EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 07/05/20
EOS
EOS slid by 4.12% on Wednesday. Following a 0.01% gain on Tuesday, EOS ended the day at $2.6573.
A choppy start to the day saw EOS fall to an early morning low $2.7340 before striking a late morning intraday high $2.8211.
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Falling short of the first major resistance level at $2.8302, EOS slid to a final hour intraday low $2.6108.
EOS fell through the first major support level at $2.7068 and the second major support level at $2.6441.
Support at the end of the day led to a move back through the second major support level.
At the time of writing, EOS was up by 1.14% to $2.6876. A mixed start to the day saw EOS slide to an early morning low $2.5888 before striking a high $2.6896.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through to $2.6970 levels to bring the first major resistance level at $2.7820 into play.
Support from the broader market would be needed, however, for EOS to break out from the morning high $2.6896.
Barring an extended crypto rally, the first major resistance level at $2.7820 would likely limit any upside.
Failure to move through to $2.6970 levels could see EOS hit reverse.
A fall through the morning low $2.5888 would bring the first major support level at $2.5717 into play.
Barring an extended crypto sell-off, however, EOS should steer well clear of the second major support level at $2.4861.
Looking at the Technical Indicators
Major Support Level: $2.5717
Major Resistance Level: $2.7820
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum slid by 3.04% on Wednesday. Following on from a 0.77% fall on Tuesday, Ethereum ended the day at $199.26.
A mixed start to the day saw Ethereum fall to an early morning low $202.12 before striking a mid-day intraday high $211.21.
Coming up against the first major resistance level at $211.29, Ethereum slid to a final hour intraday low $198.18.
Ethereum fell through the first major support level at $200.45 to wrap up the day at sub-$200.
At the time of writing, Ethereum was up by 2.14% to $203.53. A mixed start to the day saw Ethereum fall to an early morning low $196.82 before striking a high $203.99.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through to $205 levels to bring the first major resistance level at $207.59 into play.
Support from the broader market would be needed, however, for Ethereum to break out from the morning high $203.99
Barring an extended crypto rally, the first major resistance level would likely leave Ethereum short of $210 levels.
Failure to move through to $205 levels could see Ethereum give up the early gains.
A fall back through to sub-$203 levels would bring the first major support level at $194.56 into play before any recovery.
Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $189.85.
Looking at the Technical Indicators
Major Support Level: $194.56
Major Resistance Level: $207.59
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 2.29% on Wednesday. Following on from a 0.55% fall on Tuesday, Ripple’s XRP ended the day at $0.21198.
Recovering from an early morning low $0.21469, Ripple’s XRP struck a late morning intraday high $0.22241 before hitting reverse.
Ripple’s XRP broke through the first major resistance level at $0.2218 before sliding to a final hour intraday low $0.21000.
The reversal saw Ripple’s XRP slide through the first major support level at $0.2124.
At the time of writing, Ripple’s XRP was up by 1.39% to $0.21492. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.20981 before striking a high $0.21492.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move back through to $0.2150 levels to support a run at the first major resistance level at $0.2196.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.21492.
Barring an extended crypto rally, the first major resistance level would likely limit any upside on the day.
Failure to move through to $0.2150 levels could see Ripple’s XRP fall back into the red.
A fall through the morning low $0.20981 would bring the first major support level at $0.2072 into play.
Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.2024.
Looking at the Technical Indicators
Major Support Level: $0.2072
Major Resistance Level: $0.2196
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
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Thanks, Bob