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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 26/01/20

It’s a choppy start to the day. Failure to move back through to early highs could see the majors come back under pressure later in the morning.
Bob Mason
Crypto00 567

EOS

EOS slid by 3.68% on Saturday. Reversing a 1.76% rise from Friday, EOS ended the day at $3.4963.

A bearish start to the day saw EOS slide from an intraday high $3.6355 to an early morning low $3.4969.

Steering clear of the major support and resistance levels, EOS recovered to $3.62 levels by late morning before hitting reverse.

Falling short of the first major resistance level at $3.7734, EOS slid to a late intraday low $3.4903.

While steering clear of the first major support level at $3.4240, the reversal saw EOS slide deep into the red.

At the time of writing, EOS was up by 1.48% to $3.5480. A choppy start to the day saw EOS fall to an early morning low $3.4330 before striking a high $3.5627.

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

For the day ahead

EOS would need to break back through to $3.56 levels to support a run at the first major resistance level at $3.5911.

Support from the broader market would be needed, however, for EOS to breakout from the morning high $3.5627.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $3.6355 would likely cap any upside.

Failure to move through to $3.56 levels could see EOS hit reverse.

A fall back through to sub-$3.54 levels would bring the first major support level at $3.4459 into play.

Barring another broad-based crypto sell-off, however, EOS should steer clear of sub-$3.40 levels and the second major support level at $3.3955.

Looking at the Technical Indicators

Major Support Level: $3.4459

Major Resistance Level: $3.5911

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.35% on Saturday. Following on from a 0.12% decline on Friday, Ethereum ended the day at $160.12.

A bearish start to the day saw Ethereum slide to an early morning intraday low $157.40 before finding support.

Steering clear of the first major support level at $156.56 Ethereum rallied to a late intraday high $162.41.

Falling short of the first major resistance level at $166.18, Ethereum fell back to close out the day in the red.

At the time of writing, Ethereum was up by 0.04% to $160.18. A choppy start to the day saw Ethereum fall to an early morning low $159.09 before striking a high $161.26.

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

For the day ahead

Ethereum would need to move through to $161 levels to support a run at the first major resistance level at $162.51

Support from the broader market would be needed, however, for Ethereum to break out from Saturday’s high $162.35.

Barring a broad-based crypto rally, the first major resistance level at $162.51 and Saturday’s high should cap any upside.

In the event of a rally, the second major resistance at $164.91 would likely pin Ethereum back from $165 levels.

Failure to move back through to $161 levels could see Ethereum return to the red.

A fall through to sub-$160 levels would bring the first major support level at $157.56 into play before any recovery.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $154.01.

Looking at the Technical Indicators

Major Support Level: $157.56

Major Resistance Level: $162.51

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 1.25% on Saturday. Following on from a 1.53% pullback on Friday, Ripple’s XRP ended the day at $0.21965.

A bearish start to the day saw Ripple’s XRP fall from an intraday high $0.22278 to an early morning intraday low $0.21661.

Steering clear of the major resistance levels, Ripple’s XRP came within range of the first major support level at $0.2156.

After a mid-morning return to $0.222 levels, Ripple’s XRP fell back to $0.217 levels by late morning before finding support.

Ripple’s XRP recovered to $0.222 levels late in the day before sliding back to sub-$0.22 levels and into the red.

At the time of writing, Ripple’s XRP was up by 0.43% to $0.22060. A mixed start to the day saw Ripple’s XRP fall to a low $0.21781 before rising to an early morning high $0.22298.

Avoiding the first major support level at $0.2167, Ripple’s XRP broke through the first major resistance level at $0.22250.

For the day ahead

Ripple’s XRP will need to move back through to $0.2220 levels to support a breakout from the first major resistance level at $0.22250.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through the first major resistance level.

Barring a broad-based crypto rally, the first major resistance level at $0.22250 would likely continue to pin Ripple’s XRP back.

Failure to move back through to $0.2220 levels could see Ripple’s XRP struggle later in the day.

A fall through to sub-$0.22 levels would bring the first major support level at $0.2167 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer of sub-$0.21 levels. The second major support level at $0.2138 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.2167

Major Resistance Level: $0.2225

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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