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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 30/12/19

By:
Bob Mason
Published: Dec 30, 2019, 06:24 UTC

It's a choppy start to the week. Holding onto key levels early on would support a 2nd half rally...

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EOS

EOS rallied by 2.46% on Sunday. Following on from a 1.78% gain on Saturday, EOS ended the week up by 5.99% to $2.7005.

Bullish through the day, EOS rallied from an early morning intraday low $2.6238 to a late intraday high $2.7257.

Steering clear of the first major support level at $2.5880, EOS broke through the first major resistance level at $2.6807.

Coming up against the second major resistance level at $2.7269, EOS fell back to sub-$2.70 levels before finding late support.

It was the first closeout at $2.7 levels since 8th December.

At the time of writing, EOS was up by 0.14% to $2.7044. A mixed start to the day saw EOS fall to an early morning low $2.6764 before striking a high $2.7155.

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

EOS/USD 30/12/19 Daily Chart

For the day ahead

EOS would need to steer clear of $2.68 levels to support a run at the first major resistance level at $2.7429.

Support from the broader market would be needed, however, for EOS to break back through the morning high $2.7155.

Barring an extended broad-based crypto rally, Sunday’s high $2.7257 and first major resistance level would likely limit any upside later the day.

Failure to steer clear of $2.68 levels would bring the first major support level at $2.6410 into play.

Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.5814.

Looking at the Technical Indicators

Major Support Level: $2.6410

Major Resistance Level: $2.7429

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 4.96% on Sunday. Following on from a 1.33% gain on Saturday, Ethereum ended the week up by 1.44% to $134.3.

A bearish start to the day saw Ethereum fall to an early morning intraday low $127.22 before making a move.

Steering clear of the first major support level at $125.94, Ethereum rallied to a late intraday high $137.85.

Ethereum broke through the major resistance levels before falling back to $132 levels.

While holding above the second major resistance level at $131.57, Ethereum failed to break back through the third major resistance level at $135.37.

At the time of writing, Ethereum was up by 0.16% to $134.52. A mixed start to the day saw Ethereum fall to an early morning low $133.01 before striking a high $135.37.

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

ETH/USD 30/12/19 Daily Chart

For the day ahead

Ethereum would need to move through to $135 levels to support a run at the first major resistance level at $139.03.

Support from the broader market would be needed for Ethereum to break back through the morning high $135.37 to $136 levels.

Barring a broad-based crypto rally, however, Sunday’s high $137.85 would likely limit any upside.

In the event of an extended rally, $140 levels could come into play before any pullback.

Failure to move through to $135 levels could see Ethereum slide back into the red. A pullback through the morning low to $133.01 would bring the first major support level at $128.40 into play.

Barring a crypto sell-off, however, Ethereum should steer clear of the second major support level at $122.49.

Looking at the Technical Indicators

Major Support Level: $128.40

Major Resistance Level: $139.03

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 1.92% on Sunday. Following on from a 1.54 gain on Saturday, Ripple’s XRP ended the week down by 0.03% at $0.19736.

A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $0.1914 before rallying to a late intraday high $0.19913.

Finding support at the first major support level at $0.1911, Ripple’s XRP broke through the first major resistance level at $0.1960 and the second major resistance level at $0.1982.

Coming within range of the third major resistance level at $0.2030, Ripple’s XRP fell back through the resistance levels.

Finding support late in the day, however, Ripple’s XRP broke back through the first major resistance level at $0.1960.

At the time of writing, Ripple’s XRP was down by 0.29% to $0.19679. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19701 to a low $0.19536.

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

XRP/USD 30/12/19 Daily Chart

For the day ahead

Ripple’s XRP will need to hold onto $0.1960 levels support a run at the first major resistance level at $0.2005.

Support from the broader market would be needed, however, for Ripple’s XRP to break through the Sunday’s high $0.19913.

Barring an extended rally through the day, the first major resistance level and Sunday’s high $0.19913 would likely limit any upside.

Failure to hold onto $0.1960 levels could see Ripple’s XRP fall deeper into the red.

A fall through the morning low $0.19536 would bring the first major support level at $0.1928 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer of the second major support level at $0.1882.

Looking at the Technical Indicators

Major Support Level: $0.1928

Major Resistance Level: $0.2005

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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