EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 12/03/20

By March 11, 2020Ethereum
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It’s a mixed start to the day for the majors. Failure to break out from Wednesday’s highs could see the pack deep in the red before any recovery.

Bitcoin coin on white keyboard

EOS

EOS rose by 0.15% on Wednesday. Following on from 0.29% gain on Tuesday, EOS ended the day at $3.0827.

A mixed start to the day saw EOS rise to an early morning intraday high $3.1204 before hitting reverse.

Falling short of the first major resistance level at $3.1656, EOS slid to a late afternoon intraday low $2.8580.

The reversal saw EOS fall through the first major support level at $2.9992 and the second major support level at $2.9169.

Finding support late on, EOS broke back through the major support levels to a high $3.1084 before easing back.

At the time of writing, EOS was down by 0.06% to $3.0809. A mixed start to the day saw EOS rise to an early morning high $3.0969 before falling to a low $3.0689.

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

For the day ahead

EOS would need to move back through to $3.10 levels to bring the first major resistance level at $3.1827 into play.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $3.1204.

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

Failure to move back through to $3.10 levels could see EOS fall deeper into the red.

A fall back through to sub-$3.02 levels would bring the first major support level at $2.9203 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.7580.

Looking at the Technical Indicators

Major Support Level: $2.9203

Major Resistance Level: $3.1827

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 3.00% on Wednesday. Following on from a 1.11% fall on Tuesday, Ethereum ended the day at $194.61.

Tracking the broader market, Ethereum rose to an early morning intraday high $202.98 before hitting reverse.

Falling short of the first major resistance level at $206.13, Ethereum slid to a late afternoon intraday low $181.00.

The reversal saw Ethereum fall through the first major support level at $195.02 and the second major support level at $189.54.

Finding late support, Ethereum broke back through the major support levels before falling back through the first major support level.

At the time of writing, Ethereum was down by 0.33% to $193.96. A mixed start to the day saw Ethereum rise to an early morning high $195.64 before falling to a low $193.24.

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

For the day ahead

Ethereum would need to move back through to $200 levels to support a run at the first major resistance level at $204.73.

Support from the broader market would be needed, however, for Ethereum to breakout from Wednesday’s high $204.73.

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

Failure to move back through to $200 levels could see Ethereum fall deeper into the red.

A fall back through the morning low $193.24 to sub-$193 levels would bring the first major support level at $182.75 into play.

Barring an extended crypto sell-off, Ethereum should continue to steer clear of sub-$180 support levels.

Looking at the Technical Indicators

Major Support Level: $182.75

Major Resistance Level: $204.73

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 1.45% on Wednesday. Reversing a 1.16% gain from Tuesday, Ripple’s XRP ended the day at $0.20936.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.21416 before hitting reverse.

Falling short of the first major resistance level at $0.2172, Ripple’s XRP slid to a late afternoon intraday low $0.20012.

Falling through the first major support level at $0.2070, Ripple’s XRP found support at the second major support level at $0.2015.

Ripple’s XRP recovered to $0.21 levels in the final hour before wrapping up the day at $0.2090 levels.

At the time of writing, Ripple’s XRP down by 0.19% to $0.20896. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.21095 before falling to a low $0.20852.

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

For the day ahead

Ripple’s XRP will need to move back through to $0.21 levels to support a run at the first major resistance level at $0.2156.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.21416.

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

Failure to move back through to $0.21 levels could see Ripple’s XRP fall deeper into the red.

A fall back through to sub-$0.2080 levels would bring the first major support level at $0.2016 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.1938.

Looking at the Technical Indicators

Major Support Level: $0.2016

Major Resistance Level: $0.2156

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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