EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 05/01/20

By January 5, 2020 Ethereum
Click here to view original web page at www.fxempire.com

It’s a bullish start to the day with resistance levels in play. A move back through early highs will be needed, however, to avoid a reversal…

Depositphotos_193678068_s-2019

EOS

EOS rose by just 0.08% on Saturday. Following on from a 7.43% rally on Friday, EOS ended the day at $2.6529.

A mixed start to the day saw EOS fall to an early morning low $2.6320 before striking a mid-morning intraday high $2.6718.

Falling short of the first major resistance level at $2.7414, EOS fell back to a late afternoon intraday low $2.6299.

Steering clear of the first major support level at $2.4996, EOS found late support to close out the day in the green.

At the time of writing, EOS was up by 1.55% to $2.6939. A bullish start to the day saw EOS rise from an early morning low $2.6601 to a high $2.7154.

EOS broke through the first major resistance level at $2.6732 and the second major resistance level at $2.6934 early on.

For the day ahead

EOS would need to move back through to $2.70 levels to support another run at the third major resistance level at $2.7353.

Support from the broader market would be needed, however, for EOS to break through the morning high $2.7154.

Barring an extended broad-based crypto rally, resistance at $2.70 would likely limit any upside on the day.

Failure to move through to $2.70 levels could see EOS hit reverse. A fall back through to the major resistance levels would bring $2.65 levels into play before any recovery.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.60 levels. The first major support level at $2.6313 and the second major support level at $2.6096 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $2.6313

Major Resistance Level: $2.6732

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slipped by 0.02% on Saturday. Following a 5.80% rally on Friday, Ethereum ended the day at $134.14.

A bearish start to the day saw Ethereum fall to a mid-day intraday low $132.5 before finding support.

Steering clear of the first major support level at $128.15, Ethereum rallied to a late afternoon intraday high $135.75.

Falling short of the first major resistance level at $137.56, Ethereum fell back to $132 levels before finding late support to close out at $134 levels.

At the time of writing, Ethereum was up by 1.02% to $135.51. A bullish start to the day saw Ethereum rally from an early morning low $134.14 to a high $135.90.

Ethereum broke through the first major resistance level at $135.76 before easing back.

For the day ahead

Ethereum would need to break back through to the first major resistance level to support a run at $137 levels.

Support from the broader market would be needed for Ethereum to break out from the morning high $135.90.

Barring a broad-based crypto rally, however, resistance at $135 would likely continue to limit any upside on the day.

In the event of an extended rally, Ethereum could eye $140 levels before any pullback.

Failure to move back through the first major resistance level could see Ethereum hit reverse. A pullback through the morning low to sub-$134 levels would bring the first major support level at $132.51 into play.

Barring a crypto sell-off, however, Ethereum should steer well clear of sub-$130 levels.

The second major resistance level at $130.88 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $132.51

Major Resistance Level: $135.76

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 0.26% on Saturday. Following a 3.16% gain from Friday, Ripple’s XRP ended the day at $0.19352.

A mixed start to the day saw Ripple’s XRP strike an early morning intraday high $0.19464 before hitting reverse.

Falling short of the first major resistance level at $0.1976, Ripple’s XRP fell to a late afternoon intraday low $0.19167.

Steering clear of the first major support level at $0.1879, Ripple’s XRP found support late on to limit the loss on the day.

At the time of writing, Ripple’s XRP was up by 0.86% to $0.19519. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.19351 to a high $0.19626.

Ripple’s XRP broke through the first major resistance level at $0.1949 to come up against the second major resistance level at $0.1962.

For the day ahead

Ripple’s XRP will break through the second major resistance level to bring the third major resistance level at $0.1992 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.1960 levels.

Barring an extended rally through the day, the second major resistance level would likely limit any upside.

Failure to move through the morning high $0.19626 could see Ripple’s XRP hit reverse.

A fall through the first major resistance level to sub-$0.1930 levels would bring the first major support level at $0.1919 into play.

Barring a crypto meltdown, however, Ripple’s XRP should continue to steer of sub-$0.19 levels.

The second major support level at $0.1903 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.1919

Major Resistance Level: $0.1949

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 […]

Leave a Reply