EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 22/01/20
EOS
EOS rose by 0.96% on Tuesday. Following on from a 0.02% gain on Monday, EOS ended the day at $3.6537.
A relatively bullish start to the day saw EOS rise to a late morning intraday high $3.6852 before hitting reverse.
Falling short of the first major resistance level at $3.7138, EOS slid to an early evening intraday low $3.5561.
Steering clear of the first major support level at $3.4994, EOS bounced back to $3.6 levels to end the day in the green.
At the time of writing, EOS was up by 0.08% to $3.6565. A mixed start to the day saw EOS rise from an early morning low $3.6489 to a high $3.6693 before easing back.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through Tuesday’s high $3.6852 to support a run at the first major resistance level at $3.7082.
Support from the broader market would be needed for EOS to break through to $3.70 levels.
Barring a broad-based crypto rally, however, Tuesday’s high $3.6852 and first major resistance level would likely cap any upside.
Failure to move through Tuesday’s high could see EOS hit reverse.
A fall back through to sub-$3.63 levels would bring the first major support level at $3.5781 into play before any recovery.
Barring an extended sell-off, however, EOS should steer clear of sub-$3.50 levels. The second major support level at $3.5026 should limit any downside.
Looking at the Technical Indicators
Major Support Level: $3.5781
Major Resistance Level: $3.7072
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum rose by 1.52% on Tuesday. Reversing a 0.04% decline from Monday, Ethereum ended the day at $169.19.
A relatively choppy day saw Ethereum fall from an early afternoon high $168.91 to an early evening intraday low $164.50.
Steering clear of the first major support level at $162.09, Ethereum rallied to a late intraday high $170.0 before easing back.
The first major resistance level at $170.29 capped the upside on the day.
At the time of writing, Ethereum was up by 0.04% to $169.25. A mixed start to the day saw Ethereum rise to an early morning high $169.83 before falling to a low $169.22.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through to Tuesday’s high $170.00 to support a run at the first major resistance level at $171.29.
Support from the broader market would be needed, however, for Ethereum to break through to $171 levels.
Barring a broad-based crypto rally the resistance at $170 would likely continue to limit any upside.
In the event of a breakout, the second major resistance level at $173.40 would likely come into play.
Failure to move back through to $170 levels could see Ethereum hit reverse.
A fall back through to sub-$167.90 levels would bring the first major support level at $165.79 into play.
Barring an extended crypto sell-off, however, Ethereum should steer of sub-$160 levels for a 6th consecutive day.
The second major support level at $162.40 should limit any downside on the day.
Looking at the Technical Indicators
Major Support Level: $165.79
Major Resistance Level: $171.29
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 1.47% on Tuesday. Reversing a 1.08% fall from Monday, Ripple’s XRP ended the day at $0.23679.
A bullish start to the day saw Ripple’s XRP rally to an early morning intraday high $0.24166 before hitting reverse.
Ripple’s XRP broke through the first major resistance level at $0.2380 before sliding to an early evening intraday low $0.23025.
Steering clear of the first major support level at $0.2258, Ripple’s XRP broke back through the first major resistance level before easing back to sub-$0.2370 levels.
At the time of writing, Ripple’s XRP was up by 0.38% to $0.23370. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.23874 before falling to a low $0.23704.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move through the morning high $0.23874 to support a run at the first major resistance level at $0.2422.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.24 levels.
Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $0.24166 would likely cap any upside.
Failure to move back through the morning high $0.23874 could see Ripple’s XRP struggle throughout the day.
A fall through to sub-$0.2360 levels would bring the first major support level at $0.2308 into play.
Barring a crypto meltdown, however, Ripple’s XRP should steer of sub-$0.22 levels. The second major support level at $0.2248 should limit any downside on the day.
Looking at the Technical Indicators
Major Support Level: $0.2308
Major Resistance Level: $0.2422
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
This article was originally posted on FX Empire
