EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 21/12/19

By December 20, 2019Ethereum
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It’s back into the red once more for the majors. Avoiding support levels through the morning will be key…

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EOS

EOS rose by 1.13% on Friday. Reversing a 0.53% loss from Thursday, EOS ended the day at $2.4954.

A bearish start to the day saw EOS fall to an early morning intraday low $2.4325 before making a move.

Steering clear of the first major support level at $2.4163, EOS rallied to a mid-afternoon intraday high $2.5580.

EOS broke through the first major resistance level at $2.5121.

Coming up against the second major resistance level at $2.5591, EOS fell back to $2.45 levels before finding support.

Late in the day, resistance at $2.50 limited the upside, however.

At the time of writing, EOS was down by 0.78% to $2.4760. A bearish start to the day saw EOS fall from an early morning high $2.4926 to a low $2.4550.

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

For the day ahead

EOS would need to move through the morning high $2.4926 to $2.4960 levels to support a run at the first major resistance level at $2.5581.

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

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $2.5580 would likely pin EOS back on the day.

Failure to move through to $2.4960 levels could see EOS hit reverse. A fall through the morning low $2.4550 would bring the first major support level at $2.4326 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.30 support levels. The second major support level at $2.3698 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $2.4326

Major Resistance Level: $2.5581

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.15% on Friday. Following a 3.54% slide on Thursday, Ethereum ended the day at $128.37.

A bearish start to the day saw Ethereum slide to an early morning intraday low $125.71 before finding support.

Steering clear of the first major support level at $124.54, Ethereum rallied to a mid-afternoon intraday high $129.32.

Falling short of the first major resistance level at $132.97, Ethereum slid back to $126 levels before recovering to $128 levels.

A late recovery delivered the upside on the day.

At the time of writing, Ethereum was down by 0.76% to $127.39. A bearish start to the day saw Ethereum fall from an early morning high $128.45 to a low $127.16.

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

For the day ahead

Ethereum would need to move back through to $128 levels to support a run at the first major resistance level at $129.89.

Support from the broader market would be needed for Ethereum to break out from the morning high $128.45.

Barring a broad-based crypto rally, however, Ethereum would likely fall short of $130 levels for a 2nd consecutive day.

Failure to move back through to $128 could see Ethereum fall deeper into the red. A pullback through the morning low $127.16 to $126 levels would bring the first major support level at $126.28 into play.

Barring another crypto sell-off, however, Ethereum should steer clear of sub-$125 levels.

Looking at the Technical Indicators

Major Support Level: $126.28

Major Resistance Level: $129.89

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rallied by 3.68% on Friday. Partially reversing a 4.21% slide from Thursday, Ripple’s XRP ended the day at $0.19599.

Tracking the broader market, Ripple’s XRP slid to an early morning intraday low $0.18448 before finding support.

Steering clear of the first major support level at $0.1837, Ripple’s XRP rallied to a late intraday high $0.19913.

Ripple’s XRP broke through the first major resistance level at $0.1960 to come up against resistance at $0.20 to limit the upside on the day.

At the time of writing, Ripple’s XRP was down by 1.22% to $0.19360. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19699 to a low $0.19290.

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

For the day ahead

Ripple’s XRP will need to hold onto $0.1930 levels support a run at the first major resistance level at $0.2019.

Support from the broader market would be needed for Ripple’s XRP to break out from Friday’s high $0.19913.

Barring a broad-based crypto rebound, however, Friday’s high and the first major resistance level would likely limit any upside.

Failure to hold onto $0.1930 levels could see Ripple’s XRP fall deeper into the red.

A fall through the morning low $0.19290 would bring the first major support level at $0.1873 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.18 levels and the second major support level at $0.1786.

Looking at the Technical Indicators

Major Support Level: $0.1873

Major Resistance Level: $0.2019

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

EOS rose by 1.13% on Friday. Reversing a 0.53% […]

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