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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 28/02/20

The majors find early support following Thursday’s gains. A move back through Thursday’s highs would support a breakout later in the day.
Bob Mason
cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain concept.financial business.crypto currency mining.

EOS

EOS rose by 2.31% on Thursday. Partially reversing a 13.10% tumble from Wednesday, EOS ended the day at $3.6174.

A mixed start to the day saw EOS fall to an early morning intraday low $3.3900 before finding support.

Steering clear of the first major support level at $3.2070, EOS rallied to a late afternoon intraday high $3.7399.

Falling short of the first major resistance level at $3.9899, EOS fell back to $3.50 levels before finding late support.

At the time of writing, EOS was up by 0.63% to $3.6402. A bullish start to the day saw EOS rise from an early morning low $3.6163 to a high $3.6812.

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

For the day ahead

EOS would need to move back through the morning high $3.6812 to support a run at the first major resistance level at $3.7749.

Support from the broader market would be needed, however, for EOS to break out from Thursday’s high $3.7399.

Barring a broad-based crypto rally, however, the first major resistance level would likely leave EOS short of $3.90 levels.

Failure to move back through to $3.6812 levels could see EOS fall back into the red.

A fall back through the morning low to sub-$3.5820 levels would bring the first major support level at $3.4250 into play.

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

Looking at the Technical Indicators

Major Support Level: $3.4250

Major Resistance Level: $3.7749

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 1.72% on Thursday. Partially reversing a 9.25% tumble from Wednesday, Ethereum ended the day at $227.63.

A bearish start to the day saw Ethereum fall to an early morning intraday 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.

Tracking the broader market, Ethereum rallied to a late afternoon intraday high $239.00 before easing back to sub-$230 levels.

Coming up against the first major resistance level at $240.14, Ethereum fell to $222 levels before wrapping up the day at $227 levels.

At the time of writing, Ethereum was up by 1.92% to $231.99. A bullish start to the day saw Ethereum rise from an early morning low $226.61 to a high $234.90.

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

For the day ahead

Ethereum would need to break back through the morning high $234.90 to bring the first major resistance level at $237.75 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $235 levels.

Barring a broad-based crypto rebound, the first major resistance level at $237.75 should leave Ethereum short of $240 levels.

Failure to move back through the morning high could see Ethereum give up the early gains.

A fall through back through to sub-$229 levels would bring the first major support level at $218.75 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$210 support levels.

Looking at the Technical Indicators

Major Support Level: $218.75

Major Resistance Level: $237.75

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rallied by 3.81% on Thursday. Partially reversing a 9.15% tumble from Wednesday, Ripple’s XRP ended the day at $0.23846.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.22431 before making a move.

Steering clear of the major support levels, Ripple’s XRP rallied to a late afternoon intraday high $0.24725.

Falling short of the first major resistance level at $0.2490, Ripple’s XRP fell back to sub-$0.24 levels to limit the upside on the day.

At the time of writing, Ripple’s XRP was up by 1.52% to $0.24209. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.23839 to a high $0.24450.

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 the morning high $0.24450 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 out from Thursday’s high $0.24725.

Barring a crypto rebound, resistance at $0.2450 would likely leave Ripple’s XRP short of the first major resistance level.

Failure to move through the morning high $0.24450 could see Ripple’s XRP fall back into the red.

A fall back through the morning low $0.23839 to sub-$0.2370 levels would bring the first major support level at $0.2261 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: $0.2261

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

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