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

By March 20, 2020 Ethereum
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It’s another choppy start to the day, with the majors hitting reverse. Failure to break back through Thursday highs will test market resilience…

Coins of crypto currency are presented on a dark background. Virtual money concept.

EOS

EOS rallied by 13.71% on Thursday. Following on from a 1.68% gain on Wednesday, EOS ended the day at $2.0849.

A bearish start to the day saw EOS fall to an early morning intraday low $1.9747 before making a move.

Steering clear of the first major support level at $1.9189, EOS rallied to a late intraday high $2.4000.

EOS broke through the major resistance levels before easing back to $2.20 levels. In spite of the pullback, EOS held above the third major resistance level at $2.2423.

At the time of writing, EOS was down by 0.15% to $2.2816. A mixed start to the day saw EOS rise to an early morning high $2.3281 before falling to a low $2.2630.

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

For the day ahead

EOS would need to move back through to $2.30 levels to bring the first major resistance level at $2.4650 into play.

Support from the broader market would be needed, however, for EOS to break out from the Thursday’s high $2.4000.

Barring another extended rally, the first major resistance level at $2.4650 would likely cap any upside.

Failure to move through to $2.30 levels could see EOS fall deeper into the red.

A fall back through to sub-$2.1200 levels would bring the first major support level at $2.0400 into play.

Barring another crypto meltdown, however, EOS should steer well clear of $1.9000 support levels.

Major Support Level: $2.0397

Major Resistance Level: $2.4650

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 15.25% on Thursday. Following on from a 2.19% gain on Wednesday, Ethereum ended the day at $136.68

Tracking the broader market, Ethereum fell to an early morning intraday low $115.72 before finding support.

Steering clear of the first major support level at $112.89, Ethereum rallied to a late intraday high $144.44.

Ethereum broke through the major resistance levels before falling back to sub-$140 levels. In spite of the pullback, Ethereum held above the third major resistance level at $133.29.

At the time of writing, Ethereum was down by 0.37% to $136.17. A mixed start to the day saw Ethereum rise to an early morning high $140.27 before falling to a low $133.89.

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

For the day ahead

Ethereum would need to move back through to $140 levels to support a run at the first major resistance level at $148.84.

Support from the broader market would be needed, however, for Ethereum to breakout from Thursday’s high $144.44.

Barring a broad-based rebound, resistance at $140 would likely leave Ethereum short of the first major resistance level.

Failure to move through to $140 levels could see Ethereum struggle throughout the day.

A fall back through to sub-$132 levels would bring the first major support level at $120.12 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $103.56.

Major Support Level: $120.12

Major Resistance Level: $148.84

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 11.40% on Thursday. Following on from a 0.49% gain on Wednesday, Ripple’s XRP ended the day at $0.16509.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.14466 before finding support.

Steering clear of the first major support level at $0.1424, Ripple’s XRP rallied to a late intraday high $0.17322.

Ripple’s XRP broke through the major resistance levels before easing back to $0.165 levels. The pullback saw Ripple’s XRP fall back through the third major resistance level at $0.16550.

At the time of writing, Ripple’s XRP was down by 2.25% to $0.16138. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.15800 before striking a high $0.16711.

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 the morning high to $0.16711 to $0.17 levels to support a run at the first major resistance level at $0.1773.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the Thursday’s high $0.17322.

Barring a broad-based crypto rebound, resistance at $0.17 would likely leave Ripple’s XRP short of the first major resistance level at S0.1773.

Failure to move back through the morning high $0.16711 could see Ripple’s XRP fall deeper into the red.

A fall back through to sub-$0.1610 levels would bring the first major support level at $0.1488 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.15 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.1488

Major Resistance Level: $0.1773

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 rallied by 13.71% on […]

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