EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 29/02/20

EOS

EOS fell by 2.56% on Friday. Reversing a 2.31% gain from Thursday, EOS ended the day at $3.4287.

A mixed start to the day saw EOS rise to an early morning intraday high $3.6212 before hitting reverse.

Falling short of the first major resistance level at $3.7749, EOS slid to a mid-day intraday low $3.3535.

EOS fell through the first major support level at $3.4250 before recovering. Finding support late on, EOS struck a high $3.6100 before falling back to $3.52 levels.

At the time of writing, EOS was up by 0.44% to $3.5444. A bullish start to the day saw EOS rise from an early morning low $3.5282 to a high $3.5908.

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

For the day ahead

EOS would need to move back through to $3.60 levels to support a run at the first major resistance level at $3.6888.

Support from the broader market would be needed, however, for EOS to break out from Friday’s high $3.6812.

Barring a broad-based crypto rally, the first major resistance level would likely leave EOS short of $3.70 levels once more.

Failure to move back through to $3.60 levels could see EOS fall back into the red.

A fall back through the morning low to sub-$3.52 levels would bring the first major support level at $3.3611 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: $3.3611

Major Resistance Level: $3.6888

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slipped by 0.1% on Friday. Following a 1.72% gain from Thursday, Ethereum ended the day at $227.36.

A mixed start to the day saw Ethereum rise to an early morning intraday high $234.90 before hitting reverse.

Falling short of the first major resistance level at $237.75, Ethereum slid to a mid-day intraday low $213.63.

Ethereum fell through the first major support level at $218.75 before recovering to $230 levels. A final hour pullback to sub-$227.60 levels left Ethereum in the red for the day, however.

At the time of writing, Ethereum was up by 1.05% to $229.75. A bullish start to the day saw Ethereum rise from an early morning low $227.04 to a high $232.20.

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 $232.20 to bring the first major resistance level at $236.97 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $230 levels.

Barring a broad-based crypto rally, the first major resistance level at $236.97 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 the morning low to sub-$225.30 levels would bring the first major support level at $215.70 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: $215.70

Major Resistance Level: $236.97

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 0.48% on Friday. Partially reversing a 3.81% gain from Thursday, Ripple’s XRP ended the day at $0.23764.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.24450 before hitting reverse.

Falling short of the first major resistance level at $0.2490, Ripple’s XRP slid to a mid-day intraday low $0.2290.

Steering clear of the first major support level at $0.2261, Ripple’s XRP recovered to $0.24 levels before falling back into the red.

At the time of writing, Ripple’s XRP was up by 0.28% to $0.23830. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.24144 before falling to a low $0.23660.

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 to $0.24 levels to support a run at the first major resistance level at $0.2451.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.24144.

Barring an extended crypto rally, the first major resistance levels would likely pin Ripple’s XRP back from $0.25 levels.

Failure to move back through to $0.24 levels could see Ripple’s XRP fall back into the red.

A fall back through to sub-$0.2370 levels would bring the first major support level at $0.2296 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.22 levels on the day.

The second major support level at $0.2215 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.2296

Major Resistance Level: $0.2451

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