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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 30/04/20

By:
Bob Mason
Updated: Apr 30, 2020, 07:58 UTC

It's another bullish start to the day for the majors. A move back through Wednesday's highs would bring resistance levels into play.

Bitcoin coin on white keyboard

EOS

EOS rallied by 8.55% on Wednesday. Following on from a 0.87% gain on Tuesday, EOS ended the day at $3.0025.

A mixed start to the day saw EOS fall to an early morning intraday low $2.7480 before making a move.

Steering clear of the first major support level at $2.7103, EOS rallied to an early afternoon intraday high $3.0952.

EOS broke through the major resistance levels before briefly falling back to $2.91 levels.

The pullback saw EOS fall back through the third major resistance level at $2.9266 before bouncing back to $3.00 levels.

At the time of writing, EOS was up by 1.78% to $3.0559. A bullish start to the day saw EOS rise from an early morning low $2.9922 to a high $3.0714.

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

EOS/USD 30/04/20 Daily Chart

For the day ahead

EOS would need to avoid sub-$3.00 levels to support a run at the first major resistance level at $3.1491.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $3.0952

Barring another extended crypto rally, resistance at $3.10 would likely leave EOS short of the first major resistance level.

Failure to avoid sub-$3.00 levels could see EOS hit reverse.

A fall through to sub-$3.00 levels would bring the first major support level at $2.8019 into play before any recovery.

Barring a crypto sell-off, however, EOS should steer well clear of the second major support level at $2.6014.

Looking at the Technical Indicators

Major Support Level: $2.8019

Major Resistance Level: $3.1491

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 9.67% on Wednesday. Reversing a 0.11% decline from Tuesday, Ethereum ended the day at $215.66.

A bullish day saw Ethereum rally from an early morning intraday low $196.64 to a late afternoon intraday high $219.59.

Ethereum broke through the major resistance levels before briefly easing back to $211 levels.

Avoiding a pullback through the third major resistance level at $206.61, Ethereum bounced back to wrap up the day at $215 levels.

At the time of writing, Ethereum was up by 1.49% to $218.88. A bullish start to the day saw Ethereum rise from an early morning low $214.60 to a high $219.36.

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

ETH/USD 30/04/20 Daily Chart

For the day ahead

Ethereum would need to avoid sub-$211 levels to support a run at the first major resistance level at $224.62.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $219.59.

Barring an extended crypto rally, resistance at $220 would likely leave Ethereum short of the first major resistance level.

Failure to avoid sub-$211 levels could see Ethereum give up some of Wednesday’s gains.

A fall back through to sub-$210.50 levels would bring the first major support level at $201.67 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$200 levels on the day.

Looking at the Technical Indicators

Major Support Level: $201.67

Major Resistance Level: $224.62

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 5.60% on Wednesday. Following on from an 8.44% rally on Tuesday, Ripple’s XRP ended the day at $0.22617.

A relatively range-bound start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.21401 before making a move.

Steering clear of the first major support level at $0.2000, Ripple’s XRP rallied to a late afternoon intraday high $0.23035.

Ripple’s XRP broke through the first major resistance level at $0.2231 before falling back to $0.22 levels.

The pullback saw Ripple’s XRP briefly fall back through the first major resistance level before wrapping up the day at $0.226 levels.

At the time of writing, Ripple’s XRP was up by 2.52% to $0.23186. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.22525 to a high $0.23200.

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

XRP/USD 30/04/20 Daily Chart

For the day ahead

Ripple’s XRP will need to avoid sub-$0.2240 levels to support a run at the first major resistance level at $0.2331.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.23200.

Barring an extended crypto rally, resistance at $0.2320 would likely leave Ripple’s XRP short of the first major resistance level at $0.2331.

Failure to avoid sub-$0.2240 levels could see Ripple’s XRP give up the current week gains.

A fall through the morning low to sub-$0.2235 levels would bring the first major support level at $0.2166 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: $0.2166

Major Resistance Level: $0.2331

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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