EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 16/03/20

By March 16, 2020 Ethereum
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It’s back into the deep red for the majors, with the cryptos finding little support following last week’s sell-off. Support levels are in play.

Crypto00 567

EOS

EOS rose by 3.90% on Sunday. Partially reversing a 6.90% slide from Saturday, EOS ended the week down 32.93% at $2.0526.

A mixed start to the day saw EOS fall to an early morning intraday low $1.9550 before rising to a mid-day high $2.1162.

Steering clear of the major support and resistance levels, EOS slid to $2.000 before striking a late intraday high $2.1600.

EOS broke through the first major resistance level at $2.0949 before falling back to sub-$2.06 levels.

At the time of writing, EOS was down by 2.09% to $2.0096. A mixed start to the day saw EOS rise to an early morning high $2.0577 before falling to a low $1.9932.

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

For the day ahead

EOS would need to move back through to $2.060 levels to bring the first major resistance level at $2.1567 back into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.0577.

Barring a broad-based crypto rebound, resistance at $2.100 would likely leave EOS short of the first major resistance level.

Failure to move back through to $2.060 levels could see EOS fall deeper into the red.

A fall back through the morning low to sub-$1.9932 levels would bring the first major support level at $1.9517 into play.

Barring another crypto meltdown, however, EOS should steer well clear of the second major support level at $1.8509.

Looking at the Technical Indicators

Major Support Level: $1.9517

Major Resistance Level: $2.1567

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.97% on Sunday. Partially reversing a 9.80% tumble from Saturday, Ethereum ended the week down 38.20% at $123.3.

A mixed start to the day saw Ethereum fall to an early morning intraday low $119.84 before striking a mid-day high $129.33.

Steering clear of the major support and resistance levels, Ethereum fell back to sub-$120 levels before making a move.

Ethereum rallied to a late intraday high $134.10 before falling back to $120 levels.

The late rally saw Ethereum break through the first major resistance level at $131.79 before sliding back.

At the time of writing, Ethereum was down by 2.17% to $120.62. A mixed start to the day saw Ethereum fall to an early morning low $119.42 before striking a high $123.75.

Steering clear of the major support and resistance levels, Ethereum fell back into the red by mid-morning.

For the day ahead

Ethereum would need to move through to $125.8 levels to support a run at the first major resistance level at $131.65.

Support from the broader market would be needed, however, for Ethereum to breakout from the morning high $123.75.

Barring another broad-based crypto rally, resistance at $130 would likely leave Ethereum short of the first major resistance level.

Failure to move through to $125.80 levels could see Ethereum struggle throughout the day.

A fall back through to sub-$120.00 would bring the first major support level at $117.39 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $111.49.

Looking at the Technical Indicators

Major Support Level: $117.39

Major Resistance Level: $131.65

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 4.53% on Sunday. Partially reversing an 8.18% slide from Saturday, Ripple’s XRP ended the week down 25.06% at $0.15358.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.14534 before rising to a mid-day high $0.1600.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.1569.

Ripple’s XRP fell back to sub-$0.15 levels in the afternoon before striking a late intraday high $0.16597.

The rally saw Ripple’s XRP break through the first major resistance level and second major resistance level at $0.1671 before sliding back.

Ripple’s XRP fell back through the major resistance levels to wrap up the week at sub-$0.1540 levels.

At the time of writing, Ripple’s XRP was down by 2.66% to $0.14950. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.15383 before falling to a low $0.14900.

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

For the day ahead

Ripple’s XRP will need to move through to $0.1550 levels to support a run at the first major resistance level at $0.1646.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.15383.

Barring a broad-based crypto rally, resistance at S0.15 would likely limit any upside.

Failure to move through to $0.1550 levels could see Ripple’s XRP fall deeper into the red.

A fall back through to sub-$0.1490 levels would bring the first major support level at $0.1440 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.14 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.1440

Major Resistance Level: $0.1646

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 3.90% […]

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