EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 06/03/20
EOS
EOS rallied by 4.74% on Thursday. Reversing a 0.87% decline from Wednesday, EOS ended the day at $3.7780.
A bullish day saw EOS rally from an early morning intraday low $3.6070 to a late afternoon intraday high $3.8492.
EOS broke through the first major resistance level at $3.6822 and the second major resistance level at $3.7592.
While EOS fell back to sub-3.80 levels late on, EOS managed to wrap up the day above the second major resistance level.
At the time of writing, EOS was down by 0.06% to $3.7756. A bearish start to the day saw EOS fall from an early morning high $3.7891 to a low $3.7419 before finding support.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move back through the morning high $3.7891 to $3.80 levels to bring the first major resistance level at $3.8825 into play.
Support from the broader market would be needed, however, for EOS to break out from Thursday’s high $3.8492.
Barring a broad-based crypto rally, the first major resistance level at $3.8825 and Thursday’s high should limit any upside.
Failure to move back through the morning high to $3.80 levels could see EOS hit reverse.
A fall back through to sub-$3.75 levels would bring the first major support level at $3.6403 into play.
Barring an extended crypto sell-off, however, EOS should continue to steer clear of sub-$3.60 levels.
Looking at the Technical Indicators
Major Support Level: $3.6403
Major Resistance Level: $3.8825
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum rose by 1.85% on Thursday. Following on from a 0.38% gain on Wednesday, Ethereum ended the day at $228.64.
A bullish start to the day saw Ethereum rally from an early morning intraday low $224.49 to an early afternoon intraday high $234.47.
Ethereum broke through the first major resistance level at $228.8 and the second major resistance level at $233.03.
A choppy 2nd half of the day saw Ethereum recover from sub-$230 levels to return to $233 levels before a late pullback.
The late pullback saw Ethereum fall back through the major resistance levels before wrapping up the day at $228 levels.
At the time of writing, Ethereum was up by 0.52% to $229.82. A mixed start to the day saw Ethereum fall to an early morning low $227.77 before striking a high $231.13.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through to $230 levels to support another run at the first major resistance level at $233.91.
Support from the broader market would be needed, however, for Ethereum to breakout form the morning high $231.13.
Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $234.47 would likely limit any upside.
In the event of a breakout, Ethereum could test the second major resistance level at $239.18 before any pullback.
Failure to move back through to $230 levels could see Ethereum hit reverse.
A fall through to sub-$229 levels would bring the first major support level at $223.93 into play.
Barring an extended crypto sell-off, Ethereum should steer clear of sub-$220 levels and the second major support level at $219.22.
Looking at the Technical Indicators
Major Support Level: $223.93
Major Resistance Level: $233.91
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 1.79% on Thursday. Following on from a 0.15% gain on Wednesday, Ripple’s XRP ended the day at $0.23991.
A bullish start to the day saw Ripple’s XRP rise from an early morning intraday low $0.23570 to a late morning high $0.24371.
Ripple’s XRP broke through the first major resistance level at $0.2393 early on. Coming up against the second major resistance level at $0.2431, Ripple’s XRP fell back to sub-$0.24 levels.
Through the mid-afternoon, Ripple’s XRP struck a late afternoon intraday high $0.24416 before hitting reverse.
Ripple’s XRP broke through the first and second major resistance levels before sliding back to sub-$0.24 levels.
At the time of writing, Ripple’s XRP was up by 0.19% to $0.24037. A bearish start to the day saw Ripple’s XRP fall to an early morning low $0.23920 before striking a high $0.24231.
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-$0.24 levels to support a run at the first major resistance level at $0.2441.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.24231.
Barring an extended crypto rally, the first major resistance level at $0.2441 and Thursday’s high $0.24416 would likely limit any upside.
Failure to avoid sub-$0.24 levels could see Ripple’s XRP give up the early gains.
A fall back through the morning low $0.23920 would bring the first major support level at $0.2357 into play.
Barring a broad-based crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.23 levels. The second major support level at $0.2315 should limit any downside on the day.
Looking at the Technical Indicators
Major Support Level: $0.2357
Major Resistance Level: $0.2441
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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