EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 11/04/20

EOS

EOS tumbled by 8.69% on Friday. Following on from a 0.49% decline on Thursday, EOS ended the day at $2.4933.

A bullish start to the day saw EOS rise to an early morning intraday high $2.7440 before hitting reverse.

Falling short of the first major resistance level at $2.7676, EOS slid to a late afternoon intraday low $2.4157.

EOS fell through the major support levels of the day before finding support. While briefly moving back through to $2.50 levels, EOS failed to break back through the third major support level at $2.5555.

At the time of writing, EOS was up by 1.24% to $2.5242. A bullish start to the day saw EOS rise from an early morning low $2.4879 to a high $2.5273.

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

For the day ahead

EOS would need to move through to $2.55 levels to support a run at the first major resistance level at $2.6863.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.5273.

Barring an extended crypto rally, resistance at $2.50 would likely leave EOS short of the first major resistance level at $2.6863.

Failure to move through to $2.55 levels could see EOS hit reverse once more.

A fall back through the morning low $2.4879 would bring the first major support level at $2.3580 into play.

Barring another crypto meltdown, however, EOS should steer clear of the second major support level at $2.2227.

Looking at the Technical Indicators

Major Support Level: $2.3580

Major Resistance Level: $2.6863

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 6.84% on Friday. Following on from a 2.12% fall on Thursday, Ethereum ended the day at $158.10.

Tracking the broader market, Ethereum rose to an early morning intraday high $170.39 before hitting reverse.

Falling short of the first major resistance level at $173.76, Ethereum slid to a late afternoon intraday low $152.30.

Ethereum fell through the day’s major support levels before support kicked in late in the day.

A partial recovery saw Ethereum break back through the third major support level at $153.08 to visit $160 before easing back.

At the time of writing, Ethereum was up by 0.92% to $159.56. A bullish start to the day saw Ethereum rise from an early morning low $158.02 to a high $160.73.

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

For the day ahead

Ethereum would need to move back through to $160 levels to support a run at the first major resistance level at $168.23.

Support from the broader market would be needed, however, for Ethereum to breakout from the morning high $160.73.

Barring an extended crypto rally, resistance at $165 would likely leave Ethereum short of the first major resistance level.

Failure to move back through to $160 levels could see Ethereum struggle later in the day.

A fall through to sub-$158 levels would bring the first major support level at $150.14 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$150 support levels.

Looking at the Technical Indicators

Major Support Level: $150.14

Major Resistance Level: $168.23

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 5.73% on Friday. Following on from a 1.83% fall on Thursday, Ripple’s XRP ended the day at $0.18798.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.19899 before hitting reverse.

Falling short of the first major resistance level at $0.2026, Ripple’s XRP slid to a late afternoon intraday low $0.18186.

Ripple’s XRP fell through the first major support level at $0.1940 and the second major support level at $0.1895.

Finding late support, Ripple’s XRP briefly broke back through the second major support level before falling back to sub-$0.19 levels.

At the time of writing, Ripple’s XRP was up by 1.43% to $0.19067. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.18776 to a high $0.19120.

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-$0.19 levels to support a run at the first major resistance level at $0.1974.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.19120.

Barring an extended crypto rally, the first major resistance level at $0.1974 would likely limit any upside on the day.

In the event of a breakout, the second major resistance level at $0.2067 would likely come into play.

Failure to avoid sub-$0.19 levels could see Ripple’s XRP hit reverse.

A fall through the morning low $0.18776 levels would bring the first major support level at $0.1802 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.18 levels.

Looking at the Technical Indicators

Major Support Level: $0.1802

Major Resistance Level: $0.1974

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