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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 19/03/20

Bob Mason

EOS

EOS rose by 1.68% on Wednesday. Following on from a 3.74% gain on Tuesday, EOS ended the day at $2.0086.

A bullish start to the day saw EOS rise to an early morning intraday high $2.0149 before hitting reverse.

Falling short of the first major resistance level at $2.0547, EOS slid to a late morning intraday low $1.8772.

EOS fell through the first major support level at $1.8913 before moving back through to $2.00 levels and into the green.

At the time of writing, EOS was down by 0.48% to $1.9990. A mixed start to the day saw EOS rise to an early morning high $2.0428 before sliding to a low $1.9747.

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

For the day ahead

EOS would need to move through to $2.00 levels to bring the first major resistance level at $2.0566 into play.

Support from the broader market would be needed, however, for EOS to break out from the Wednesday’s high $2.0149.

Barring an extended rally, the first major resistance level at $2.0566 would likely cap any upside.

Failure to move through to $2.00 levels could see EOS fall deeper into the red.

A fall back through to sub-$1.9670 levels would bring the first major support level at $1.9189 into play.

Barring another crypto meltdown, however, EOS should steer well clear of the second major support level at $1.8292.

Looking at the Technical Indicators

Major Support Level: $1.9189

Major Resistance Level: $2.0566

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 2.19% on Wednesday. Following on from a 4.25% rally on Tuesday, Ethereum ended the day at $118.6.

A relatively bullish start to the day saw Ethereum rise to an early morning high $118.3 before hitting reverse.

Falling short of the major resistance levels, Ethereum fell to an early afternoon intraday low $110.18.

Finding support at the first major support level at $110.0, Ethereum rallied to a final hour intraday high $118.88.

While closing out the day in the green, Ethereum came up well short of the first major resistance level at $121.83.

At the time of writing, Ethereum was down by 1.83% to $116.43. A mixed start to the day saw Ethereum rise to an early morning high $120.49 before falling to a low $115.72.

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

For the day ahead

Ethereum would need to move back through to $120 levels to support a run at the first major resistance level at $121.50.

Support from the broader market would be needed, however, for Ethereum to breakout from Wednesday’s high $118.88.

Barring a broad-based rebound, resistance at $120 would likely leave Ethereum short of the first major resistance level.

Failure to move through to $120 levels could see Ethereum struggle throughout the day.

A fall back through to sub-$115.90 levels would bring the first major support level at $112.89 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of the second major support level at $107.19.

Looking at the Technical Indicators

Major Support Level: $112.89

Major Resistance Level: $121.59

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 0.49% on Wednesday. Following on from a 4.04% gain on Tuesday, Ripple’s XRP ended the day at $0.14819.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.15 before hitting reverse.

Falling short of the first major resistance level at $0.1536, Ripple’s XRP fell to an early afternoon intraday low $0.14035.

Finding support at the first major support level at $0.1413, Ripple’s XRP bounced back to wrap up the day in the green.

At the time of writing, Ripple’s XRP was down by 1.30% to $0.14627. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.14938 before falling to a low $0.14466.

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

For the day ahead

Ripple’s XRP will need to move back through the morning high to $0.14938 levels to support a run at the first major resistance level at $0.1520.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the Wednesday’s high $0.1500.

Barring a broad-based crypto rebound, the first major resistance level at S0.1520 would likely limit any upside.

Failure to move back through the morning high $0.14938 could see Ripple’s XRP fall deeper into the red.

A fall back through to sub-$0.1460 levels would bring the first major support level at $0.1424 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.14 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.1424

Major Resistance Level: $0.1520

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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