EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 9th, 2020

EOS

EOS rallied by 4.80% on Wednesday. Reversing a 2.14% fall from Tuesday, EOS ended the day at $2.6858.

A mixed start to the day saw EOS fall to an early morning intraday low $2.5469 before making a move.

Steering clear of the first major support level at $2.5143, EOS rallied to an early afternoon intraday high $2.7088.

EOS broke through the first major resistance level at $2.6187 and the second major resistance level at $2.6770.

A pullback through the afternoon saw EOS fall through to $2.65 levels before finding late support.

EOS broke back through the second major resistance level to wrap up the day at $2.68 levels.

At the time of writing, EOS was down by 0.29% to $2.6781. A bearish start to the day saw EOS fall from an early morning high $2.6831 to a low $2.6781.

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

For the day ahead

EOS would need to avoid a fall through the $2.6470 pivot level to support a run at the first major resistance level at $2.7474.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.7088.

Barring another extended crypto rally, the first major resistance level at $2.7474 would likely cap any upside.

Failure to avoid a fall through the $2.6470 pivot would bring the first major support level at $2.5855 into play.

Barring an extended sell-off, EOS should steer clear of sub-$2.60 levels. The second major support level at $2.4853 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $2.5855

Major Resistance Level: $2.7474

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 3.25% on Wednesday. Reversing a 0.97% decline from Tuesday, Ethereum ended the day at $247.14.

A mixed start to the day saw Ethereum fall to an early morning intraday low $237.91 before finding support.

Steering clear of the first major support level at $234.67, Ethereum rallied to a late intraday high $249.0.

Ethereum broke through the first major resistance level at $244.25 and second major resistance level at $248.52 before easing back.

Easing back through the second major resistance level, Ethereum wrapped up the day at $247 levels.

At the time of writing, Ethereum was down by 0.45% to $246.02. A bearish start to the day saw Ethereum fall from an early morning high $247.11 to a low $245.88

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

For the day ahead

Ethereum would need to avoid a fall through the $244.70pivot to support a run at the first major resistance level at $251.46.

Support from the broader market would be needed, however, for Ethereum to break out Wednesday’s high $249.0.

Barring another extended crypto rally, the first major resistance level should cap any upside.

Failure to avoid a fall through the $244.70 pivot would bring the first major support level at $240.37 into play.

Barring another extended sell-off, Ethereum should continue to steer clear of sub-$240 levels. The second major support level sits at $233.59.

Looking at the Technical Indicators

Major Support Level: $240.37

Major Resistance Level: $251.46

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP surged by 10.98% on Wednesday. Reversing Tuesday’s 1.93% fall with interest, Ripple’s XRP ended the day at $0.20575.

Tracking the broader market, Ripple’s XRP slipped to an early morning intraday low $0.18420 before making a move.

Steering clear of the first major support level at $0.1824, Ripple’s XRP rallied to a late intraday high $0.20700.

Ripple’s XRP broke through the day’s major resistance levels to visit $0.20 for the first time since 10^th June.

At the time of writing, Ripple’s XRP was down by 0.62% to $0.20448. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.20581 to a low $0.20424.

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 $0.1990 pivot to support a run at the first major resistance level at $0.2138.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.20700.

Barring another broad-based crypto rally, resistance at $0.21 would likely leave Ripple’s XRP short of the first major resistance level.

In the event of a breakout, Ripple’s XRP should test the second major resistance level at $0.2218 before any pullback.

Failure to avoid a fall through the $0.1990 pivot would bring the first major support level at $0.1910 into play.

Barring another extended crypto sell-off, however, Ripple’s XRP should avoid sub-$0.1900 levels. The second major support level sits at $0.1762.

Looking at the Technical Indicators

Major Support Level: $0.1910

Major Resistance Level: $0.2138

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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