UK markets open in 30 minutes

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 21/03/20

Bob Mason

EOS

EOS slid by 7.51% on Friday. Partially reversing a 13.71% rally from Thursday, EOS ended the day at $2.2047.

A bullish start to the day saw EOS rally to a late morning intraday high $2.5258 before hitting reverse.

EOS broke through the first major resistance level at $2.4650 before tumbling to a late intraday low $1.8900.

The reversal saw EOS fall through the first major support level at $2.0397 before finding late support.

At the time of writing, EOS was down by 0.75% to $2.1882. A mixed start to the day saw EOS rise to an early morning high $2.2904 before falling to a low $2.1626.

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

For the day ahead

EOS would need to move through to $2.2070 levels to bring the first major resistance level at $2.5237 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.2904.

Barring another extended rally, resistance at $2.40 levels would likely leave EOS short the first major resistance level at $2.5237.

Failure to move through to $2.2070 levels could see EOS fall deeper into the red.

A fall back through to sub-$2.20 levels would bring the first major support level at $1.8879 into play.

Barring another crypto meltdown, however, EOS should steer well clear of $1.8 support levels.

Looking at the Technical Indicators

Major Support Level: $1.8879

Major Resistance Level: $2.5237

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 2.47% on Friday. Partially reversing a 15.25% rally from Thursday, Ethereum ended the day at $133.27

A bullish start to the day saw Ethereum rally to a late morning intraday high $154.00 before hitting reverse.

Ethereum broke through the first major resistance level at $148.84 before sliding to a late intraday low $115.51.

Ethereum fell through the first major support level at $120.12 before rebounding to $133 levels.

At the time of writing, Ethereum was down by 1.88% to $130.76. A mixed start to the day saw Ethereum rise to an early morning high $137.62 before falling to a low $127.81.

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

For the day ahead

Ethereum would need to move through to $134 levels to support a run at the first major resistance level at $153.01.

Support from the broader market would be needed, however, for Ethereum to break back through to $150 levels.

Barring a broad-based rebound, resistance at $140 would likely leave Ethereum short of the first major resistance level.

Failure to move through to $134 levels could see Ethereum struggle throughout the day.

A fall back through to sub-$125 levels would bring the first major support level at $114.52 into play.

Barring an extended crypto sell-off, however, Ethereum should steer well clear of sub-$100 support levels.

Looking at the Technical Indicators

Major Support Level: $114.52

Major Resistance Level: $153.01

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 4.89% on Friday. Partially reversing an 11.40% rally from Thursday, Ripple’s XRP ended the day at $0.15685.

A bullish start to the day saw Ripple’s XRP rally to a late morning intraday high $0.1753 before succumbing market forces.

Falling short of the first major support level at $0.1773, Ripple’s XRP slid to a late morning intraday low $0.14466.

Finding support at the first major support level at $0.14488, Ripple’s XRP recovered to $0.15 levels to limit the loss on the day.

At the time of writing, Ripple’s XRP was down by 0.84% to $0.15553. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.16172 before falling to a low $0.15397.

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 to $0.1590 levels to support a run at the first major resistance level at $0.1732.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.16172.

Barring a broad-based crypto rebound, resistance at $0.16 would likely leave Ripple’s XRP short of the first major resistance level at S0.1732.

Failure to move back through to $0.1590 levels could see Ripple’s XRP fall deeper into the red.

A fall back through to sub-$0.1540 levels would bring the first major support level at $0.1426 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: $0.1426

Major Resistance Level: $0.1732

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

More From FXEMPIRE: