EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 02/05/20

By May 2, 2020Ethereum
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EOS

EOS rose by 1.53% on Friday. Partially reversing a 5.78% slide from Thursday, EOS ended the day at $2.8723.

A mixed start to the day saw EOS fall to an early morning intraday low $2.8234 before making a move.

Steering clear of the first major support level at $2.6746, EOS rallied to a late morning intraday high $2.9327.

Falling short of the first major resistance level at $3.0442, EOS fell back to $2.83 levels before wrapping up the day at $2.87 levels.

At the time of writing, EOS was down by 0.39% to $2.8611. A mixed start to the day saw EOS rise to an early morning high $2.8818 before falling to a low $2.8610.

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

For the day ahead

EOS would need to move through to $2.8760 levels to support a run at the first major resistance level at $2.9289.

Support from the broader market would be needed, however, for EOS to break back through to $2.90 levels.

Barring another extended crypto rally, the first major resistance level and Friday’s high $2.9327 would likely limit any upside.

Failure to move through to $2.8760 levels could see EOS fall deeper into the red.

A fall through to sub-$2.86 levels would bring the first major support level at $2.8196 into play before any recovery.

Barring a crypto sell-off, however, EOS should steer well clear of sub-$2.70 levels. The second major support level at $2.7668 should limit any downside on the day.

Major Support Level: $2.7668

Major Resistance Level: $2.9289

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 2.85% on Friday. Partially reversing a 4.41% slide from Thursday, Ethereum ended the day at $212.09.

A bullish start to the day saw Ethereum rally from an early morning intraday low $206.18 to a late morning intraday high $217.58.

Falling short of the first major resistance level at $221.72, Ethereum fell back to $208 levels before finding support.

Finding late support, Ethereum bounced back to $212 levels to wrap up the day in the green.

At the time of writing, Ethereum was up by 0.40% to $212.94. A mixed start to the day saw Ethereum fall to an early morning low $211.22 before striking a high $213.55.

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

For the day ahead

Ethereum would need to avoid sub-$212 levels to support a run at the first major resistance level at $217.72.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $213.55

Barring an extended crypto rally, the first major resistance level and Friday’s high $217.58 should limit any upside.

Failure to avoid sub-$212 levels could see Ethereum hit reverse.

A fall back through sub-$212 levels would bring the first major support level at $206.32 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$200 levels on the day. The second major support level at $200.55 should limit any downside.

Major Support Level: $206.32

Major Resistance Level: $217.72

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 2.94% on Friday. Partially reversing a 6.49% slide from Thursday, Ripple’s XRP ended the day at $0.21783.

Tracking the broader market, Ripple’s XRP rallied from an early intraday low $0.21121 to a late morning intraday high $0.22445.

Falling short of the first major resistance level at $0.2288, Ripple’s XRP fell back to sub-$0.2140 levels before finding support.

At the time of writing, Ripple’s XRP was up by 0.38% to $0.21700. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.21837 before falling to a slow $0.21622.

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 $0.2180 levels to support a run at the first major resistance level at $0.2245.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.22 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $0.22445 would likely leave Ripple’s XRP short of $0.23 levels.

Failure to move through to $0.2180 levels could see Ripple’s XRP slide deeper into the red.

A fall through the morning low $0.21622 would bring the first major support level at $0.2112 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.20 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.2112

Major Resistance Level: $0.2245

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 1.53% on Friday. Partially reversing a 5.78% slide from Thursday, EOS ended the day at $2.8723.

A mixed start to the day saw EOS fall to […]

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