EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 29/04/20

EOS

EOS rose by 0.87% on Tuesday. Following on from a 0.12% gain on Monday, EOS ended the day at $2.7662.

A bearish start to the day saw EOS fall to an early morning intraday low $2.6893 before finding support.

Steering clear of the first major support level at $2.6748, EOS rose to $2.75 levels before sliding back into the red.

Finding support from the broader market, EOS rallied to a find hour intraday high $2.78 before easing back.

In spite of the breakout, EOS came up short of the first major resistance level at $2.8147 on the day.

At the time of writing, EOS was up by 0.27% to $2.7737. A choppy start to the day saw EOS rally to an early morning high $2.7974 before falling to a low $2.7480.

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

For the day ahead

EOS would need to avoid sub-$2.7450 levels to support a run at the first major resistance level at $2.8010.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.7974.

Barring another extended crypto rally, the first major resistance level at $2.8010 would likely limit any upside.

Failure to avoid sub-$2.7450 levels could see EOS hit reverse.

A fall through to sub-$2.7450 levels would bring the first major support level at $2.7103 into play before any recovery.

Barring a crypto sell-off, however, EOS should steer well clear of the second major support level at $2.6545.

Looking at the Technical Indicators

Major Support Level: $2.7103

Major Resistance Level: $2.8010

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slipped by 0.11% on Tuesday. Following on from a 0.52% decline on Monday, Ethereum ended the day at $196.67.

A bearish start to the day saw Ethereum slide to an early morning intraday low $192.50 before finding support.

Steering clear of the first major support level at $191.12, Ethereum rallied to an early afternoon intraday high $197.95.

Falling short of the first major resistance level at $200.93, Ethereum slid back to sub-$195 levels before a late rebound.

At the time of writing, Ethereum was up by 1.13% to $198.89. A bullish start to the day saw Ethereum rise from an early morning low $196.64 to a high $200.00.

Steering clear of the major support levels, Ethereum broke through the first major resistance level at $198.91 early on.

For the day ahead

Ethereum would need to break back through the first major support level to take another run at the second major resistance level at $201.16.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $200.00.

Barring an extended crypto rally, resistance at $200 would likely leave Ethereum short of the second major resistance level.

Failure to move through the first major resistance level at $198.91 could see Ethereum hit reverse.

A fall back through to sub-$195.70 levels would bring the first major support level at $193.46 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$190 levels. The second major support level at $190.26 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $193.46

Major Resistance Level: $198.91

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 8.44% on Tuesday. Following on from a 0.67% gain on Monday, Ripple’s XRP ended the day at $0.21418.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.19470 before making a move.

Ripple’s XRP found support at the first major support level at $0.1947 before rallying to a late intraday high $0.21779.

Ripple’s XRP broke through the major resistance levels to wrap up the day at $0.21 for the 1^st time since 10^th March.

At the time of writing, Ripple’s XRP was up by 0.40% to $0.21503. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.21388 before striking a high $0.21855.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will need to avoid sub-$0.21 levels to support a run at the first major resistance level at $0.2231.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.21855.

Barring an extended crypto rally, resistance at $0.22 would likely leave Ripple’s XRP short of the first major resistance level at $0.2231.

Failure to avoid sub-$0.21 levels could see Ripple’s XRP hit reverse.

A fall through the morning low to sub-$0.2090 levels would bring the first major support level at $0.2000 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.21 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.2000

Major Resistance Level: $0.2231

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