EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 30/01/20

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Published: Jan 30, 2020, 02:37 UTC

It's a mixed start to the day for the majors. Failure to move through to key levels by late morning could lead to some heavy losses later in the day.

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

EOS

EOS slid by 2.17% on Wednesday. Reversing a 1.97% gain from Tuesday, EOS ended the day at $3.9639.

A bullish start to the day saw EOS strike a mid-morning intraday high $4.1278 before hitting reverse.

Falling short of the first major resistance level at $4.1586, EOS slid to a late intraday low $3.9573.

While steering clear of the first major support level at $3.9083, EOS failed to move back through to $4.00 levels.

At the time of writing, EOS was up by 0.86% to $3.9979. A mixed start to the day saw EOS fall to an early morning low $3.8932 before striking a high $4.0043.

EOS fell through the first major support level at $3.9049 early on.

EOS/USD 30/01/20 Daily Chart

For the day ahead

EOS would need to move through to $4.0160 levels to support a run at the first major resistance level at $4.0754.

Support from the broader market would be needed, however, for EOS to break out from the morning high $4.0043.

Barring an extended crypto rally, the first major resistance level at $4.0754 would likely limit any upside.

Failure to move through to $4.0160 levels could see EOS hit reverse.

A fall back through the first major support level at $3.9049 would bring the second major support level at $3.8458 into play.

Barring a broad-based crypto sell-off, however, EOS should steer well clear of sub-$3.8 levels.

Looking at the Technical Indicators

Major Support Level: $3.9049

Major Resistance Level: $4.0754

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.40% on Wednesday. Partially reversing a 3.66% rally from Tuesday, Ethereum ended the day at $173.45.

A bullish start to the day saw Ethereum rally to a mid-morning intraday high $178.31 before hitting reverse.

Ethereum came within range of the first major resistance level at $178.40 before sliding to a late intraday low $173.13.

In spite of the sell-0ff, Ethereum steered well clear of the first major support level at $171.68.

At the time of writing, Ethereum was down by 0.29% to $172.95. A mixed start to the day saw Ethereum fall from an early morning high $173.68 to a low $170.00.

Ethereum fell through the first major support level at $171.62 early on before finding support.

ETH/USD 30/01/20 Daily Chart

For the day ahead

Ethereum would need to move through to $175 levels to support a run at the first major resistance level at $176.80.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high to hit $176 levels.

Barring a broad-based crypto rebound, resistance at $175 would likely pin Ethereum back from the first major resistance level.

In the event of a rebound, the second major resistance at $180.14 could come into play later in the day.

Failure to move back through to $175 levels could see Ethereum fall deeper into the red.

A fall through the first major support level at $171.62 would bring the second major support level at $169.78 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$170 levels on the day.

Looking at the Technical Indicators

Major Support Level: $171.62

Major Resistance Level: $176.80

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 1.64% on Wednesday. Partially reversing a 3.48% rally from Tuesday, Ripple’s XRP ended the day at $0.23568.

It was a bullish start to the day. Ripple’s XRP rallied to a mid-morning intraday high $0.24242 before hitting reverse.

Ripple’s XRP came within range of the first major resistance level at $0.2437 before sliding to a mid-afternoon intraday low $0.23417.

Steering clear of the first major support level at $0.2329, Ripple’s XRP recovered to $0.2380 levels. Failing to move back into positive territory, Ripple’s XRP saw a final hour slide deeper into the red.

At the time of writing, Ripple’s XRP was down by 1.08% to $0.23313. A bearish start to the day saw Ripple’s XRP fall to from an early morning high $0.23533 to a low $0.23081.

Falling short of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.2324.

XRP/USD 30/01/90 Daily Chart

For the day ahead

Ripple’s XRP will need to move through $0.2375 levels to support a run at the first major resistance level at $0.2407.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.24 levels.

Barring a broad-based crypto rally, the first major resistance level at $0.2407 would likely limit any upside on the day.

Failure to move back through to $0.2375 levels could see Ripple’s XRP fall deeper into the red.

A fall through the first major support level at $0.2324 would bring the second major support level at $0.2292 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer of sub-$0.21 levels on the day. The third major support level at $0.2209 would likely limit any slide.

Looking at the Technical Indicators

Major Support Level: $0.2324

Major Resistance Level: $0.2407

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.