EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 28/05/20

EOS

EOS rose by 2.49% on Wednesday. Reversing a 0.76% decline from Tuesday, EOS ended the day at $2.5689.

A bullish start to the day saw EOS rally from an early morning intraday low $2.5047 to a late morning intraday high $2.5724.

EOS broke through the first major resistance level at $2.5403 before sliding back.

Coming within range of the second major resistance level at $2.5735, EOS fell back to sub-$2.54 levels before finding support.

Through the late part of the day, EOS found support from the broader market to wrap up the day at $2.56 levels.

At the time of writing, EOS was down by 0.16% to $2.5647. A bearish start to the day saw EOS rise to an early morning high $2.5716 before sliding to a low $2.5566.

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

For the day ahead

EOS would need to avoid sub-$2.55 levels to bring the first major resistance level at $2.5935 into play.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.5737.

Barring a broad-based crypto rally, resistance at $2.58 would likely leave EOS short of the major first resistance level.

Failure to avoid sub-$2.55 levels could see EOS slide deeper into the red.

A fall through the morning low to sub-$2.55 levels would bring the first major support level at $2.5245 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.4801.

Looking at the Technical Indicators

Major Support Level: $2.5245

Major Resistance Level: $2.5935

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 3.75% on Wednesday. Reversing a 1.58% fall from Tuesday, Ethereum ended the day at $208.41.

A bullish start to the day saw Ethereum rally from an early morning intraday low $200.76 to a mid-day high $207.75.

Ethereum broke through the first major resistance level at $205.08 before pulling back to a low $205.10.

Finding support at the first major resistance level, Ethereum rallied to a final hour intraday high $208.48.

In spite of the late rally, Ethereum came up short of the second major resistance level at $209.24.

At the time of writing, Ethereum was down by 0.29% to $207.80. A bearish start to the day saw Ethereum fall from an early morning high $208.50 to a low $207.20.

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

For the day ahead

Ethereum would need to avoid sub-$206 levels to bring the first major resistance level at $211.01 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $208.50.

Barring an extended crypto rally, resistance at $210 would likely leave Ethereum short of the first major resistance level.

Failure to avoid sub-$206 levels could see Ethereum fall deeper into the red.

A fall through the morning low $207.20 to sub-$206 levels would bring the first major support level at $203.29 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $198.16.

Looking at the Technical Indicators

Major Support Level: $203.29

Major Resistance Level: $211.01

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 2.19% on Wednesday. Reversing a 1.20% fall from Tuesday, Ripple’s XRP ended the day at $0.19810.

Tracking the broader market, Ripple’s XRP rallied from an early morning intraday low $0.19385 to a late morning intraday high $0.20109.

Ripple’s XRP broke through the first major resistance level at $0.1965 and the second major resistance level at $0.1993.

Coming up short of the third major resistance level at $0.2047, Ripple’s XRP fell back through the major resistance levels to a low $0.19613.

Finding support late in the day, Ripple’s XRP broke back through the first major resistance level to wrap up the day at $0.1980 levels.

At the time of writing, Ripple’s XRP was down by 0.21% to $0.19769. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19810 to a low $0.19706.

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 to $0.1980 levels to support a run at the first major resistance level at $0.2015.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.20109 levels.

Barring a broad-based crypto rebound, the first major resistance level and Wednesday’s high $0.20109 would likely limit any upside.

Failure to move through to $0.1980 levels could see Ripple’s XRP fall deeper into the red.

A fall through back through the morning low $0.19706 would bring the first major support level at $0.1943 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1904.

Looking at the Technical Indicators

Major Support Level: $0.1943

Major Resistance Level: $0.2015

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