EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 06/05/20

EOS

EOS rose by just 0.01% on Tuesday. Following a 2.48% fall on Monday, EOS ended the day at $2.7694.

A bullish start to the day saw EOS rise to a mid-morning intraday high $2.8283 before hitting reverse.

Falling short of the first major resistance level at $2.8681, EOS slid to a late morning intraday low $2.7049.

Steering clear of the first major support level at $2.6489, EOS moved back through to $2.76 levels to end the day flat.

At the time of writing, EOS was down by 0.85% to $2.7458. A bearish start to the day saw EOS fall from an early morning high $2.7714 to a low $2.7340.

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

For the day ahead

EOS would need to move through to $2.77 levels to bring the first major resistance level at $2.8302 into play.

Support from the broader market would be needed, however, for EOS to break out from Tuesday’s high $2.8283.

Barring a broad-based crypto rebound, the first major resistance level at $2.8302 would likely limit any upside.

Failure to move through to $2.77 levels would see EOS struggle throughout the day.

A fall through the morning low $2.7340 would bring the first major support level at $2.7068 into play.

Barring an extended crypto sell-off, however, EOS should steer well clear of the second major support level at $2.6441.

Looking at the Technical Indicators

Major Support Level: $2.7068

Major Resistance Level: $2.8302

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 0.77% on Tuesday. Following on from a 1.61% decline on Monday, Ethereum ended the day at $205.43.

A mixed start to the day saw Ethereum rise to a mid-morning intraday high $212.17 before hitting reverse.

Falling short of the first major resistance level at $213.49, Ethereum fell to a late morning intraday low $201.33.

Avoiding the first major support level at $197.70, Ethereum moved back through to $205 levels to limit the loss.

At the time of writing, Ethereum was down by 0.71% to $203.97. A bearish start to the day saw Ethereum fall from an early morning high $205.92 to a low $202.12.

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

For the day ahead

Ethereum would need to move through to $206 levels to bring the first major resistance level at $211.29 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $210 levels.

Barring a broad-based crypto rebound, resistance at $210 would likely leave Ethereum short of the first major resistance level.

Failure to move through to $206 levels could see Ethereum fall deeper into the red.

A fall back through the morning low $202.12 would bring the first major support level at $200.45 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $195.47.

Looking at the Technical Indicators

Major Support Level: $200.45

Major Resistance Level: $211.29

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 0.55% on Tuesday. Following on from a 0.64% decline on Monday, Ripple’s XRP ended the day at $0.21686.

Tracking the broader market, Ripple’s XRP rose to a mid-morning intraday high $0.22234 before taking a hit.

Falling short of the first major resistance level at $0.2234, Ripple’s XRP fell to a late morning intraday low $0.21298.

Steering clear of the first major support level at $0.2098, Ripple’s XRP recovered to $0.2177 levels before easing back.

At the time of writing, Ripple’s XRP was down by 0.09% to $0.21666. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.21722 to a low $0.21469.

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 $0.2175 levels to support a run at the first major resistance level at $0.2218.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.22 levels.

Barring an extended crypto rally, the first major resistance level would likely limit any upside on the day.

Failure to move through to $0.2175 levels could see Ripple’s XRP fall deeper into the red.

A fall through the morning low $0.21469 would bring the first major support level at $0.2124 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.2080.

Looking at the Technical Indicators

Major Support Level: $0.2124

Major Resistance Level: $0.2218

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