EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 14th, 2020
EOS
EOS slid by 2.55% on Monday. Following on from a 0.19% loss on Sunday, EOS ended the day at $2.5564.
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A relatively bullish start to the day saw EOS rise to a mid-day intraday high $2.6510 before hitting reverse.
Falling well short of the first major resistance level at $2.6681, EOS tumbled to a late intraday low $2.4427.
The reversal saw EOS fall through the first major support level at $2.5714 and the second major support level at $2.5213.
Finding late support, EOS broke back through the second major support level to cut the deficit on the day.
At the time of writing, EOS was down by 0.44% to $2.5452. A bearish start to the day saw EOS fall from an early morning high $2.5476 to a low $2.5452.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through the $2.55 pivot level to support a run at the first major resistance level at $2.6574.
Support from the broader market would be needed, however, for EOS to break out from Monday’s high $2.6510.
Barring an extended crypto rally, the first major resistance level and Monday’s high would likely cap any upside.
Failure to move through the $2.55 pivot would bring the first major support level at $2.4491 into play.
Barring another extended sell-off, EOS should steer clear of the second major support level at $2.3417.
Looking at the Technical Indicators
Major Support Level: $2.4491
Pivot Level: $2.5500
Major Resistance Level: $2.6574
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum fell by 1.39% on Monday. Reversing a 1.52% gain from Sunday, Ethereum ended the day at $239.44.
A bullish start to the day saw Ethereum rise to a mid-day intraday high $245.37 before sliding into the red.
Ethereum came up against the first major resistance level at $245.64 before falling to a late intraday low $236.97.
Ethereum fell through the first major support level at $238.25 before recovering to $239 levels.
At the time of writing, Ethereum was down by 0.23% to $238.89. A bearish start to the day saw Ethereum fall from an early morning high $239.39 to a low $238.83.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $240.60 pivot to support a run at the first major resistance level at $244.22.
Support from the broader market would be needed, however, for Ethereum to break back through to $244 levels.
Barring another extended crypto rally, the first major resistance level and Monday’s high $245.37 should cap any upside.
Failure to move through the $240.60 pivot would bring the first major support level at $235.82 into play.
Barring another extended sell-off, Ethereum should continue to steer clear of sub-$230 levels. The second major support level at $232.19 should limit any downside.
Looking at the Technical Indicators
Major Support Level: $235.82
Pivot Level: $240.59
Major Resistance Level: $244.22
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 1.31% on Monday. Reversing a 0.18% gain from Sunday, Ripple’s XRP ended the day at $0.19889.
Tracking the broader market, Ripple’s XRP rose to a mid-day intraday high $0.20698 before hitting reverse.
Ripple’s XRP broke through the first major resistance level at $0.2047 before sliding to a late intraday low $0.19246.
Ripple’s XRP fell through the first major support level at $0.1983 and the second major support level at $0.1950.
Finding late support, Ripple’s XRP broke back through the major support levels.
At the time of writing, Ripple’s XRP was down by 0.54% to $0.19782. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19877 to a low $0.19778.
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 the $0.1994 pivot to support a run at the first major resistance level at $0.2064.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.20 levels.
Barring a broad-based crypto rally, the first major resistance level and Monday’s high $0.20698 should cap any upside.
In the event of a breakout, Ripple’s XRP should test resistance at $0.21 before any pullback. The second major resistance level sits at $0.2140.
Failure to move through the $0.1994 pivot would bring the first major support level at $0.1919 into play.
Barring another extended crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.1849.
Looking at the Technical Indicators
Major Support Level: $0.1919
Pivot Level: $0.1994
Major Resistance Level: $0.2064
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