EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 27/02/20

EOS

EOS tumbled by 13.10% on Wednesday. Following on from a 1.25% fall on Tuesday, EOS ended the day at $3.5377.

A mixed start to the day saw EOS rise to an early morning intraday high $4.1114 before sliding to an early morning intraday low $3.7700.

Steering clear of the major resistance levels, EOS fell through the first major support level at $3.9051.

Finding support through the late morning, EOS broke back through the first major support level to $3.98 levels before hitting reverse.

EOS fell through the major support levels to a late afternoon intraday low $3.3285.

Finding support late on, EOS broke back through the third major support level at $3.3775 to wrap up the day at $3.5 levels.

At the time of writing, EOS was up by 0.57% to $3.5579. A mixed start to the day saw EOS fall to an early morning low $3.3900 before striking a high $3.5900.

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

For the day ahead

EOS would need to move back through to $3.66 levels to support a run at the first major resistance level at $3.9899.

Support from the broader market would be needed, however, for EOS to break back through the morning high $3.5900.

Barring a broad-based crypto rally, however, the first major resistance level would likely leave EOS short of $4.00 levels.

Failure to move back through to $3.66 levels could see EOS fall back into the red.

A fall back through the morning low $3.3900 would bring the first major support level at $3.2070 into play.

Barring an extended crypto sell-off, however, EOS should continue to steer well clear of sub-$3.30 levels.

Looking at the Technical Indicators

Major Support Level: $3.2070

Major Resistance Level: $3.9899

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum tumbled by 9.25% on Wednesday. Following on from a 7.17% slide on Tuesday, Ethereum ended the day at $223.5.

A mixed start to the day saw Ethereum rise to an early morning intraday high $250.84 before hitting reverse.

Falling short of the first major resistance level at $260.35, Ethereum slid to a late afternoon intraday low $215.33.

Ethereum fell through the first major support level at $238.55 and the second major support level at $230.59. Of greater significance, however, was a fall through the 23.6% FIB of $257.00.

Through the latter part of the day, Ethereum recovered to $230 levels before falling back through the second major support level.

At the time of writing, Ethereum was down by 2.75% to $217.36. A bearish start to the day saw Ethereum fall from an early morning high $223.85 to a low $209.26.

Ethereum fell through the first major support level at $217.57 and second major support level at $211.63 before finding support.

For the day ahead

Ethereum would need to break back through the first major support level and move through to $234 levels to bring the first major resistance level at $240.14 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $230 levels.

Barring a broad-based crypto rebound, resistance at $230 would likely cap any upside.

Failure to move through to $234 levels could see Ethereum fall deeper into the red.

A fall through back through the second major support level would bring sub-$200 levels into play.

Barring an extended crypto sell-off, however, Ethereum should avoid a return to sub-$210 levels.

Looking at the Technical Indicators

Major Support Level: $217.57

Major Resistance Level: $240.14

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP tumbled by 9.15% on Wednesday. Following on from a 6.65% slide on Tuesday, Ripple’s XRP ended the day at $0.22933.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.25568 before hitting reverse.

Steering clear of the major resistance levels, Ripple’s XRP fell to a late afternoon intraday low $0.22292.

Ripple’s XRP fell through the first major support level at $0.2455 and the second major support level at $0.2381.

Through the latter part of the day, Ripple’s XRP recovered to $0.2360 levels before sliding back to sub-$0.23 levels.

The second major support level at $0.2381 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was up by 0.29% to $0.22999. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.22431 before striking a high $0.23140.

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

For the day ahead

Ripple’s XRP will need to break back through to $0.2360 levels to support a run at the first major resistance level at $0.2490.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.24 levels.

Barring a crypto rebound, resistance at $0.23 would likely leave Ripple’s XRP well short of the first major resistance level.

Failure to move through to $0.2360 levels could see Ripple’s XRP fall back into the red.

A fall back through the morning low $0.22431 would bring the first major support level at $0.2163 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.22 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.2163

Major Resistance Level: $0.2490

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