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

Bob Mason

EOS

EOS rallied by 3.43% on Friday. Following on from a 0.88% gain on Thursday, EOS ended the day at $2.8153.

A choppy start to the day saw EOS rise to a late morning high $2.7658 before hitting reverse.

EOS broke through the first major resistance level at $2.7582 before falling to a late morning intraday low $2.7082.

Steering well clear of the major support levels, EOS rallied to a late afternoon intraday high $2.8650.

EOS broke through the first major resistance level and second major resistance level at $2.7942.

In spite of a late pullback, EOS managed to avoid a return to sub-$2.80 levels late in the day.

At the time of writing, EOS was down by 0.19% to $2.8100. A bearish start to the day saw EOS fall from an early morning high $2.8125 to a low $2.8000.

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

For the day ahead

EOS would need to avoid sub-$2.7960 levels to take a run at the first major resistance level at $2.8841 into play.

Support from the broader market would be needed, however, for EOS to break out from Friday’s high $2.8650.

Barring another extended crypto rally, the first major resistance level at $2.8841 would likely cap any upside.

Failure to avoid sub-$2.7960 levels could see EOS give up Friday’s gains.

A fall through the $2.7960 pivot would bring the first major support level at $2.7273 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.70 support levels. The second major support level sits at $2.6394.

Looking at the Technical Indicators

Major Support Level: $2.7273

Major Resistance Level: $2.8841

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.29% on Friday. Following on from a 0.58% decline on Thursday, Ethereum ended the day at $240.04.

A bullish start to the day saw Ethereum rally to a late morning intraday high $247.90 before hitting reverse.

Coming up against the first major resistance level at $247.88, Ethereum slid to a mid-afternoon intraday low $238.65.

Steering clear of the first major support level at $237.32, Ethereum recovered to $242 levels before easing back.

At the time of writing, Ethereum was down by 0.41% to $239.05. A bearish start to the day saw Ethereum fall from an early morning high $240.04 to a low $237.67.

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

For the day ahead

Ethereum would need to move through to $242 levels to support a run at the first major resistance level at $245.74.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $240.04.

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

Failure to move through to $242 levels could see Ethereum see a 3rd consecutive day in the red.

A fall back through the morning low $237.67 would bring the first major support level at $236.49 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 $232.95 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $236.49

Major Resistance Level: $245.74

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 0.81% on Friday. Following a flat Thursday, Ripple’s XRP ended the day at $0.20261.

A relatively bullish start to the day saw Ripple’s XRP rise to a late morning intraday high $0.20582 before hitting reverse.

Falling short of the first major resistance level at $0.2079, Ripple’s XRP slid to a mid-afternoon intraday low $0.20124.

Steering clear of the first major support level at $0.1999, Ripple’s XRP recovered to a high $0.20481 before falling back into the red.

At the time of writing, Ripple’s XRP was down by 0.32% to $0.20196. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.20256 to a low $0.20104.

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 $0.2030 levels to support a run at the first major resistance level at $0.2052.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.20256.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $0.20582 would likely cap any upside on the day.

Failure to move through to $0.2030 levels could see Ripple’s XRP fall deeper into the red.

A fall back through the morning low $0.20104 would bring the first major support level at $0.2006 into play.

Barring another crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.1986.

Looking at the Technical Indicators

Major Support Level: $0.2006

Major Resistance Level: $0.2052

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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