FIB of $257.
Finding support at the second major support level at $256.12, Ethereum moved back through the 23.6% FIB.
The first major support level at $265.80 limited Ethereum’s recovery late in the day, however.
At the time of writing, Ethereum was down by 1.49% to $261.35. A bearish start to the day saw Ethereum fall from an early morning high $266.24 to a low $260.62.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move through to $266.50 levels to bring the first major resistance level at $276.94 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $270 levels.
Barring a broad-based crypto rebound, resistance at $270 would likely cap any upside.
Failure to move through to $266.50 levels could see Ethereum fall deeper into the red.
A fall through back through the morning low $260.62 would bring 23.6% FIB of $257.00 into play.
Barring a broad-based crypto sell-off, however, Ethereum should steer clear of sub-$250 support levels.
The first major support level at $254.87 should limit any downside.
Major Support Level: $254.87
Major Resistance Level: $276.94
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP slid by 4.65% on Monday. Reversing a 3.12% gain from Sunday, Ripple’s XRP ended the day at $0.27078.
Tracking the broader market, Ripple’s XRP slid from an early morning intraday high $0.28578 to a late afternoon intraday low $0.26411.
Ripple’s XRP fell through the first major support level at $0.2776 and the second major support level at $0.2712.
Finding support late in the day, Ripple’s XRP broke back through the second major support level.
At the time of writing, Ripple’s XRP was down by 0.99% to $0.26810. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.27124 to a low $0.26705.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to break back through to $0.2740 levels to support a run at the first major resistance level at $0.2830.
Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.28 levels.
Barring a crypto rebound, resistance at $0.28 would likely leave Ripple’s XRP short of the first major resistance level.
Failure to move back through to $0.2740 levels could see Ripple’s XRP struggle throughout the day.
A fall back through the morning low $0.26705 would bring the first major support level at $0.2613 into play.
Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.26 levels on the day.
Major Support Level: $0.2613
Major Resistance Level: $0.2830
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
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Thanks, Bob
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.