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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 27/12/19

It’s a relatively bullish start to the day. Failure to move back through early highs will likely pressure the pack, however…
Bob Mason
Depositphotos_193678068_s-2019

EOS

EOS rose by 1.65% on Thursday. Partially reversing a 2.36% slide from Wednesday, EOS ended the day at $2.5286.

A bearish start to the day saw EOS fall to an early morning intraday low $2.4693 before finding support.

Steering clear of the first major support level at $2.4465, EOS rallied to an early evening intraday high $2.6452.

EOS broke through the first major resistance level at $2.5426 and the second major resistance level at $2.5964.

In spite of late pullback, EOS avoided sub-$2.50 levels to close out the day in the green.

At the time of writing, EOS was up by 1.38% to $2.5634. A bullish start to the day saw EOS rally from an early morning low $2.5285 to a high $2.5708.

Despite the early moves, EOS left the major support and resistance levels untested.

For the day ahead

EOS would need to move back through the morning high $2.5708 to support a run at the first major resistance level at $2.6261.

Support from the broader market would be needed, however, for EOS to break back through to $2.60 levels.

Barring an extended broad-based crypto rally, resistance at $2.60 would likely limit any upside on the day.

Failure to move through the morning high could see EOS hit reverse. A fall through to sub-$2.5480 would bring the first major support level at $2.4501 into play.

Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.3717.

Looking at the Technical Indicators

Major Support Level: $2.4501

Major Resistance Level: $2.6261

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.42% on Thursday. Partially reversing a 2.12% fall from Wednesday, Ethereum ended the day at $125.49.

Tracking the broader market, Ethereum fell to a mid-morning intraday low $124.06 before finding support.

Steering clear of the first major support level at $122.82, Ethereum rallied to an early evening intraday high $132.06.

Ethereum broke through the first major resistance level at $127.43 and the second major resistance level at $129.91.

A late pullback saw Ethereum slide back to $124 levels and into the red before a final hour return to $125 levels.

At the time of writing, Ethereum was up by 0.56% to $126.19. A mixed start to the day saw Ethereum fall to an early morning low $125.0 before striking a high $126.38.

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

For the day ahead

Ethereum would need to move through the morning high to $127.20 levels to support a run at the first major resistance level at $130.35.

Support from the broader market would be needed for Ethereum to break back through to $128 levels.

Barring a broad-based crypto rally, however, the first major resistance level would likely limit any upside.

Failure to move through to $127.20 levels could see Ethereum fall back into the red. A pullback through the morning low $125.00 would bring the first major support level at $122.35 into play.

Barring a crypto sell-off, however, Ethereum should steer clear of the second major support level at $119.20 in the event of a pullback.

Looking at the Technical Indicators

Major Support Level: $122.35

Major Resistance Level: $130.35

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 0.61% on Thursday. Partially reversing a 1.11% fall from Wednesday, Ripple’s XRP ended the day at $0.19028.

A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.1899 before falling to a mid-day intraday low $0.18801.

Steering clear of the first major support level at $0.1867, Ripple’s XRP rallied to an early evening intraday high $0.19482.

Ripple’s XRP broke through the first major resistance level at $0.1918 before hitting reverse. Coming up against the second major resistance level at $0.19430, Ripple’s XRP fell back to $0.1880 levels and into the red.

Support from the broader market kicked in through the final hour, however, delivering upside for the day.

At the time of writing, Ripple’s XRP was up by 0.06% to $0.19039.

A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.19086 before falling to a low $0.18980.

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 $0.1910 levels support a run at the first major resistance level at $0.1941.

Support from the broader market would be needed, however, for Ripple’s XRP to break through the morning high $0.19086 levels.

Barring a broad-based crypto rally, Thursday’s high $0.19482 and the first major resistance level would likely limit any upside.

Failure to move back through to $0.1910 levels could see Ripple’s XRP struggle throughout the day.

A fall through to the morning low $0.1898 would bring the first major support level at $0.1873 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer well clear of sub-$0.18 levels. The second major support level at $0.1842 should limit the downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.1873

Major Resistance Level: $0.1941

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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