EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 06/04/20

EOS

EOS fell by 0.34% on Sunday. Partially reversing a 1.25% gain from Saturday, EOS ended the week up by 11.02% to $2.3552.

A choppy start to the day saw EOS rise to an early morning high $2.3799 before hitting reverse.

Falling short of the first major resistance level at $2.4186, EOS fell to a late afternoon intraday low $2.3200.

Steering well clear of the first major support level at $2.3007, EOS rallied to a late intraday high $2.3931 before sliding back.

EOS fell short of the first major resistance level at $2.4186 before falling into the red.

At the time of writing, EOS was up by 0.64% to $2.3704. A bullish start to the day saw EOS rise from an early morning low $2.3540 to a high $2.3863.

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

For the day ahead

EOS would need to move through to $2.38 levels to support a run at the first major resistance level at $2.3922.

Support from the broader market would be needed, however, for EOS to break back through to $2.39 levels.

Barring an extended crypto rally, the first major resistance level, and Sunday’s high would likely cap any upside.

Failure to move back through to $2.38 levels could see EOS hit reverse.

A fall back through to sub-$2.3560 levels would bring the first major support level at $2.3191 into play.

Barring an extended crypto sell-off, however, EOS should continue to steer clear of the second major support level at $2.2830.

Looking at the Technical Indicators

Major Support Level: $2.3191

Major Resistance Level: $2.3922

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.18% on Sunday. Partially reversing a 2.12% gain from Saturday, Ethereum ended the week up by 14.76% to $142.79.

A bullish start to the day saw Ethereum rise to an early morning intraday high $145.98 before hitting reverse.

Falling short of the first major resistance level at $147.77, Ethereum slid to a late afternoon intraday low $140.81.

Steering clear of the first major support level at $140.12, Ethereum recovered to $143 levels before easing back.

At the time of writing, Ethereum was up by 1.01% to $144.23. A bullish start to the day saw Ethereum rise from an early morning low $142.79 to a high $145.23.

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

For the day ahead

Ethereum would need to move back through to $145 levels to support a run at the first major resistance level at $145.58.

Support from the broader market would be needed, however, for Ethereum to breakout from the morning high $145.23.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $145.98 would likely pin Ethereum back.

Failure to move back through to $145 levels could see Ethereum struggle later in the day.

A fall through to sub-$143.20 levels would bring the first major support level at $140.41 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$140 support levels.

Looking at the Technical Indicators

Major Support Level: $140.41

Major Resistance Level: $145.58

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 1.23% on Sunday. Reversing a 1.17% gain from Saturday, Ripple’s XRP ended the week up by 10.15% to $0.17955.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.18268 before hitting reverse.

Falling short of the first major resistance level at $0.1845, Ripple’s XRP slid to a late afternoon intraday low $0.17690.

Ripple’s XRP fell through the first major support level at $0.1786 before recovering to $0.1799 levels.

Resistance at $0.18 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was up by 0.65% to $0.18071. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.17954 to a high $0.18200.

Steering clear of the major support levels, Ripple’s XRP came within range of the first major resistance level at $0.1825.

For the day ahead

Ripple’s XRP will need to avoid sub-$0.18 levels to support another run at the first major resistance level at $0.1825.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.18200.

Barring an extended crypto rally, the first major resistance level at $0.1825 would likely limit any upside on the day.

In the event of a breakout, the second major resistance level at $0.1855 would likely leave Ripple’s XRP short of $0.19 levels.

Failure to avoid sub-$0.18 levels could see Ripple’s XRP struggle later in the day.

A fall through the morning low $0.17954 would bring the first major support level at $0.1767 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.1739.

Looking at the Technical Indicators

Major Support Level: $0.1767

Major Resistance Level: $0.1825

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