EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 4th, 2020
EOS
EOS rose by 2.46% on Friday. Reversing a 0.71% decline from Thursday, EOS ended the day at $2.4201.
A mixed start to the day saw EOS fall to an early morning intraday low $2.3544 before making a move.
Steering clear of the first major support level at $2.3173, EOS rallied to an early afternoon intraday high $2.4556.
EOS broke through the first major resistance level at $2.3979 before falling back to $2.42 levels.
At the time of writing, EOS was up by 0.11% to $2.4228. A bullish start to the day saw EOS rise from an early morning low $2.4210 to a high $2.4243.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to avoid a fall through the $2.41 pivot level to support a run at the first major resistance level at $2.4657.
Support from the broader market would be needed, however, for EOS to break out from Friday’s high $2.4556.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
Failure to avoid a fall through the $2.41 pivot could see EOS struggle on the day.
A fall through to sub-$2.40 levels would bring the first major support level at $2.3645 into play.
Barring another extended sell-off, EOS should steer clear of sub-$2.30 levels. The second major support level at $2.3088 should limit any downside.
Looking at the Technical Indicators
Major Support Level: $2.3645
Major Resistance Level: $2.4657
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum fell by 0.61% on Friday. Following on from a 2.02% slide on Thursday, Ethereum ended the day at $225.06.
By recent standards, it was a relatively range-bound day for Ethereum.
Ethereum fell to an early morning low $225.4 before finding support.
Steering clear of the first major support level at $222.12, Ethereum rose to an early afternoon intraday high $228.26.
Falling well short of the first major resistance level at $231.49, Ethereum fell back to $224 levels. A late pullback saw Ethereum slide to an intraday low $224.31 before finding support.
Ethereum steered clear of the first major support level at $222.12 in spite of the pullback.
At the time of writing, Ethereum was up by 0.09% to $225.27. A mixed start to the day saw Ethereum fall to an early morning low $224.50 before rising to a high $225.34.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $226 pivot to support a run at the first major resistance level at $227.44.
Support from the broader market would be needed, however, for Ethereum to break back through to $227 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $228.26 should cap any upside.
Failure to move through the $226 pivot would bring the first major support level at $223.49 into play.
Barring another extended sell-off, Ethereum should continue to steer clear of sub-$215 levels. The second major support level at $221.93 should limit any downside.
Looking at the Technical Indicators
Major Support Level: $223.49
Major Resistance Level: $227.44
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 1.02% on Friday. Reversing a 1.02% fall from Thursday, Ripple’s XRP ended the day at $0.17656.
A bullish start to the day saw Ripple’s XRP rally from an early morning intraday low $0.17453 to a late morning intraday high $0.17899.
Ripple’s XRP broke through the first major resistance level at $0.1775 before falling back to sub-$0.1770 levels.
The first major resistance level at $0.1775 pinned Ripple’s XRP back late in the day.
At the time of writing, Ripple’s XRP was up by 0.13% to $0.17679. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.17616 before rising to a high $0.17687.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid a fall through the $0.1767 pivot to support a run at the first major resistance level at $0.1789.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.178 levels.
Barring a broad-based crypto rally, Friday’s high $0.17899 and the first major resistance level would likely limit any upside.
In the event of a breakout, Ripple’s XRP should break through the second major resistance level at $0.1812 before any pullback.
Failure to avoid a fall through the $0.1767 pivot would bring the first major support level at $0.1744 into play.
Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.17 levels. The second major support level at $0.1722 should limit any downside.
Looking at the Technical Indicators
Major Support Level: $0.1744
Major Resistance Level: $0.1789
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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