EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 24/04/20

EOS

EOS rose by 2.04% on Thursday. Following on from a 4.09% rally on Wednesday, EOS ended the day at $2.6806.

A bearish start to the day saw EOS fall to a mid-morning intraday low $2.5860 before making a move.

Steering clear of the first major support level at $2.5375, EOS rallied to an early afternoon intraday high $2.7764.

EOS broke through the first major resistance level at $2.6884 and second major resistance level at $2.7500.

Late in the day, EOS fell back through the resistance levels to wrap up the day at $2.68 levels.

At the time of writing, EOS was up by 0.92% to $2.7053. A bullish start to the day saw EOS rise from an early morning low $2.6820 to a high $2.7115.

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

For the day ahead

EOS would need to avoid sub-$2.70 levels to support a run at the first major resistance level at $2.7760.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.7115.

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

Failure to avoid sub-$2.70 levels could see EOS struggle later in the day.

A fall through to sub-$2.68 levels would bring the first major support level at $2.5856 into play before any recovery.

Barring a crypto sell-off, however, EOS should steer well clear of the second major support level at $2.4906.

Looking at the Technical Indicators

Major Support Level: $2.5856

Major Resistance Level: $2.7760

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 1.40% on Thursday. Following on from a 7.05% rally on Wednesday, Ethereum ended the day at $185.66.

Tracking the broader market, Ethereum fell to a mid-morning intraday low $178.44 before finding support.

Steering clear of the first major support level at $173.95, Ethereum rallied to an early afternoon intraday high $194.86.

Ethereum broke through the first major resistance level at $188.34 and the second major resistance level at $193.57.

It was a bearish end to the day, however. Ethereum slid back through the major resistance levels to wrap up the day at $185 levels.

At the time of writing, Ethereum was up by 1.14% to $187.77. A bullish start to the day saw Ethereum rise from an early morning low $185.31 to a high $188.32.

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

For the day ahead

Ethereum would need to avoid sub-$187 levels to support a run at the first major resistance level at $194.20.

Support from the broader market would be needed, however, for Ethereum to break back through to $190 levels.

Barring an extended crypto rally, resistance at $190 would likely leave Ethereum short of the first major resistance level.

Failure to avoid sub-$187 levels could see Ethereum hit reverse.

A fall through to sub-$186.30 levels would bring the first major support level at $177.78 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer well clear of the second major support level at $169.90.

Looking at the Technical Indicators

Major Support Level: $177.78

Major Resistance Level: $194.20

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 2.33% on Thursday. Following on from a 2.74% gain on Wednesday, Ripple’s XRP ended the day at $0.19307.

A bearish start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.1861 before making a move.

Steering clear of the first major support level at $0.1838, Ripple’s XRP rallied to an early afternoon intraday high $0.20000.

Breaking through the first major resistance level at $0.1916 and second major resistance level at $0.1947.

It was bearish through the remainder of the day, however. Ripple’s XRP fell back through the second major resistance level to wrap up the day at sub-$0.1940 levels.

At the time of writing, Ripple’s XRP was up by 1.34% to $0.19565. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.19270 to a high $0.19700.

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-$0.1930 levels to support another run at the first major resistance level at $0.2000.

Support from the broader market would be needed, however, for Ripple’s XRP to breakout from the morning high $0.1970.

Barring an extended crypto rally, the first major resistance level at $0.2000 would likely limit any upside.

Failure to avoid sub-$0.1930 levels could see Ripple’s XRP hit reverse.

A fall through to sub-$0.1900 levels would bring the first major support level at $0.1861 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.19 levels.

Looking at the Technical Indicators

Major Support Level: $0.1861

Major Resistance Level: $0.2000

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