EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 18/05/20

By May 18, 2020Ethereum
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It’s a bullish start to the day, with resistance levels in play early on. Steering clear of early lows would support an extended breakout.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

EOS

EOS fell by 0.55% on Sunday. Following on from a 1.90% gain on Saturday, EOS ended the week up by 6.99% to $2.6179.

A mixed start to the day saw EOS rise from an early morning low $2.6228 to a mid-morning high $2.6602.

Steering clear of the major support and resistance levels, EOS fell back to $2.62 levels before striking a mid-afternoon intraday high $2.6764.

Falling short of the first major resistance level at $2.6890, EOS slid back to a late intraday low $2.6201.

Steering clear of the first major support level at $2.5732, EOS recovered to $2.63 levels before falling back into the red.

At the time of writing, EOS was up by 0.76% to $2.6378. A bullish start to the day saw EOS rise from an early morning low $2.6102 to a high $2.6379.

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

For the day ahead

EOS would need to move through to $2.65 levels to bring the first major resistance level at $2.6657 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.6379.

Barring an extended crypto rally, however, the major first resistance level would likely cap any upside.

Failure to move back through to $2.65 levels would see EOS hit reverse.

A fall through to sub-$2.6290 levels would bring the first major support level at $2.5807 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.5436.

Major Support Level: $2.5807

Major Resistance Level: $2.6657

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 3.27% on Sunday. Following on from a 3.02% gain on Saturday, Ethereum ended the week up by 10.34% to $207.05.

A relatively range-bound morning saw Ethereum rise from an early morning intraday low $199.1 to a mid-afternoon intraday high $210.00.

Ethereum broke through the first major resistance level at $204.85 and the second major resistance level at $209.16.

Late in the day, Ethereum fell back to $206 levels before revisiting $209 levels.

Coming up against the second major resistance level at $209.16, Ethereum fell back to $206 levels before steadying.

At the time of writing, Ethereum was up by 2.23% to $211.67. A bullish start to the day saw Ethereum rise from an early morning low $206.99 to a high $211.82.

Ethereum broke through the first major resistance level at $211.67 early on.

For the day ahead

Ethereum would need to avoid sub-$210 levels to bring the second major resistance level at $216.28 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $211.82.

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

Failure to avoid sub-$210 levels could see Ethereum hit reverse.

A fall back through the morning low to sub-$205.40 levels would bring the first major support level at $200.77 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$200 levels.

Major Support Level: $200.77

Major Resistance Level: $211.67

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 0.79% on Sunday. Following on from a 0.81% gain on Saturday, Ripple’s XRP ended the week up by 2.07% to $0.20108.

It was a bullish end to the week. Ripple’s XRP rallied from an early morning intraday low $0.19882 to a mid-afternoon intraday high $0.20479.

Ripple’s XRP broke through the first major resistance level at $0.2024 to come within range of the second major resistance level at $0.20530.

A late afternoon pullback saw Ripple’s XRP fall to a low $0.20086 before finding support.

Ripple’s XRP fell back through the first major resistance level before finding support.

At the time of writing, Ripple’s XRP was up by 1.23% to $0.20356. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.20107 to a high $0.20371.

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

For the day ahead

Ripple’s XRP will need to avoid sub-$0.2020 levels to support a run at the first major resistance level at $0.2043.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.20371.

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

Failure to avoid sub-$0.2020 levels could see Ripple’s XRP give up the early gains.

A fall back through the morning low $0.20107 would bring the first major support level at $0.1983 into play.

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

The second major support level at $0.1956 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.1983

Major Resistance Level: $0.2043

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 0.55% […]

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