EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 16/05/20

EOS

EOS fell by 1.73% on Friday. Partially reversing a 4.01% rally from Thursday, EOS ended the day at $2.5808.

Another choppy start to the day saw EOS slide to an early morning intraday low $2.5361 before finding support.

Steering clear of the first major support level at $2.5126, EOS rallied to a late morning intraday high $2.6627.

Falling short of the first major resistance level at $2.6958, EOS slid back to $2.54 levels before finding late support.

EOS broke back through to $2.61 levels before a final hour fall back to sub-$2.60 levels.

At the time of writing, EOS was up by 0.68% to $2.5985. A mixed start to the day saw EOS fall to an early morning low $2.5705 before rising to a high $2.6117.

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

For the day ahead

EOS would need to move through to $2.60 levels to bring the first major resistance level at $2.6503 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.6117.

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

Failure to move back through to $2.60 levels would see EOS fall back into the red.

A fall through the morning low $2.5705 would bring the first major support level at $2.5237 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.4666.

Looking at the Technical Indicators

Major Support Level: $2.5237

Major Resistance Level: $2.6503

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 4.28% on Friday. Reversing a 1.74% gain from Thursday, Ethereum ended the day at $194.70.

Bearish throughout the day, Ethereum slid from an early morning intraday high $204.30 to a late intraday low $191.35.

Ethereum fell through the first major support level at $197.32 to find support at the second major support level at $191.23.

The late support led to a brief visit to $197 levels before a final hour pullback to sub-$195 levels.

At the time of writing, Ethereum was up by 0.65% to $195.96. A mixed start to the day saw Ethereum fall to an early morning low $193.24 before rising to a high $196.98.

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

For the day ahead

Ethereum would need to move back through to $196.80 levels to bring the first major resistance level at $202.22 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $200 levels.

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

Failure to move back through to $196.80 levels could see Ethereum hit reverse.

A fall back through the morning low $193.24 would bring the first major support level at $189.27 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$190 levels.

Looking at the Technical Indicators

Major Support Level: $189.27

Major Resistance Level: $202.22

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 3.13% on Friday. Reversing a 0.96% gain from Thursday, Ripple’s XRP ended the day at $0.19809.

A mixed start to the day saw Ripple’s XRP fall from an intraday high $0.20484 to an early morning low $0.19695.

Ripple’s XRP fell through the first major support level at $0.1993 before a late morning recovery to $0.2040 levels.

The recovery was brief, however, with Ripple’s XRP sliding to a late intraday low $0.19530.

Ripple’s XRP slid back through the first major support level before finding late support to wrap up the day at $0.1980 levels.

The first major support level at $0.1993 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was up by 1.10% to $0.20026. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.19647 before striking a high $0.20026.

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-$0.20 levels to support a run at the first major resistance level at $0.2035.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2020 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $0.20484 would likely limit any upside.

Failure to avoid sub-$0.20 levels could see Ripple’s XRP give up the early gains.

A fall back through the morning low $0.19647 would bring the first major support level at $0.1940 into play.

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

Looking at the Technical Indicators

Major Support Level: $0.1940

Major Resistance Level: $0.2035

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

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