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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – June 12th, 2020

Bob Mason
·5 min read

EOS

EOS tumbled by 8.86% on Thursday. Reversing a 0.37% gain from Wednesday, EOS ended the day at $2.5193.

A relatively bullish start to the day saw EOS rise to an early morning intraday high $2.7772 before hitting reverse.

Falling well short of the first major resistance level at $2.7958, EOS tumbled to a late afternoon intraday low $2.4250.

The reversal saw EOS fall through the major support levels before a move back through to $2.54 levels.

In spite of the partial recovery, however, EOS failed to break back through the third major support level at $2.6039.

A bearish end to the day left EOS back at sub-$2.52 levels.

At the time of writing, EOS was down by 0.87% to $2.4973. A bearish start to the day saw EOS fall from an early morning high $2.5132 to a low $2.4891.

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

For the day ahead

EOS would need to move through to $2.5740 levels to take bring the first major resistance level at $2.7227 into play.

Support from the broader market would be needed, however, for EOS to break back through to $2.60 levels.

Barring an extended crypto rally, resistance at $2.60 would likely leave EOS short of the first major resistance level at $2.7227.

Failure to move through the $2.5740 pivot could see EOS struggle for another day.

A fall back through Thursday’s low $2.4250 would bring the first major support level at $2.3705 into play.

Barring another crypto meltdown, however, EOS should steer well clear of the second major support level at $2.2216.

Looking at the Technical Indicators

Major Support Level: $2.3705

Major Resistance Level: $2.7227

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 7.22% on Thursday. Reversing a 1.64% gain from Wednesday, Ethereum ended the day at $230.15.

Tracking the broader market, Ethereum rose to an early morning intraday high $250.26 before hitting reverse.

Falling short of the first major resistance level at $251.68, Ethereum slid to a late afternoon intraday low $225.2.

The meltdown saw Ethereum fall through the day’s major support levels before finding support.

Late in the day, Ethereum moved back through the third major support level at $230.04 to limit the downside.

At the time of writing, Ethereum was down by 0.10% to $229.93. A bearish start to the day saw Ethereum fall from an early morning high $230.15 to a low $227.84.

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

For the day ahead

Ethereum would need to move through to $235 levels to support a run at the first major resistance level at $245.21.

Support from the broader market would be needed, however, for Ethereum to break back through to $240 levels.

Barring an extended crypto rally, the first major resistance level at $245.21 should cap any upside.

Failure to move through to $235 levels could see Ethereum lose more ground.

A fall through the morning low $227.84 would bring the first major support level at $220.15 into play.

Barring another extended crypto sell-off, however, Ethereum should steer clear of sub-$220 and the second major support level at $210.14.

Looking at the Technical Indicators

Major Support Level: $220.15

Major Resistance Level: $245.21

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 7.44% on Thursday. Reversing a 0.91% gain from Wednesday, Ripple’s XRP ended the day at $0.18808.

A relatively bullish start to the day saw Ripple’s XRP rise to an early morning high $0.20388 before taking a hit.

Falling short of the first major resistance level at $0.2047, Ripple’s XRP tumbled to a late afternoon intraday low $0.18401.

Ripple’s XRP fell through the day’s major support levels before briefly recovering to $0.1920 levels.

Coming up short of the third major support level at $0.1939, however, Ripple’s XRP fell back to sub-$0.19 levels.

At the time of writing, Ripple’s XRP was up by 0.21% to $0.18848. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.18686 before striking a high $0.18860.

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

For the day ahead

Ripple’s XRP will need to move through to $0.1920 levels to support a run at the first major resistance level at $0.2000.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.1950 levels.

Barring a broad-based crypto rally, resistance at $0.1950 would likely leave Ripple’s XRP short of the first major resistance level.

Failure to move through the 0.1920 pivot could see Ripple’s XRP fall back into the red.

A fall back through Thursday’s low $0.18401 would bring the first major support level at $0.1801 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.1721.

Looking at the Technical Indicators

Major Support Level: $0.1801

Major Resistance Level: $0.2000

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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