EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 29/12/19

By December 28, 2019Ethereum
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It’s a mixed start to the day for the pack. Failure to move through to key levels by late morning may well lead to a bearish end to the week.

Shiny Ripple crypto-currency background

EOS

EOS rose by 1.78% on Saturday. Following on from a 2.07% gain from Friday, EOS ended the day at $2.6345.

A bullish start to the day saw EOS rally from an early morning intraday low $2.5877 to a mid-morning high $2.6451.

Steering clear of the major support levels, EOS broke through the first major resistance level at $2.6158 before easing back.

While falling back to $2.62 levels, EOS held above the first major resistance level before striking a late intraday high $2.6804.

EOS broke through the second major resistance level at $2.6500 before falling back to sub-$2.64 levels.

At the time of writing, EOS was flat at $2.6346. A mixed start to the day saw EOS fall to an early low $2.6238 before striking an early morning high $2.6420.

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

For the day ahead

EOS would need to move back through to $2.6350 levels to support a run at the first major resistance level at $2.6807.

Support from the broader market would be needed, however, for EOS to break back through the to $2.67 levels.

Barring an extended broad-based crypto rally, Saturday’s high $2.6804 and first major resistance level would likely limit any upside later the day.

Failure to move back through to $2.6350 levels could see EOS hit reverse. A fall through the morning low $2.6238 would bring the first major support level at $2.5880 into play.

Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.5415.

Looking at the Technical Indicators

Major Support Level: $2.5880

Major Resistance Level: $2.6807

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 1.33% on Saturday. Following on from a 1.40% increase on Friday, Ethereum ended the day at $127.91.

A bullish start to the day saw Ethereum rise from an early morning intraday low $125.80 to a mid-morning high $128.27.

Steering clear of the major support levels Ethereum broke through the first major resistance level at $127.90 before easing back.

Ethereum fell back to $126 levels before rallying to an early evening intraday high $129.60.

Breaking back through the first major resistance level, Ethereum came up against the second major resistance level at $129.58 before falling back.

In spite of the pullback, Ethereum managed to hold above the first major resistance level through to the day end.

At the time of writing, Ethereum was down by 0.16% to $127.70. A bearish start to the day saw Ethereum fall from an early morning high $127.95 to a low $127.54.

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

For the day ahead

Ethereum would need to move through to $128 levels to support a run at the first major resistance level at $129.74.

Support from the broader market would be needed for Ethereum to break back through to $129 levels.

Barring a broad-based crypto rally, however, Saturday’s high $129.6 and first major resistance level would likely limit any upside.

In the event of an extended rally, $130 levels could come into play before any pullback.

Failure to move through to $128 levels could see Ethereum slide deeper into the red. A pullback through the morning low to $126 levels would bring the first major support level at $125.94 into play.

Barring a crypto sell-off, however, Ethereum should steer clear of the second major support level at $123.97.

Looking at the Technical Indicators

Major Support Level: $125.94

Major Resistance Level: $129.74

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 1.54 on Saturday. Following on from a 0.32% gain on Friday, Ripple’s XRP ended the day at $0.19372.

Bullish through the day, Ripple’s XRP rallied from an early morning intraday low $0.19077 to a late intraday high $0.19561.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.1928 and the second major resistance level at $0.1947.

A late pullback saw Ripple’s XRP fall back through the second major resistance level to wrap up the day at sub-$0.1940 levels.

At the time of writing, Ripple’s XRP was down by 0.11% to $0.19350. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19397 to a low $0.19350.

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

For the day ahead

Ripple’s XRP will need to hold onto $0.1935 levels support a run at the first major resistance level at $0.1960.

Support from the broader market would be needed, however, for Ripple’s XRP to break through the morning high $0.19397.

Barring an extended rally through the day, the first major resistance level and Saturday’s high $0.19561 would likely limit any upside.

Failure to hold onto $0.19350 levels could see Ripple’s XRP fall deeper into the red.

A fall through to sub-$0.1925 levels would bring the first major support level at $0.1911 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer of the second major support level at $0.1885.

Looking at the Technical Indicators

Major Support Level: $0.1911

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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