EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 16/12/19

EOS

EOS fell by 0.06% on Sunday. Following on from a 2.04% slide on Saturday, EOS ended the week down by 6.59% to $2.5765.

Tracking the broader market, EOS fell to an early morning intraday low $2.5464 before finding support.

Steering clear of the major support levels, EOS rallied to a mid-morning intraday high $2.6031.

Falling short of the first major resistance level at $2.6256, EOS fell back to $2.55 levels before closing out at $2.57 levels.

At the time of writing, EOS was down by 0.49% to $2.5638. A bearish start to the day saw EOS fall from an early morning high $2.5773 to a low $2.5601.

EOS left the major support and resistance levels untested early on

For the day ahead

EOS would need to move through to $2.5740 levels to support a run at the first major resistance level at $2.6023.

Support from the broader market would be needed, however, for EOS to break through to $2.60 levels.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $2.6031 would likely cap any upside.

Failure to move through to $2.5740 levels could see EOS slide deeper into the red. A fall through the morning low $2.5601 would bring the first major support level at $2.5456 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.50 levels. The second major support level at $2.5176 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $2.5456

Major Resistance Level: $2.6023

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.47% on Sunday. Partially reversing a 2.05% slide from Saturday, Ethereum ended the week down by 5.51% to $142.38.

A choppy start to the day saw Ethereum fall to an early morning intraday low $139.8.

Ethereum fell through the first major support level at $140.22 before rebounding to a mid-morning intraday high $143.99.

Falling short of the first major resistance level at $144.14, Ethereum fell back to $141 levels before closing out at $142 levels.

At the time of writing, Ethereum was down by 0.98% to $140.98. A bearish start to the day saw Ethereum fall from an early morning high $142.53 to a low $140.58.

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

For the day ahead

Ethereum would need to move back through to $142 levels to support a run at the first major resistance level at $144.31.

Support from the broader market would be needed for Ethereum to break out from the morning high $142.53.

Barring a broad-based crypto rebound, however, resistance at $144 would likely pin Ethereum back on the day.

Failure to move back through to $142 levels could see Ethereum struggle throughout the day.

A fall back through the morning low $140.58 would bring the first major support level at $140.12 and sub-$140 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $137.87.

Looking at the Technical Indicators

Major Support Level: $140.12

Major Resistance Level: $144.11

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 0.48% on Sunday. Partially reversing a 1.96% slide from Saturday, Ripple’s XRP ended the week down by 5.48% to $0.21834.

A mixed start to the day saw Ripple’s XRP rise from an early morning intraday low $0.21554 to a mid-morning intraday high $0.22039.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.2208.

Through the late morning, Ripple’s XRP fell back to sub-$0.21 levels and into the red before finding late support.

While closing out in the green, Ripple’s XRP failed to recover to $0.22 levels for a 2^nd consecutive day.

At the time of writing, Ripple’s XRP was down by 1.61% to $0.21482. A particularly bearish morning saw Ripple’s XRP fall from an early morning high $0.21835 to a low $0.21330.

Steering clear of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.2158.

The second major support level at $0.21320 limited the downside early on.

For the day ahead

A move back through to $0.2180 levels would support a run at the first major resistance level at $0.2206.

Support from the broader market would be needed for Ripple’s XRP to break out from Sunday’s high $0.22039.

Barring a broad-based crypto rebound, however, Ripple’s XRP would likely come up short of $0.22 levels on the day.

Failure to move back through to $0.2180 levels could see Ripple’s XRP lose more ground on the day.

A fall through the second major support level at $0.2132 could bring sub-$0.21 levels into play before any recovery.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the third major support level at $0.2084.

Looking at the Technical Indicators

Major Support Level: $0.2158

Major Resistance Level: $0.2206

23.6% FIB Retracement Level: $0.3841

38.2% FIB Retracement Level: $0.4964

62% FIB Retracement Level: $0.6780

Please let us know what you think in the comments below.

Thanks, Bob