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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 25/03/20

It’s a mixed start to the day for the majors. Failure to break back through early highs will bring support levels into play.
Bob Mason
Bitcoin coin on white keyboard

EOS

EOS rose by 2.24% on Tuesday. Following on from a 7.50% rally on Monday, EOS ended the day at $2.3497.

A choppy start to the day saw EOS rise from an early morning intraday low $2.2821 to a mid-morning intraday high $2.3820 before hitting reverse.

Steering well clear of the major support and resistance levels, EOS fell back to sub-$2.30 levels before making a move.

Finding support late on, EOS bounced back to $2.36 levels before easing back.

At the time of writing, EOS was down by 1.20% to $2.3214. A bearish start to the day saw EOS fall from an early morning high $2.3484 to a low $2.3128.

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

For the day ahead

EOS would need to move through to $2.34 levels to bring the first major resistance level at $2.3938 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.3484.

Barring another extended rally, the first major resistance level at $2.3938 would likely limit any upside.

Failure to move back through to $2.34 levels could see EOS slide deeper into the red.

A fall back through the morning low $2.3128 would bring the first major support level at $2.2939 back into play.

Barring another crypto meltdown, however, EOS should steer clear of the second major support level at $2.2380.

Looking at the Technical Indicators

Major Support Level: $2.2380

Major Resistance Level: $2.3938

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 rose by 1.46% on Tuesday. Following on from a 12.01% rally on Monday, Ethereum ended the day at $139.00.

A mixed start to the day saw Ethereum fall to an early morning intraday low $133.04 before making a move.

Steering clear of the first major support level at $124.80, Ethereum rallied to a late morning intraday high $144.16.

Ethereum broke through the first major resistance level at $143.60 before falling back to sub-$135 levels.

Finding support late on, however, Ethereum broke back through to $140 levels before ending the day at $139.00.

At the time of writing, Ethereum was up by 0.05% to $139.69. A mixed start to the day saw Ethereum fall to an early morning low $137.00 before striking a high $142.00.

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

For the day ahead

Ethereum would need to move through to $140 levels to support a run at the first major resistance level at $144.43.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $142.00.

Barring a broad-based crypto rebound, resistance at $140 would likely leave Ethereum short of the first major resistance level.

Failure to move through to $140 levels could see Ethereum fall back into the red.

A fall back through to sub-$138.70 levels would bring the first major support level at $133.31 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of sub-$130 support levels.

Looking at the Technical Indicators

Major Support Level: $133.31

Major Resistance Level: $144.43

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 2.29% on Tuesday. Following on from a 7.77% rally from Monday, Ripple’s XRP ended the day at $0.16290.

A choppy start to the day saw Ripple’s XRP slide to an early morning intraday low $0.15742 before finding support.

Steering clear of the first major support level at $0.1488, Ripple’s XRP rallied to a late morning intraday high $0.16400.

Falling short of the first major resistance level at $0.1661, Ripple’s XRP slid back to sub-$0.1590 levels.

Finding support late on, however, Ripple’s XRP broke back through to $0.16 levels to deliver the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.60% to $0.16193. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.16075 before striking a high $0.16399.

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 the morning high $0.16399 to support a run at the first major resistance level at $0.1655.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Tuesday’s high $0.16400.

Barring a broad-based crypto rebound, the first major resistance level at S0.1655 would likely cap any upside.

Failure to move back through the morning high $0.16399 could see Ripple’s XRP fall deeper into the red.

A fall back through to sub-$0.1615 levels would bring the first major support level at $0.1589 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.15 levels on the day.

The second major support level at $0.1549 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.1589

Major Resistance Level: $0.1655

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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