EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 03/05/20

EOS

EOS rose by 2.52% on Saturday. Following on from a 1.53% gain on Friday, EOS ended the day at $2.9417.

A mixed start to the day saw EOS fall to an early morning intraday low $2.8571 before making a move.

Steering clear of the first major support level at $2.8196, EOS rallied to a late afternoon high $2.9351.

EOS broke through the first major resistance level at $2.9289 before falling back to sub-$2.89 levels.

Finding late support, EOS broke back through the first major resistance level to a final hour intraday high $2.9495.

At the time of writing, EOS was up by 1.62% to $2.9895. A bullish start to the day saw EOS rally from an early morning low $2.9415 to a high $3.0136.

EOS broke through the first major resistance level at $2.9751 and the second major resistance level at $3.0085.

For the day ahead

EOS would need to break back through the second major resistance level at $3.0085 to bring the third major resistance level at $3.1009 into play.

Support from the broader market would be needed, however, for EOS to break back through to $3.00 levels.

Barring another extended crypto rally, the second major resistance level and resistance at $3.00 would likely limit any upside.

Failure to break back through the second major resistance level at $3.0085 could see EOS give up early gains.

A fall through to sub-$2.9160 levels would bring the first major support level at $2.8827 into play before any recovery.

Barring a crypto sell-off, however, EOS should steer well clear of sub-$2.90 levels on the day.

Looking at the Technical Indicators

Major Support Level: $2.8827

Major Resistance Level: $2.9751

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 1.02% on Saturday. Following on from a 2.85% gain on Friday, Ethereum ended the day at $214.25.

Tracking the broader market, Ethereum fell to a mid-morning intraday low $210.57 before making a move.

Steering clear of the first major support level at $206.32, Ethereum rallied to a late afternoon intraday high $215.59.

Falling short of the first major resistance level at $217.72, Ethereum fell back to sub-$212 levels and into the red.

Finding late support from the broader market, Ethereum recovered to $214 levels to wrap up the day in the green.

At the time of writing, Ethereum was up by 1.59% to $217.66. A bullish start to the day saw Ethereum rally from an early morning low $213.74 to a high $219.48.

Steering clear of the major support levels, Ethereum broke through the first major resistance level at $216.37 and second major resistance level at $218.49.

For the day ahead

Ethereum would need to break back through the second major resistance level at $218.49 to bring $220 levels into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $219.48.

Barring an extended crypto rally, the second major resistance level and resistance at $220 should limit any upside.

Failure to break back through the second major resistance level could see Ethereum hit reverse.

A fall back through sub-$213.50 levels would bring the first major support level at $211.35 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $208.45.

Looking at the Technical Indicators

Major Support Level: $211.35

Major Resistance Level: $216.37

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 2.80% on Saturday. Following on from a 2.94% rally on Friday, Ripple’s XRP ended the day at $0.22392.

A mixed start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.21541 before finding support.

Steering clear of the first major support level at $0.2112, Ripple’s XRP rallied to a late afternoon intraday high $0.22557.

Ripple’s XRP broke through the first major resistance level at $0.2245 before falling back to sub-$0.2210 levels.

Finding late support, however, Ripple’s XRP bounced back to wrap up the day at $0.2230 levels.

At the time of writing, Ripple’s XRP was up by 0.70% to $0.22548. A bullish start to the day saw Ripple’s XRP rally from an early morning low $0.22337 to a high $0.22684.

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-$0.2220 levels to support another run at the first major resistance level at $0.2279.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.22684.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $0.22557 would likely leave Ripple’s XRP short of $0.23 levels.

Failure to avoid sub-$0.2220 levels could see Ripple’s XRP hit reverse.

A fall through the morning low to sub-$0.2220 levels would bring the first major support level at $0.2177 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.2115.

Looking at the Technical Indicators

Major Support Level: $0.2177

Major Resistance Level: $0.2279

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