EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 31/05/20
EOS
EOS rallied by 5.93% on Saturday. Following a 0.02% slip on Friday, EOS ended the day at $2.7735.
A bullish start to the day saw EOS rise from an intraday low $2.6016 to an early afternoon high $2.7214.
EOS broke through the first major resistance level at $2.6630 and the second major resistance level at $2.7108.
A pullback through the mid-afternoon saw EOS briefly slide back to $2.61 levels before rebounding to a late intraday high $2.7871.
The bounce-back saw EOS break back through the first and second major resistance levels before easing back to $2.77 levels.
At the time of writing, EOS was down by 0.14% to $2.7697. A mixed start to the day saw EOS fall from an early morning high $2.7743 to a low $2.7553.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to avoid sub-$2.72 levels to bring the first major resistance level at $2.8399 into play.
Support from the broader market would be needed, however, for EOS to break out from Saturday’s high $2.7871.
Barring another extended crypto rally, the first major resistance level would likely cap any upside.
Failure to avoid sub-$2.72 levels could see EOS fall deeper into the red.
A fall through the morning low to sub-$2.72 levels would bring the first major support level at $2.6544 into play.
Barring a crypto meltdown, however, EOS should steer clear of sub-$2.60 levels and the second major support level at $2.5352.
Looking at the Technical Indicators
Major Support Level: $2.6544
Major Resistance Level: $2.8399
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum surged by 10.56% on Saturday. Following on from a 0.10% gain on Friday, Ethereum ended the day at $243.84.
A mixed start to the day saw Ethereum fall to an early morning intraday low $218.33 before making a move.
Steering clear of the first major support level at 217.16, Ethereum rallied to a late intraday high $247.36.
Ethereum broke through the major resistance levels to wrap up the day at the highest level since early March.
At the time of writing, Ethereum was up by 0.50% to $245.06. A mixed start to the day saw Ethereum fall to an early morning low $241.75 before striking a high $245.21.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid sub-$236.50 levels to bring the first major resistance level at $254.69 into play.
Support from the broader market would be needed, however, for Ethereum to break out from Saturday’s high $247.36.
Barring another broad-based crypto rally, resistance at $250 would likely leave Ethereum short of the first major resistance level.
Failure to avoid sub-$236.50 levels could see Ethereum hit reverse.
A fall through the morning low $241.75 to sub-$236.50 would bring the first major support level at $225.66 into play.
Barring an extended crypto sell-off, however, Ethereum should steer clear sub-$230 levels on the day.
Looking at the Technical Indicators
Major Support Level: $225.66
Major Resistance Level: $254.69
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP
Ripple’s XRP rallied by 4.83% on Saturday. Reversing a 1.57% fall from Friday, Ripple’s XRP ended the day at $0.20709.
A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.19613 before breaking out.
Steering clear of the first major support level at $0.1949, Ripple’s XRP rallied to a late morning high $0.20659.
Ripple’s XRP broke through the first major resistance level at $0.2019 and the second major resistance level at $0.2062.
An early afternoon pullback saw Ripple’s XRP fall back to $0.2017 levels before bouncing back.
Finding support at the first major resistance level at $0.2019, Ripple’s XRP rallied to a late intraday high $0.20790.
Ripple’s XRP broke through the second major resistance level at $0.2062 to wrap up the day at $0.2070 levels.
At the time of writing, Ripple’s XRP was down by 0.06% to $0.20697. A mixed start to the day saw Ripple’s XRP fall from an early morning high $0.20727 to a low $0.20587.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid sub-$0.2040 levels to support a run at the first major resistance level at $0.2113.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through Saturday’s high $0.20790.
Barring a broad-based crypto rebound, the first major resistance level would likely cap any upside on the day.
Failure to avoid sub-$0.2040 levels could see Ripple’s XRP fall deeper into the red.
A fall through back through the morning low to sub-$0.2040 levels would bring the first major support level at $0.1995 into play.
Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.1919.
Looking at the Technical Indicators
Major Support Level: $0.1995
Major Resistance Level: $0.2113
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