EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 23/04/20

EOS

EOS rallied by 4.09% on Wednesday. Following on from a 0.74% gain on Tuesday, EOS ended the day at $2.6268.

A bearish start to the day saw EOS fall to an early morning intraday low $2.5098 before making a move.

Steering clear of the first major support level at $2.4807, EOS rallied to a late afternoon intraday high $2.6607.

EOS broke through the first major resistance level at $2.5692 and the second major resistance level at $2.6153.

Late in the day, EOS briefly fell back through the second major resistance level before wrapping up the day at $2.62 levels.

At the time of writing, EOS was up by 0.18% to $2.6314. A bearish start to the day saw EOS fall to an early morning low $2.6085 before striking a high $2.6519.

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

For the day ahead

EOS would need to move back through to $2.65 levels to support a run at the first major resistance level at $2.6884.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.6607.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

Failure to move back through to $2.65 levels could see EOS give up the early gains.

A fall through to sub-$2.60 levels would bring the first major support level at $2.5375 into play before any recovery.

Barring a crypto sell-off, however, EOS should steer clear of the second major support level at $2.4482.

Looking at the Technical Indicators

Major Support Level: $2.5375

Major Resistance Level: $2.6884

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 7.05% on Wednesday. Following on from a 0.40% gain on Tuesday, Ethereum ended the day at $183.11

A bearish start to the day saw Ethereum fall to an early morning intraday low $170.02 before finding support.

Steering clear of the first major support level at $168.03, Ethereum rallied to a late afternoon intraday high $184.41.

Ethereum broke through the first major resistance level at a$174.52 and second major resistance level at $177.97.

Coming up against the third major resistance level at $184.46, Ethereum slipped back to $180 levels before wrapping up the day at $183.11.

At the time of writing, Ethereum was up by 1.05% to $185.04. A mixed start to the day saw Ethereum fall to an early morning low $181.67 before striking a high $187.35.

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

For the day ahead

Ethereum would need to move back through to $187 levels to support a run at the first major resistance level at $188.34.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $187.35.

Barring an extended crypto rally, the first major resistance level $188.34 would likely cap any upside.

Failure to move back through to $187 levels could see Ethereum hit reverse.

A fall through to sub-$180 levels would bring the first major support level at $173.95 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $164.79.

Looking at the Technical Indicators

Major Support Level: $173.95

Major Resistance Level: $188.34

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 2.74% on Wednesday. Following on from a 0.89% gain on Tuesday, Ripple’s XRP ended the day at $0.18847.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.18219 before making a move.

Steering clear of the first major support level at $0.1809, Ripple’s XRP rallied to a late afternoon intraday high $0.18997.

Breaking through the first major resistance level at $0.1863, Ripple’s XRP came up against the second major resistance level at $0.1892.

In spite of a late pullback, however, Ripple’s XRP continued to hold above the first major resistance level until the day end.

At the time of writing, Ripple’s XRP was up by 0.72% to $0.18983. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.18752 before striking a high $0.19100.

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 $0.019 levels to support another run at the first major resistance level at $0.1916.

Support from the broader market would be needed, however, for Ripple’s XRP to breakout from the morning high $0.1910.

Barring an extended crypto rally, the first major resistance level at $0.1916 would likely limit any upside.

Failure to move back through to $0.19 levels could see Ripple’s XRP hit reverse.

A fall through to sub-$0.1870 levels would bring the first major support level at $0.1838 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1791.

Looking at the Technical Indicators

Major Support Level: $0.1838

Major Resistance Level: $0.1916

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