EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 20/12/19

By December 19, 2019Ethereum
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It’s back into the red for the majors. Failure to move through to key levels by late morning will bring support levels into play…

Bitcoin, Ethereum, Litecoin Digital crypto
currencys on a notebook

EOS

EOS slipped by 0.53% on Thursday. Partially reversing an 11.71% surge from Wednesday, EOS ended the day at $2.4651.

Another bearish start to the day saw EOS fall from an early morning high $2.4885 to a late morning intraday low $2.4145.

Steering clear of the first major support level at $2.2509, EOS bounced back to a late intraday high $2.5103.

Falling short of the first major resistance level at $2.6120, EOS fell back to sub-$2.47 levels to end the day in the red.

At the time of writing, EOS was down by 0.99%. A bearish 1st hour saw EOS fall from an early morning high $2.4681 to a low $2.4349.

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

For the day ahead

EOS would need to move through to $2.46 levels to support a run at the first major resistance level at $2.5121.

Support from the broader market would be needed, however, for EOS to break through $2.50 levels.

Barring a broad-based crypto rally, the first major resistance level would likely pin EOS back on the day.

Failure to move through to $2.46 levels could see EOS hit reverse. A fall through the morning low $2.4349 would bring the first major support level at $2.4163 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.3 support levels. The second major support level at S2.3675 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $2.4163

Major Resistance Level: $2.5121

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 3.54% on Thursday. Partially reversing a 9.07% rally from Wednesday, Ethereum ended the day at $128.18.

Bearish through the morning, Ethereum fell from an early morning intraday high $134.11 to an early afternoon intraday low $125.68.

Steering well clear of the day’s major support and resistance levels, Ethereum managed to recover to $128 levels to limit the loss on the day.

At the time of writing, Ethereum was down by 0.94% to $126.97. A bearish start to the day saw Ethereum fall from an early morning high $128.64 to a low $126.25.

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

For the day ahead

Ethereum would need to move through to $129.5 levels to support a run at the first major resistance level at $132.97.

Support from the broader market would be needed for Ethereum to break out from the morning high $128.64.

Barring a broad-based crypto rally, however, Ethereum would likely fall short of Thursday’s high $134.11.

Failure to move through to $129.5 levels would bring the first major support level at $124.54 into play.

Barring another crypto sell-off, however, Ethereum should steer clear of sub-$120 levels. The second major support level at $120.89 would likely limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $124.54

Major Resistance Level: $132.97

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slid by 4.21% on Thursday. Partially reversing a 9.07% rally from Wednesday, Ripple’s XRP ended the day at $0.18870.

Tracking the broader market, Ripple’s XRP slid from an early morning intraday high $0.19829 to a late morning intraday low $0.18600.

Steering clear of the day’s major support and resistance levels, Ripple’s XRP recovered to $0.19 levels before easing back.

At the time of writing, Ripple’s XRP was down by 1.07% to $0.18669. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.18905 to a low $0.18562.

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

For the day ahead

A move through to $0.1910 levels would support a run at the first major resistance level at $0.1960.

Support from the broader market would be needed for Ripple’s XRP to break back through to $0.19 levels.

Barring a broad-based crypto rebound, however, Ripple’s XRP would likely come up short of $0.20 levels for a 2nd consecutive day.

Failure to move back through to $0.1910 levels could see Ripple’s XRP fall deeper into the red.

A fall through the morning low $0.18562 would bring the first major support level at $0.1837 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.1787.

Looking at the Technical Indicators

Major Support Level: $0.1837

Major Resistance Level: $0.1960

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

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