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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 07/06/20

Bob Mason

EOS

EOS fell by 0.53% on Saturday. Partially reversing a 3.43% rally from Friday, EOS ended the day at $2.7975.

It was a mixed start to the day. EOS fell to an early morning low $2.8000 before rising to a late morning intraday high $2.8455.

Falling well short of the first major resistance level at $2.8841, EOS slid to a late afternoon intraday low $2.7690.

Steering clear of the first major support level at $2.7273, EOS recovered to $2.81 levels before falling back into the red.

At the time of writing, EOS was down by 0.14% to $2.7937. A relatively range-bound start to the day saw EOS fall from an early morning high $2.7948 to a low $2.7937.

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

For the day ahead

EOS would need to move through to $2.8040 levels to take a run at the first major resistance level at $2.8390 into play.

Support from the broader market would be needed, however, for EOS to break back through to $2.8000 levels.

Barring another extended crypto rally, the first major resistance level at $2.8390 would likely cap any upside.

Failure to move through to $2.8040 levels could see EOS spend a 2nd consecutive day in the red.

A fall through Friday’s low $2.7690 would bring the first major support level at $2.7625 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.70 support levels. The second major support level at $2.7275 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $2.7625

Major Resistance Level: $2.8390

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.81% on Saturday. Partially reversing a 1.29% fall from Friday, Ethereum ended the day at $241.98.

A mixed start to the day saw Ethereum fall to an early morning intraday low $237.67 before finding support.

Steering clear of the first major support level at $236.49, Ethereum struck a mid-day intraday high $244.52 before hitting reverse.

Falling short of the first major resistance level at $245.74, Ethereum fell back to sub-$240 levels before finding support.

A late recovery to $243 levels was short-lived, however, with Ethereum wrapping up the day at $241 levels.

At the time of writing, Ethereum was down by 0.39% to $241.03. A bearish start to the day saw Ethereum fall from an early morning high $241.95 to a low $240.99.

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

For the day ahead

Ethereum would need to move back through to $241.40 levels to support a run at the first major resistance level at $245.11.

Support from the broader market would be needed, however, for Ethereum to break out from Saturday’s high $244.52.

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

Failure to move through to $241.40 levels could see Ethereum give up Saturday’s gain.

A fall back through the morning low $240.99 would bring the first major support level at $238.26 into play.

Barring an extended crypto sell-off, however, Ethereum should continue to steer clear sub-$230 levels on the day.

The second major support level at $234.54 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $238.26

Major Resistance Level: $245.11

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 0.57% on Saturday. Partially reversing a 0.81% fall from Friday, Ripple’s XRP ended the day at $0.20370.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.20104 before finding support.

Steering clear of the first major support level at $0.2006, Ripple’s XRP rallied to a late afternoon intraday high $0.20502.

Coming up against the first major resistance level at $0.20520, Ripple’s XRP fell back to $0.2032 levels and into the red.

Finding late support, however, Ripple’s XRP recovered to $0.2037 levels to wrap up the day in the green.

At the time of writing, Ripple’s XRP was down by 0.01% to $0.20368. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.20383 to a low $0.20332.

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

For the day ahead

Ripple’s XRP will need to avoid sub-$0.2030 levels to support a run at the first major resistance level at $0.2055.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Saturday’s high $0.20502.

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

Failure to avoid sub-$0.2030 levels could see Ripple’s XRP reverse Saturday’s gain.

A fall back through the morning low $0.20327 would bring the first major support level at $0.2015 into play.

In the event of an extended sell-off, however, the second major support level at $0.1993 could come into play.

Looking at the Technical Indicators

Major Support Level: $0.2015

Major Resistance Level: $0.2055

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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