EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 31/12/19

EOS

EOS slid by 2.37% on Monday. Reversing a 2.46% rally on Sunday, EOS ended the day at $2.6324.

A choppy start to the day saw EOS rise to a mid-morning intraday high $2.7248 before hitting reverse.

Falling short of the first major resistance level at $2.7429, EOS tumbled to a mid-afternoon intraday low $2.607.

The reversal saw EOS fall through the first major support level at $2.6410 before finding support.

Steering clear of sub-$2.60 levels, EOS recovered to $2.64 levels before easing back in the final hour.

At the time of writing, EOS was down by 0.09% to $2.6299. A mixed start to the day saw EOS fall to an early morning low $2.6134 before striking a high $2.6390.

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

For the day ahead

EOS would need to move through to $2.65 levels to support a run at the first major resistance level at $2.7025.

Support from the broader market would be needed, however, for EOS to break back through the morning high $2.6390.

Barring an extended broad-based crypto rally, Monday’s high $2.7248 and first major resistance level would likely limit any upside later the day.

Failure to move through to $2.65 levels would bring the first major support level at $2.5847 into play.

Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.5369.

Looking at the Technical Indicators

Major Support Level: $2.5847

Major Resistance Level: $2.7025

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 2.39% on Monday. Partially reversing a 4.96% rally on Sunday, Ethereum ended the day at $131.1.

A relatively bullish start to the day saw Ethereum rise to a mid-morning intraday high $135.97 before hitting reverse.

Falling short of the first major resistance level at $139.03, Ethereum slid to a mid-afternoon intraday low $129.79.

Steering clear of the first major support level at $128.40, Ethereum recovered to $131 levels to limit the downside.

At the time of writing, Ethereum was down by 0.08% to $130.99. A mixed start to the day saw Ethereum fall to an early morning low $130.31 before striking a high $131.35.

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

For the day ahead

Ethereum would need to move through to $132.30 levels to support a run at the first major resistance level at $134.78.

Support from the broader market would be needed for Ethereum to break back through to $133 levels.

Barring a broad-based crypto rally, however, the first major resistance level would likely limit any upside.

In the event of an extended rally, the second major resistance level at $138.47 could come into play before any pullback.

Failure to move through to $132.30 levels could see Ethereum slide deeper into the red. A pullback through the morning low $130.31 would bring the first major support level at $128.60 into play.

Barring a crypto sell-off, however, Ethereum should steer clear of the second major support level at $126.11.

Looking at the Technical Indicators

Major Support Level: $128.60

Major Resistance Level: $134.78

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 1.78% on Monday. Reversing a 1.92% gain from Sunday, Ripple’s XRP ended the day at $0.19351.

A bullish start to the day saw Ripple’s XRP rally to a mid-morning intraday high $0.19839 before hitting reverse.

Falling short of the first major resistance level at $0.2005, Ripple’s XRP slid to a mid-afternoon intraday low $0.1925.

The reversal saw Ripple’s XRP call on support at the first major support level at $0.1912 before recovering to $0.1930 levels.

At the time of writing, Ripple’s XRP was up by 0.25% to $0.19400. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.19251 to a high $0.19443.

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

For the day ahead

Ripple’s XRP will need to move through to $0.1950 levels to support a run at the first major resistance level at $0.1971.

Support from the broader market would be needed, however, for Ripple’s XRP to break through the morning high $0.19443.

Barring an extended rally through the day, the first major resistance level and Monday’s high $0.19839 would likely limit any upside.

Failure to move through to $0.1950 levels could see Ripple’s XRP hit reverse.

A fall through the morning low $0.19251 would bring the first major support level at $0.1912 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer of the second major support level at $0.1889.

Looking at the Technical Indicators

Major Support Level: $0.1912

Major Resistance Level: $0.1971

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