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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 06/02/20

Bob Mason

EOS

EOS rallied by 7.18% on Wednesday. Following on from a 0.46% gain on Tuesday, EOS ended the day at $4.5338.

A mixed start to the day saw EOS fall to an early morning intraday low $4.1728 before making a move.

Steering clear of the first major support level at $4.1159, EOS rallied to a late intraday high $4.5880.

EOS broke through the first major resistance level at $4.3142 and the second major resistance level at $4.3904.

The third major resistance level at $5.5887 pinned EOS back from more material gains on the day.

At the time of writing, EOS was up by 0.28% to $4.2065. A mixed start to the day saw EOS rise to an early morning high $4.5517 before sliding to a low $4.5467.

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

For the day ahead

EOS would need to move back through Wednesday’s high $4.5880 to support a run at the first major resistance level at $4.6903.

Support from the broader market would be needed, however, for EOS to through to $4.60 levels.

Barring a broad-based crypto rally, resistance at $4.60 would likely leave EOS short of the first major resistance level at $4.6903.

Failure to move back through Wednesday’s high could see EOS fall back into the red.

A fall back through the morning low $4.4607 to sub-$4.4300 levels would bring the first major support level at $4.2751 into play.

Barring another extended crypto sell-off, however, EOS should continue to steer of the second major support level at $4.0163.

Looking at the Technical Indicators

Major Support Level: $4.2751

Major Resistance Level: $4.6903

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 8.37% on Wednesday. Reversing a 0.62% decline from Tuesday, Ethereum ended the day at $204.0.

A mixed start to the day saw Ethereum fall to an early morning intraday low $186.89 before making a move.

Steering clear of the first major support level at $184.56, Ethereum rallied to a late intraday high $207.93.

Ethereum broke through the day’s major resistance levels to close out the day at $200 levels for the first time since September.

In spite of a late pullback from the day high, Ethereum held above the third major resistance level at $202.13.

At the time of writing, Ethereum was up by 0.96% to $205.96. A mixed start to the day saw Ethereum fall to an early morning low $200.54 before striking a high $206.18.

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

For the day ahead

Ethereum would need to move back through Wednesday’s high $207.93 to support a run at the first major resistance level at $212.32.

Support from the broader market would be needed, however, for Ethereum to break through to $210 levels.

Barring a broad-based crypto rally, resistance at $210 would likely leave Ethereum short of the first major resistance level at $212.32.

In the event of an extended crypto rally, the second major resistance level at $220.65 could come into play.

Failure to move through Wednesday’s high $207.93 could see Ethereum hit reverse.

A fall through the morning low $200.54 to sub-$199.50 levels would bring the first major support level at $191.28 into play.

Barring a crypto meltdown, however, Ethereum should steer well clear of sub-$190 levels on the day.

Looking at the Technical Indicators

Major Support Level: $191.28

Major Resistance Level: $212.32

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 3.86% on Wednesday. Following on from a 4.88% rally on Tuesday, Ripple’s XRP ended the day at $0.27780.

A bullish start to the day saw Ripple’s XRP rise from an early intraday low $0.26748 to a mid-morning intraday high $0.28266.

Ripple’s XRP broke through the first major resistance level at $0.2762 before hitting reverse. Falling short of the second major resistance level at $0.2850, Ripple’s XRP fell to $0.2710 levels.

Ripple’s XRP fell back through the first major resistance level before finding late support to wrap up the day at $0.277 levels

At the time of writing, Ripple’s XRP was up by 3.0% to $0.28613. A mixed start to the day saw Ripple’s XRP fall an early morning low $0.27300 before striking a high $0.28614.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.2845.

For the day ahead

Ripple’s XRP will need to hold above the first major resistance level to support a run at the second major resistance level at $0.2912.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.29 levels.

Barring an extended rally, however, resistance at $0.29 would likely leave Ripple’s XRP short of the second major resistance level.

Failure to hold above the first major resistance level could see Ripple’s XRP hit reverse.

A fall back through to sub-$0.2760 levels would bring the first major support level at $0.2693 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.27 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.2693

Major Resistance Level: $0.2845

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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