EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 15/05/20

By May 14, 2020Ethereum
Click here to view original web page at www.fxempire.com
Depositphotos_193678068_s-2019

EOS

EOS rallied by 4.01% on Thursday. Following on from a 3.77% gain on Wednesday, EOS ended the day at $2.6261.

A choppy start to the day saw EOS fall to a mid-morning intraday low $2.4687 before finding support.

Steering clear of the first major support level at $2.4445, EOS rallied to a late intraday high $2.6519.

EOS broke through the first major resistance level at $2.5839 and the second major resistance level at $2.6416.

A pullback late in the day, however, saw EOS fall back through the second major resistance level.

At the time of writing, EOS was down by 2.22% to $2.5678. A bearish start to the day saw EOS slide from an early morning high $2.6351 to a low $2.5361.

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

For the day ahead

EOS would need to move through to $2.5820 levels to bring the first major resistance level at $2.6958 into play.

Support from the broader market would be needed, however, for EOS to break out from Thursday’s high $2.6519.

Barring a broad-based crypto rebound, however, resistance at $2.60 would likely leave EOS short of the major resistance levels.

Failure to move back through to $2.5820 levels would see EOS slide deeper into the red.

A fall through the morning low $2.5361 would bring the first major support level at $2.5126 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.3990.

Major Support Level: $2.5126

Major Resistance Level: $2.6958

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 1.74% on Thursday. Following on from a 5.26% rally on Wednesday, Ethereum ended the day at $203.40.

Tracking the broader market, Ethereum fell to a mid-morning intraday low $195.70 before making a move.

Steering clear of the first major support level at $191.66, Ethereum rallied to a late morning intraday high $206.25.

Ethereum broke through the first major resistance level at $204.89 before sliding back to $196 levels.

Finding support late in the day, however, Ethereum bounced back to end the day in the green.

At the time of writing, Ethereum was down by 1.92% to $199.49. A bearish start to the day saw Ethereum fall from an early morning high $204.30 to a low $196.82.

Ethereum fell through the first major support level at $197.32 before finding support.

For the day ahead

Ethereum would need to move through to $201.80 levels to bring the first major resistance level at $207.87 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $206.25.

Barring a broad-based crypto rebound, resistance at $205 would likely leave Ethereum short of the major resistance levels.

Failure to move back through to $201.80 levels could see Ethereum take a bigger hit.

A fall back through the first major support level would bring the second major support level at $191.23 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$190 levels.

Major Support Level: $197.32

Major Resistance Level: $207.87

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 0.96% on Thursday. Following a 2.53% gain on Wednesday, Ripple’s XRP ended the day at $0.20406.

A mixed start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.19809 before finding support.

Steering clear of the first major support level at $0.1971, Ripple’s XRP rallied to a late morning intraday high $0.20642.

Ripple’s XRP broke through the first major resistance level at $0.2055 before sliding back into the red.

Finding support late in the day, however, Ripple’s XRP recovered to end the day in the green.

At the time of writing, Ripple’s XRP was down by 2.05% to $0.19988. A bearish start to the day saw Ripple’s XRP slide from an early morning high $0.20484 to a low $0.19695.

Ripple’s XRP fell through the first major support level at $0.1993 before finding support.

For the day ahead

Ripple’s XRP will need to move through to $0.2030 levels to bring the first major resistance level at $0.2076 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.20642.

Barring an extended crypto rebound, the first major resistance level at $0.2076 would likely limit any upside.

Failure to avoid sub-$0.2030 levels could see Ripple’s XRP fall deeper into the red.

A fall back through the first major support level would bring the second major support level at $0.1945 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.19 support levels.

Looking at the Technical Indicators

Major Support Level: $0.1993

Major Resistance Level: $0.2076

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 4.01% on Thursday. Following on from a 3.77% gain on Wednesday, EOS ended the day at $2.6261.

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

Leave a Reply