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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 21/02/20

EOS

EOS rose by 0.85% on Thursday. Following a 13.48% tumble on Wednesday, EOS ended the day at $4.0020.

Relatively range-bound through the morning, EOS rose to a mid-morning high $4.0744 before falling to a late afternoon intraday low $3.7818.

Steering clear of the major support and resistance levels, EOS recovered to $4.00 levels to end the day in the green.

At the time of writing, EOS was up by 2.27% to $4.0930. A mixed start to the day saw EOS fall to an early morning low $3.9503 before striking a high $4.1544.

Steering clear of the major support levels, EOS broke through the first major resistance level at $4.1237.

For the day ahead

EOS would need to move through to $4.10 levels to support another run at the first major resistance level at $4.1237.

Support from the broader market would be needed, however, for EOS to break out from the first major resistance level.

In the event of an extended crypto rally on the day, EOS could visit $4.2 levels before any pullback. The second major resistance level at $4.2453 would likely limit any upside, however.

Failure to move through to $4.10 levels could see EOS return to the red.

A fall through to sub-$3.95 levels would bring the first major support level at $3.8311 into play.

Barring an extended crypto sell-off, however, EOS should steer well clear of sub-$3.60 levels. The Second major support level at $3.6601 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $3.8311

Major Resistance Level: $4.1237

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 0.43% on Thursday. Following an 8.71% slide on Wednesday, Ethereum ended the day at $257.40.

Tracking the broader market, Ethereum fell from an early morning intraday high $264.26 to a late afternoon intraday low $245.25.

Falling short of the major resistance, Ethreum fell through the 23.6% FIB of $257 before finding support.

Steering clear of the first major support level at $243.40, Ethereum recovered to $262 levels before falling back into the red.

At the time of writing, Ethereum was up by 0.86% to $259.62 A mixed start to the day saw Ethereum fall to an early morning low $254.10 before striking a high $264.36.

While leaving the major support and resistance levels untested, Ethereum fell through the 23.6% FIB of $257 early.

For the day ahead

Ethereum would need to move through to $260 levels to bring the first major resistance level at $266.02 back into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $264.36.

Barring an extended crypto rally, the first major resistance level at $266.02 would likely cap any upside.

Failure to move through to $260 levels could see Ethereum hit reverse.

A fall through back through the 23.6% FIB of $257.00 to sub-$256 levels would bring the first major support level at $247.01 into play.

Barring a broad-based crypto sell-off, however, Ethereum should steer clear of sub-$240 support levels.

Looking at the Technical Indicators

Major Support Level: $247.01

Major Resistance Level: $266.02

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 1.25% on Thursday. Following on from an 8.01% slide on Wednesday, Ripple’s XRP ended the day at $0.27106.

A bearish start to the day saw Ripple’s XRP fall from an early morning intraday high $0.28133 to a late afternoon intraday low $0.26110.

Falling short of the major resistance levels, Ripple’s XRP found support at the first major support level at $0.2607.

Ripple’s XRP recovered to $0.27 levels late in the day to limit the downside on the day.

At the time of writing, Ripple’s XRP was up by 1.89% to $0.27970. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.26865 before striking a high $0.27880.

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

For the day ahead

Ripple’s XRP will need to break through the morning high $0.27880 to support a run at the first major resistance level at $0.2812.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.28 levels.

Barring an extended crypto rally, resistance at $0.28 would likely pin Ripple’s XRP back from a return to $0.29 levels.

Failure to move back through the morning high could see Ripple’s XRP fall back into the red.

A fall back through to sub-$0.2710 levels would bring the first major support level at $0.2610 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.26 on the day

Looking at the Technical Indicators

Major Support Level: $0.2610

Major Resistance Level: $0.2812

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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