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

By:
Bob Mason
Published: Dec 28, 2019, 05:41 UTC

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.

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.

EOS/USD 28/12/19 Daily Chart

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.

ETH/USD 28/12/19 Daily Chart

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.

XRP/USD 28/12/19 Daily Chart

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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