EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – June 18th, 2020
EOS
EOS rose by 0.64% on Wednesday. Following on from a 0.83% gain on Tuesday, EOS ended the day at $2.5728.
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It was a mixed start to the day. EOS fell to an early morning low $2.5403 before making a move.
Steering clear of the first major support level at $2.5303, EOS rose to an early afternoon intraday $2.6088 before pulling back.
EOS broke through the first major resistance level at $2.5736 and the second major support level at $2.5910.
The pullback saw EOS slide to a late intraday low $2.5204 before finding support.
EOS fell through the first major support level at $2.5303, before rebounding to $2.57 levels. The first major resistance level at $2.5736 pinned EOS back late in the day.
At the time of writing, EOS was flat at $2.5728.
EOS left the major support and resistance levels untested early on, with no movement at the start of the day.
For the day ahead
EOS would need to avoid a fall through the $2.5670 pivot level to take bring the first major resistance level at $2.6143 into play.
Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.6088.
Barring an extended crypto rally, the first major resistance level at $2.6143 would likely limit any upside.
Failure to avoid a fall through the $2.5670 pivot could see EOS struggle on the day.
A fall back through the pivot would bring the first major support level at $2.5259 into play.
Barring another crypto sell-off, however, EOS should steer clear of sub-$2.50 levels and the second major support level at $2.4789.
Looking at the Technical Indicators
Major Support Level: $2.5259
Major Resistance Level: $2.6143
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum fell by 0.70% on Wednesday. Partially reversing a 1.90% gain from Tuesday, Ethereum ended the day at $233.71.
A mixed start to the day saw Ethereum fall to an early morning low $231.96 before making a move.
Steering clear of the first major support level at $230.74, Ethereum rallied to an early afternoon intraday high $237.0.
Falling short of the first major resistance level at $237.98, Ethereum slid to a late intraday low $227.5.
Ethereum fell through the first major support level at $230.74 before recovering to $233 levels.
At the time of writing, Ethereum was down by 0.39% to $233.32. A bearish start to the day saw Ethereum fall from an early morning high $233.76 to a low $233.20.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall through the $232.70 pivot to support a run at the first major resistance level at $237.97.
Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $237.0.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high should cap any upside.
Failure to avoid a fall through the $232.70 pivot could see Ethereum take another hit on the day.
A fall through to sub-$230 levels would bring the first major support level at $228.47 into play.
Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$220 levels. The second major support level at $223.24 should limit any downside.
Looking at the Technical Indicators
Major Support Level: $228.47
Major Resistance Level: $237.97
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 0.44% on Wednesday. Reversing a 0.08% fall from Tuesday, Ripple’s XRP ended the day at $0.19333.
Tracking the broader market, Ripple’s XRP fell to an early morning low $0.19106 before finding support.
Steering clear of the first major support level at $0.1903, Ripple’s XRP rallied to an early afternoon intraday high $0.19886.
Ripple’s XRP broke through the first major resistance level at $0.1944 and the second major resistance level at $0.1962.
A late sell-off saw Ripple’s XRP slide, however, to an intraday low $0.18838 before finding support.
Falling through the first major support level at $0.1903, Ripple’s XRP found support at the second major support level at $0.1882.
A late recovery saw Ripple’s XRP move back through to $0.1930 levels to wrap up the day in the green.
At the time of writing, Ripple’s XRP was down by 0.17% to $0.19300. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19328 to a low $0.19300.
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 $0.1935 pivot to support a run at the first major resistance level at $0.1987.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.1950 levels.
Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $0.19886 would likely cap any upside.
Failure to move through the $0.1935 pivot could see Ripple’s XRP fall deeper into the red.
A fall back through to sub-$0.1900 levels would bring the first major support level at $0.1882 into play.
Barring another crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.1830.
Looking at the Technical Indicators
Major Support Level: $0.1882
Major Resistance Level: $0.1987
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