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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 16/02/20

Bob Mason

EOS

EOS tumbled by 11.38% on Saturday. Following a 0.08% gain on Friday, EOS ended the day at $4.75.

Bearish throughout the day, EOS fell from an early morning intraday high $5.3872 to a late afternoon intraday low $4.5060.

Steering clear of the major resistance levels, EOS fell through the day’s major support levels.

Through the late part of the day, EOS found support to wrap up the day at $4.75 levels. In spite of the partial recovery, EOS failed to break back through the third major support level at $4.9214.

At the time of writing, EOS was up by 1.42% to $4.8173. A bullish start to the day saw EOS rise from an early morning low $4.6756 to a high $4.8500.

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

For the day ahead

EOS would need to move through to $4.88 levels to support a run at the first major resistance level at $5.2561.

Support from the broader market would be needed, however, for EOS to break back through to $5.00 levels.

Barring an extended crypto rally, the first major resistance level at $5.2561 would likely cap the upside on the day.

Failure to move through to $4.88 levels could see EOS give up the early gains.

A fall back through the morning low $4.6756 would bring the first major support level at $4.3749 into play.

Barring another crypto sell-off, however, EOS should steer of sub-$4.00 levels and the second major support level at $3.9999.

Looking at the Technical Indicators

Major Support Level: $4.3749

Major Resistance Level: $5.2561

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 7.35% on Saturday. Reversing a 6.67% rally from Friday, Ethereum ended the day at $264.92.

A bullish start to the day saw Ethereum rally to an early morning intraday high $290.00 before hitting reverse.

Falling short of the first major resistance level at $296.12, Ethereum tumbled to a late afternoon intraday low $261.35.

Ethereum fell through the first major support level at $268.27 before finding support.

A move back through the first major support level to $270 levels was brief, however, with Ethereum sliding back to sub-$265 levels.

At the time of writing, Ethereum was up by 2.24% to $270.86. A bullish start to the day saw Ethereum rise from an early morning low $258.00 to a high $274.00.

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

For the day ahead

Ethereum would need to move back through to $272 levels to bring the first major resistance level at $282.83 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $274.00.

Barring an extended crypto rally, resistance at $280.00 would likely leave Ethereum short of the first major resistance level.

Failure to move through to $272 levels could see Ethereum slide into the red.

A fall back through the morning low $258 would bring the 23.6% FIB of $257 and the first major support level at $254.18 into play.

Barring another crypto meltdown, however, Ethereum should steer clear of sub-$250 levels.

Looking at the Technical Indicators

Major Support Level: $254.18

Major Resistance Level: $282.83

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slid by 8.42% on Saturday. Reversing a 2.84% gain from Friday, Ripple’s XRP ended the day at $0.30741.

A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.34639 before hitting reverse.

Coming up against the first major resistance level at $0.3463, Ripple’s XRP tumbled to a late afternoon intraday low $0.29408.

The reversal saw Ripple’s XRP fall through the first major support level at $0.3180 and the second major support level at $0.3002.

Finding support late on, Ripple’s XRP bounced back to $0.317 levels before sliding back to wrap up the day at sub-$0.31 levels.

At the time of writing, Ripple’s XRP was up by 2.67% to $0.31562. A bullish start to the day saw Ripple’s XRP rally from an early morning low $0.29912 to a high $0.31862.

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

For the day ahead

Ripple’s XRP will need to break back through to $0.3160 levels to support a run at the first major resistance level at $0.3378.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.32 levels.

Barring an extended crypto rally, resistance at $0.33 would likely pin Ripple’s XRP back from the first major resistance level.

Failure to move back through to $0.3160 levels could see Ripple’s XRP hit reverse.

A fall back through to sub-$0.30 levels would bring the first major support level at $0.2855 into play.

Barring another crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.30 levels on the day

Looking at the Technical Indicators

Major Support Level: $0.2855

Major Resistance Level: $0.3378

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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