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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 10/04/20

Bob Mason

EOS

EOS fell by 0.49% on Thursday. Partially reversing a 4.01% rally from Wednesday, EOS ended the day at $2.7298.

A mixed start to the day saw EOS fall to a mid-day intraday low $2.6766 before finding support.

Steering clear of the first major support level at $2.6225, EOS struck an early afternoon intraday high $2.7599 before easing back.

Falling short of the first major resistance level at $2.8313, EOS fell back to $2.70 levels before finding late support.

At the time of writing, EOS was down by 0.19% to $2.7246. A mixed start to the day saw EOS rise to an early morning high $2.7440 before falling to low $2.7199.

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

For the day ahead

EOS would need to avoid sub-$2.72 levels to support another run at the first major resistance level at $2.7676.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.7440.

Barring another extended crypto rally, the first major resistance level at $2.7676 would likely leave EOS short of $2.80 levels.

Failure to avoid sub-$2.72 levels could see EOS fall deeper into the red before any recovery.

A fall back through to sub-$2.72 levels would bring the first major support level at $2.6843 into play.

Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.6388.

Looking at the Technical Indicators

Major Support Level: $2.6843

Major Resistance Level: $2.7676

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 2.12% on Thursday. Partially reversing a 5.36% rally from Wednesday, Ethereum ended the day at $169.75.

Tracking the broader market, Ethereum fell from a late morning intraday high $173.55 to a mid-day intraday low $165.32.

Falling short of the major resistance levels, Ethereum fell through the first major support level at $166.31.

Through the early afternoon, Ethereum returned to $170 levels before wrapping up the day at sub-$170.

At the time of writing, Ethereum was down by 0.39% to $169.08. A bearish start to the day saw Ethereum fall from an early morning high $170.39 to a low $168.51.

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

For the day ahead

Ethereum would need to move back through to $170 levels to support a run at the first major resistance level at $173.76.

Support from the broader market would be needed, however, for Ethereum to breakout from Thursday’s high $173.55.

Barring a broad-based crypto rebound, resistance at $170 would likely leave Ethereum short of the first major resistance level.

Failure to move back through to $170 levels could see Ethereum struggle throughout the day.

A fall through to sub-$168 levels would bring the first major support level at $165.53 into play.

Barring an extended crypto sell-off, however, Ethereum should continue to steer clear of sub-$165 support levels.

Looking at the Technical Indicators

Major Support Level: $165.53

Major Resistance Level: $173.76

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 1.83% on Thursday. Partially reversing a 4.77% rally from Wednesday, Ripple’s XRP ended the day at $0.19847.

It was a bearish start to the day. Ripple’s XRP slid from an early morning intraday high $0.20233 to a mid-day intraday low $0.19367.

Falling short of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.1949.

Finding support in the early afternoon, Ripple’s XRP recovered to $0.20 levels before wrapping up the day at $0.198 levels.

At the time of writing, Ripple’s XRP was down by 0.24% to $0.19800. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19899 to a low $0.19799.

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 $0.1985 levels to support a run at the first major resistance level at $0.2026.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.20233.

Barring an extended crypto rally, the first major resistance level at $0.2026 would likely limit any upside on the day.

In the event of a breakout, the second major resistance level at $0.2068 would likely come into play.

Failure to move back through to $0.1985 levels could see Ripple’s XRP fall deeper into the red.

A fall through the morning low $0.19799 levels would bring the first major support level at $0.1940 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.1895.

Looking at the Technical Indicators

Major Support Level: $0.1940

Major Resistance Level: $0.2026

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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