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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – June 23rd, 2020

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Bob Mason
·5 min read
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EOS

EOS rallied by 3.10% on Monday. Reversing a 0.92% fall from Sunday, EOS ended the day at $2.5913.

It was bullish throughout the day for EOS. EOS rallied from an early intraday low $2.5134 to a late intraday high $2.6146.

Steering clear of the major support levels, EOS broke through the first major resistance level at $2.5465 early on.

In the second half of the day, EOS then broke through the second major resistance level at $2.5763. A visit to $2.61 levels was brief, however, with EOS easing back to wrap up the day at $2.59 levels.

At the time of writing, EOS was up by 0.33% to $2.5999. A bullish start to the day saw EOS rise from an early morning low $2.5908 to a high $2.6018.

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

For the day ahead

EOS would need to avoid a fall through the $2.5730 pivot level to support a run at the first major resistance level at $2.6328.

Support from the broader market would be needed, however, for EOS to break out from Monday’s high $2.6146.

Barring another extended crypto rally, the first major resistance level at $2.6328 would likely limit any upside.

Failure to avoid a fall through the $2.5730 pivot could see EOS reverse Monday’s gain.

A fall through the $2.5730 pivot would bring the first major support level at $2.5316 into play.

Barring an extended sell-off, EOS should avoid sub-$2.50 and the second major support level at $2.4719.

Looking at the Technical Indicators

Major Support Level: $2.5316

Major Resistance Level: $2.6328

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 6.82% on Monday. Reversing a 0.43% decline from Sunday, Ethereum ended the day at $243.23.

Tracking the broader market, Ethereum rallied from an early morning intraday low $227.2 to late intraday high $246.95.

Steering clear of the major support levels, Ethereum broke through the day’s major resistance levels.

A late pullback from the day high left Ethereum short of $250. Ethereum held well above the third major resistance level at $235.88 at the day end, however.

At the time of writing, Ethereum was up by $0.46% to $244.36. A bullish start to the day saw Ethereum rise from an early morning low $243.24 to a high $244.36

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

For the day ahead

Ethereum would need to avoid a fall through the $239 pivot to support a run at the first major resistance level at $251.05.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $246.95.

Barring another extended crypto rally, the first major resistance level at $251.05 should cap any upside.

In the event of another breakout, the 23.6% FIB of $257 will likely come into play.

Failure to avoid a fall through the $239 pivot could see Ethereum spend the day in the red.

A fall through to sub-$240 levels would bring the first major support level at $231.30 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$220 levels. The second major support level sits at $219.38.

Looking at the Technical Indicators

Major Support Level: $231.30

Major Resistance Level: $251.05

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 1.91% on Monday. Reversing a 1.19% decline from Sunday, Ripple’s XRP ended the day at $0.18946.

It was a relatively bullish day for Ripple’s XRP.  Ripple’s XRP rose from an early morning intraday low $0.18591 to a late intraday high $0.19063.

The breakout saw Ripple’s XRP break through the first major resistance level at $0.1879 and the second major resistance level at $0.1897.

Coming up short of the third major resistance level at $0.1924, Ripple’s XRP slipped back to sub-$0.19.

The second major resistance level at $0.1897 limited the downside late in the day.

At the time of writing, Ripple’s XRP was up by 0.63% to $0.19066. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.18943 to a high $0.19067.

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

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.1890 pivot to support a run at the first major resistance level at $0.1914.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.19063.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high would likely cap any upside.

In the event of a breakout, Ripple’s XRP could eye $0.20 levels before any pullback.

Failure to avoid the $0.1890 pivot could see Ripple’s XRP return to the red.

A fall through the pivot would bring the first major support level at $0.1867 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.1839.

Looking at the Technical Indicators

Major Support Level: $0.1867

Major Resistance Level: $0.1914

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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