EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 28/12/19

It’s a bullish start to the day, as the holidays deliver some much-needed relief. Holding on through the mid-afternoon will be key, however.
Bob Mason
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

EOS

EOS rallied by 2.07% on Friday. Following on from a 1.65% gain on Thursday, EOS ended the day at $2.5817.

A mixed start to the day saw EOS rise to an early morning high $2.5708 before sliding to a mid-day intraday low $2.5151.

Steering clear of the first major support level at $2.4501, EOS rallied to a late afternoon intraday high $2.5996.

With resistance at $2.60 levels pinning EOS back from the first major resistance level at $2.6261, EOS eased back late in the day.

At the time of writing, EOS was up by 2.34% to $2.6421. A bullish start to the day saw EOS rally from an early morning low $2.5887 to a high $2.6662.

EOS broke through the first major resistance level at $2.6158 and second major resistance level at $2.6500 before easing back.

For the day ahead

EOS would need to hold above the first major resistance level to support another run at the second major resistance level at $2.6500.

Support from the broader market would be needed, however, for EOS to break back through the second major resistance level.

Barring an extended broad-based crypto rally, resistance at $2.65 would likely limit any upside later the day.

Failure to steer clear of the first major resistance level could see EOS hit reverse. A fall through to sub-$2.60 would bring the first major support level at $2.5313 into play.

Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.4810.

Looking at the Technical Indicators

Major Support Level: $2.5313

Major Resistance Level: $2.6158

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose 1.40% on Friday. Following on from a 0.42% gain on Thursday, Ethereum ended the day at $126.23.

Tracking the broader market, Ethereum fell from an early morning high$126.38 to a late morning intraday low $122.15.

Finding support at the first major support level at $122.35, Ethereum bounced back to a late afternoon intraday high $126.7.

Falling short of the first major resistance level at $130.35, Ethereum eased back to $124 levels before late support delivered the upside for the day.

At the time of writing, Ethereum was up by 1.09% to $127.61. A bullish start to the day saw Ethereum rally from an early morning low $125.8 to a high $128.00.

Steering clear of the major support levels, Ethereum broke through the first major resistance level at $127.90 early on.

For the day ahead

Ethereum would need to hold onto $127 levels to support another run at the first major resistance level at $127.90.

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

Barring a broad-based crypto rally, however, resistance at $128 would likely continue to limit any upside.

In the event of an extended rally, the second major resistance level at $129.58 would likely leave Ethereum short of $130.

Failure to hold onto $127 levels could see Ethereum fall back into the red. A pullback through the morning low $125.80 would bring sub-$125 levels into play.

Barring a crypto sell-off, however, Ethereum should steer clear of the first major support level at $123.35.

Looking at the Technical Indicators

Major Support Level: $123.35

Major Resistance Level: $127.90

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 0.32% on Friday. Following on from a 0.61% gain on Thursday, Ripple’s XRP ended the day at $0.19078.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.19086 before falling to a late morning intraday low $0.18500.

Ripple’s XRP fell through the first major support level at $0.1873 before striking a late high $0.19078.

In spite of the recovery and move into positive territory, Ripple’s XRP fell short of the first major resistance level at $0.1941.

At the time of writing, Ripple’s XRP was up by 1.01% to $0.19270. A bullish start to the day saw Ripple’s XRP rally from an early morning low $0.19077 to a high $0.19345.

Ripple’s XRP broke through the first major resistance level at $0.1928 before easing back.

For the day ahead

Ripple’s XRP will need to hold onto $0.1920 levels to support another run at the first major resistance level at $0.1928.

Support from the broader market would be needed, however, for Ripple’s XRP to break through the morning high $0.19345.

Barring an extended rally through the day, the first major resistance level would likely limit any upside.

Failure to hold onto $0.1920 levels could see Ripple’s XRP hit reverse.

A fall through to the morning low $0.19077 would bring the first major support level at $0.1869 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 $0.1830 should limit the downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.1873

Major Resistance Level: $0.1928

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

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US