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

By May 5, 2020Ethereum
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It’s a positive start to the day. The majors will need to move back through Monday’s highs, however, to bring resistance levels into play.

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EOS

EOS fell by 2.48% on Monday. Following on from a 3.55% slide on Sunday, EOS ended the day at $2.7693.

A bearish start to the day saw EOS slide from an early morning intraday high $2.8466 to a mid-morning intraday low $2.6274.

EOS fell through the first major support level at $2.7326. Finding support at the second major support level at $2.6273, EOS recovered to $2.73 levels before sliding back.

Through the 2nd half of the day, EOS managed to break back through the first major support level to a high $7.7982 before easing back.

At the time of writing, EOS was up by 0.22% to $2.7754. A bullish start to the day saw EOS rise from an early morning low $2.7690 to a high $2.7800.

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

For the day ahead

EOS would need to move through to $2.80 levels to bring the first major resistance level at $2.8681 into play.

Support from the broader market would be needed, however, for EOS to break out from Monday’s high $2.8466.

Barring a broad-based crypto rally, the first major resistance level at $2.8681 would likely leave EOS short of $2.90 levels.

Failure to move through to $2.80 levels would see EOS struggle throughout the day.

A fall through to sub-$2.75 levels would bring the first major support level at $2.6489 into play.

Barring an extended crypto sell-off, however, EOS should steer well clear of sub-$2.60 levels on the day.

Major Support Level: $2.6489

Major Resistance Level: $2.8681

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum declined by 1.61% on Monday. Following on from a 1.87% fall on Sunday, Ethereum ended the day at $206.86.

A bearish start to the day saw Ethereum slide from an early morning intraday high $210.96 to a mid-morning intraday low $195.17.

Ethereum fell through the first major support level at $203.85 and the second major support level at $197.47.

Finding support in the late morning, Ethereum moved back through to $202 levels before falling back to $198 levels.

Through the 2nd half of the day, Ethereum recovered to a high $209.41 before easing back. The recovery saw Ethereum back through and hold above the first major support level at $203.85.

At the time of writing, Ethereum was up by 0.31% to $207.51. A mixed start to the day saw Ethereum rise to an early morning high $208.21 before falling to a low $206.92.

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

For the day ahead

Ethereum would need to move through to $210 levels to bring the first major resistance level at $213.49 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $210.96.

Barring an extended crypto rally, the first major resistance level at $213.49 would likely limit any upside.

Failure to move through to $210 levels could see Ethereum struggle throughout the day.

A fall back through to sub-$204.30 levels would bring the first major support level at $197.70 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$190 support levels on the day.

Major Support Level: $197.70

Major Resistance Level: $213.49

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slipped by 0.64% on Monday. Following on from a 2.00% decline on Sunday, Ripple’s XRP ended the day at $0.21785.

Tracking the broader market, Ripple’s XRP slid from an early morning intraday high $0.22090 to a mid-morning intraday low $0.20723.

Ripple’s XRP fell through the first major support level at $0.2142 and the second major support level at $0.2092.

Through the late morning, Ripple’s XRP recovered to $0.2128 levels before sliding back to sub-$0.21 levels.

Finding support at the second major support level at $0.2092, Ripple’s XRP struck a late high $0.21997 before easing back.

While breaking back through the first major support level at $0.2142, resistance at $0.22 pinned Ripple’s XRP back late on.

At the time of writing, Ripple’s XRP was up by 0.18% to $0.21824. A range-bound start to the day saw Ripple’s XRP rise from an early morning low $0.21807 to a high $0.21900.

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 $0.22 levels to support a run at the first major resistance level at $0.2234.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.2209.

Barring an extended crypto rally, the first major resistance level would likely limit any upside on the day.

Failure to move through to $0.22 levels could see Ripple’s XRP fall back into the red.

A fall through to sub-$0.2150 levels would bring the first major support level at $0.2098 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.2017.

Looking at the Technical Indicators

Major Support Level: $0.2098

Major Resistance Level: $0.2234

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 fell by 2.48% […]

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