EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 05/06/20
EOS
EOS rose by 0.88% on Thursday. Following on from a by 0.67% gain on Wednesday, EOS ended the day at $2.7223.
A bullish start to the day saw EOS rise to an early morning intraday high $2.7476 before hitting reverse.
EOS broke through the first major resistance level at $2.7223 before sliding to a late morning intraday low $2.6651.
Steering clear of the first major support level at $2.6480, EOS broke back through the first major resistance level.
A visit to an afternoon high $2.7463 was brief, however, with EOS falling back to sub-$2.70 levels.
Late support delivered the upside on the day, however. EOS broke back through the first major resistance level before wrapping up the day at $2.7223.
At the time of writing, EOS was down by 0.17% to $2.7177. A bearish start to the day saw EOS fall from an early morning high $2.7238 to a low $2.7159.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to avoid sub-$2.71 levels to take a run at the first major resistance level at $2.7582 into play.
Support from the broader market would be needed, however, for EOS to break out from Thursday’s high $2.7476.
Barring another extended crypto rally, the first major resistance level at $2.7582 would likely cap any upside.
Failure to avoid sub-$2.71 levels could see EOS fall deeper into the red.
A fall through the $2.71 pivot would bring the first major support level at $2.6757 into play.
Barring another crypto meltdown, however, EOS should steer clear of sub-$2.65 support levels. The second major support level sits at $2.6292.
Looking at the Technical Indicators
Major Support Level: $2.6757
Major Resistance Level: $2.7582
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum fell by 0.58% on Thursday. Partially reversing a 2.90% gain from Wednesday, Ethereum ended the day at $243.18.
A bullish start to the day saw Ethereum rise to an early morning intraday high $246.73 before hitting reverse.
Falling short of the first major resistance level at $248.90, Ethereum fell to a late morning intraday low $236.17.
The reversal saw Ethereum fall through the first major support level at $236.79 before revisiting $246 levels.
Ethereum once more fell back to sub-$240 levels before finding late support to wrap up the day at $243 levels.
At the time of writing, Ethereum was down by 0.39% to $242.23. A mixed start to the day saw Ethereum rise to an early morning high $243.45 before falling to a low $241.72.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid sub-$242 levels to support a run at the first major resistance level at $247.88.
Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $246.73.
Barring a broad-based crypto rally, the first major resistance level and Thursday’s high should cap any upside.
Failure to avoid sub-$242 levels could see Ethereum see another day in the red.
A fall back through the morning low $241.72 would bring the first major support level at $237.32 into play.
Barring an extended crypto sell-off, however, Ethereum should steer clear sub-$230 levels on the day.
The second major support level at $231.47 should limit any downside on the day.
Looking at the Technical Indicators
Major Support Level: $237.32
Major Resistance Level: $247.88
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP
Ripple’s XRP ended the day flat on Thursday. Following a 0.59% gain on Wednesday, Ripple’s XRP ended the day at $0.2042.
It was a mixed start to the day. Ripple’s XRP rallied to an early morning intraday high $0.20736 before hitting reverse.
Ripple’s XRP broke through the first major resistance level at $0.2058 before sliding to a late morning intraday low $0.19938.
The reversal saw Ripple’s XRP fall through the first major support level at $0.2016 to sub-$0.20 before finding support.
An early afternoon rally saw Ripple’s XRP break back through the first major resistance level before easing back into the red.
Finding late support, however, Ripple’s XRP moved back through to $0.2050 levels before ending the day flat. The second major resistance level at $0.2074 had capped the upside in the early part of the day.
At the time of writing, Ripple’s XRP was down by 0.14% to $0.20392. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.2045 before falling to a low $0.20349.
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 $0.2040 levels to support a run at the first major resistance level at $0.2079.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.20736.
Barring a broad-based crypto rally, the first major resistance level and Thursday’s high would likely cap any upside on the day.
Failure to move through to $0.2040 levels could see Ripple’s XRP fall deeper into the red.
A fall back through the morning low $0.20349 would bring the first major support level at $0.1999 into play.
Barring another crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.1957.
Looking at the Technical Indicators
Major Support Level: $0.1999
Major Resistance Level: $0.2079
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
