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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 22/05/20

Bob Mason

EOS

EOS slid by 5.18% on Thursday. Following on from a 2.19% fall on Wednesday, EOS ended the day at $2.4565.

A bullish start to the day saw EOS rise to an early morning intraday high $2.6119 before hitting reverse.

Falling short of the first major resistance level at $2.6700, EOS slid to a late intraday low $2.4059.

EOS fell through the first major support level at $2.5234 and second major support level at $2.4534 before finding support.

Late in the day, EOS broke back through the second major support level to $2.48 levels before easing back.

At the time of writing, EOS was down by 0.24% to $2.4506. A bearish start to the day saw EOS fall from an early morning high $2.4588 to a low $2.4485.

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

For the day ahead

EOS would need to move through to $2.50 levels to bring the first major resistance level at $2.5770 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.4588.

Barring a broad-based crypto rally, the major first resistance level would likely limit any upside on the day.

Failure to move back through to $2.50 levels could see EOS spend another day in the red.

A fall through Thursday’s low $2.4059 would bring the first major support level at $2.3710 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.2854.

Looking at the Technical Indicators

Major Support Level: $2.3710

Major Resistance Level: $2.5770

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 5.40% on Thursday. Following on from a 2.25% decline on Wednesday, Ethereum ended the day at $198.62.

A bullish start to the day saw Ethereum rise to an early morning intraday high $211.52 before hitting reverse.

Falling short of the first major resistance level at $215.27, Ethereum slid to a late intraday low $191.27.

Ethereum fell through the first major support level at $204.87 and the second major support level at $199.79.

Finding support late on, Ethereum briefly broke back through the second major support level to revisit $200 levels.

A final hour pullback, however, saw Ethereum fall back through the second major support level to end the day at sub-$200.

At the time of writing, Ethereum was down by 0.51% to $197.60. A bearish start to the day saw Ethereum fall from an early morning high $198.62 to a low $196.12.

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

For the day ahead

Ethereum would need to move back through to $200.50 levels to bring the first major resistance level at $209.67 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $198.62.

Barring a broad-based crypto rebound, the first major resistance level and Thursday’s high $211.52 would likely limit any upside.

Failure to move through to $200.50 levels could see Ethereum slide deeper into the red.

A fall back through Thursday’s low $191.27 would bring the first major support level at $189.42 into play.

Barring another extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $180.22.

Looking at the Technical Indicators

Major Support Level: $189.42

Major Resistance Level: $209.67

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 3.51% on Thursday. Following on from a 1.67% decline on Wednesday, Ripple’s XRP ended the day at $0.19423.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.20280 before hitting reverse.

Falling short of the first major resistance level at $0.2060, Ripple’s XRP slid to a late intraday low $0.18918.

Ripple’s XRP fell through the first major support level at $0.1970 and the second major support level at $0.19260.

Finding late support, Ripple’s XRP broke back through the second major support level to $0.1955 levels before easing back.

In the final hour, Ripple’s XRP fell back through the second major support level to close out at sub-$0.1950 levels.

At the time of writing, Ripple’s XRP was down by 0.31% to $0.19363. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19422 to a low $0.19344.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will need to move back through to $0.1960 levels to support a run at the first major resistance level at $0.2016.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.19422.

Barring a broad-based crypto rebound, the first major resistance level and Thursday’s high $0.2028 would likely limit any upside.

Failure to move through to $0.1960 levels could see Ripple’s XRP fall deeper into the red.

A fall back through Thursday’s low $0.18918 would bring the first major support level at $0.1880 into play.

Barring another crypto meltdown, however, Ripple’s XRP should steer well clear of the second major support level at $0.1818.

Looking at the Technical Indicators

Major Support Level: $0.1880

Major Resistance Level: $0.2016

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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