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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 28/01/20

Bob Mason

EOS

EOS surged by 8.64% on Monday. Following on from a 4.43% rally on Sunday, EOS ended the day at $3.9650.

It was a particularly bullish day on Monday. EOS rallied from an early morning intraday low $3.6496 to a late afternoon intraday high $4.0600.

The rally saw EOS break through the first major resistance level at $3.7337 and second major resistance level at $3.8173.

Coming up against the third major resistance level at $4.0513, EOS slipped back to sub-$4.00 levels late in the day.

At the start of the day, EOS had steered well clear of the major support levels,

At the time of writing, EOS was up by 1.56% to $4.0268. A bullish start to the day saw EOS rise from an early morning low $3.9688 to a high $4.0268.

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

For the day ahead

EOS would need to steer clear of sub-$4.00 levels to support a run at the first major resistance level at $4.1335.

Support from the broader market would be needed, however, for EOS to breakout from Monday’s high $4.0600.

Barring an extended crypto rally, resistance at $4.00 would likely pin EOS back from the first major resistance level at $4.1335.

Failure to hold onto $4.00 levels could see EOS hit reverse.

A fall back through to sub-$3.8915 levels would bring the first major support level at $3.7231 into play.

Barring another broad-based crypto sell-off, however, EOS should steer well clear of Monday’s low $3.6496.

Looking at the Technical Indicators

Major Support Level: $3.7231

Major Resistance Level: $4.1335

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 1.31% on Monday. Following on from a 4.59% rally on Sunday, Ethereum ended the day at $169.77.

A mixed start to the day saw Ethereum strike an early morning high $169.33 before hitting reverse.

Falling short of the major resistance levels, Ethereum fell to a late morning intraday low $164.89.

Steering clear of the first major support level at $161.76, Ethereum rallied to a late intraday high $171.7.

Ethereum broke through the first major resistance level at $170.26 before a late pullback to sub-$170 levels.

At the time of writing, Ethereum was up by 0.98% to $171.43. A bullish start to the day saw Ethereum rise from an early morning low $169.78 to a high $171.54.

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

For the day ahead

Ethereum would need to steer clear of sub-$170 levels to support a run at the first major resistance level at $172.68.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $171.70.

Barring an extended crypto rally, the first major resistance level at $172.68 would likely cap any upside.

In the event of a breakout, the second major resistance at $175.60 would likely come into play later in the day.

Failure to avoid sub-$170 levels could see Ethereum return to the red.

A fall through to sub-$168.80 levels would bring the first major support level at $165.87 into play before any recovery.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$165 levels on the day.

Looking at the Technical Indicators

Major Support Level: $165.87

Major Resistance Level: $172.68

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 0.26% on Monday. Following a 5.51% rally on Sunday, Ripple’s XRP ended the day at $0.23089.

A choppy start to the day saw Ripple’s XRP rise to an early morning high $0.23361 before hitting reverse.

Falling short of the major resistance levels, Ripple’s XRP fell to a late morning intraday low $0.22630.

Steering clear of the first major support level at $0.2220, Ripple’s XRP rallied to a late intraday high $0.23395.

Ripple’s XRP broke through the first major resistance level at $0.23680 before a late pullback into the red.

At the time of writing, Ripple’s XRP was up by 1.13% to $0.23350. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.23113 to a high $0.23442.

Steering clear of the major support levels, Ripple’s XRP came within range of the first major resistance level at $0.23450.

For the day ahead

Ripple’s XRP will need to move back through the morning high $0.23442 to support a breakout from the first major resistance level at $0.23450.

Support from the broader market would be needed, however, for Ripple’s XRP to break through the first major resistance level.

Barring a broad-based crypto rally, the first major resistance level at $0.23450 would likely continue to pin Ripple’s XRP back from $0.24 levels.

Failure to move back through the morning high $0.23445 could see Ripple’s XRP hit reverse.

A fall through to sub-$0.23 levels would bring the first major support level at $0.2268 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer of sub-$0.22 levels. The second major support level at $0.2227 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.2268

Major Resistance Level: $0.2345

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

This article was originally posted on FX Empire

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