EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 07/04/20
EOS
EOS rallied by 17.51% on Monday. Following on from an 11.02% gain from last week, EOS ended the day at $2.7687.
A bullish day saw EOS rally from an early morning intraday low $2.3540 to a final hour intraday high $2.7757.
Steering clear of the major support levels, EOS broke through the major resistance levels for the day. In spite of easing back from $2.77 levels, EOS held above the third major resistance level at $2.5023.
At the time of writing, EOS was down by 0.68% to $2.7499. A mixed start to the day saw EOS rise to an early morning high $2.8319 before falling to a low $2.7395.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move back through to $2.80 levels to support a run at the first major resistance level at $2.9116.
Support from the broader market would be needed, however, for EOS to break out from the morning high $2.8319.
Barring another extended crypto rally, resistance at $2.85 would likely leave EOS short of the first major resistance level.
Failure to move back through to $2.80 levels could see EOS fall deeper into the red.
A fall back through to sub-$2.6330 levels would bring the first major support level at $2.49 into play.
Barring a crypto meltdown, however, EOS should continue to steer well clear of the second major support level at $2.2111.
Looking at the Technical Indicators
Major Support Level: $2.4899
Major Resistance Level: $2.9116
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum rallied by 20.11% on Monday. Following on from a 14.76% rally from last week, Ethereum ended the day at $171.50.
It was a particularly bullish day. Ethereum rallied from an early morning intraday low $142.79 to a final hour intraday high $172.19.
Steering clear of the major support levels, Ethereum broke through the day’s major resistance levels. In spite of easing back from $172 levels, Ethereum held well above the third major resistance level at $153.53.
At the time of writing, Ethereum was down by 0.47% to $170.69. A mixed start to the day saw Ethereum rise to an early morning high $176.82 before falling to a low $169.52.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through the morning high $176.82 to support a run at the first major resistance level at $181.53.
Support from the broader market would be needed, however, for Ethereum to breakthrough to $180 levels.
Barring an extended crypto rally, the first major resistance level at $181.53 would likely limit any upside.
Failure to move back through the morning high could see Ethereum struggle later in the day.
A fall through to sub-$162.20 levels would bring the first major support level at $152.13 into play.
Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$160 levels on the day.
Looking at the Technical Indicators
Major Support Level: $152.13
Major Resistance Level: $181.53
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 10.63 on Sunday. Following on from a 10.15% rally from last week, Ripple’s XRP ended the day at $0.19864.
Tracking the broader market, Ripple’s XRP rallied from an early morning intraday low $0.17954 to a final hour intraday high $0.19900.
Steering clear of the major support levels, Ripple’s XRP broke through the major resistance levels of the day.
While easing back from $0.199 levels, Ripple’s XRP avoided a fall back through the third major resistance level at $0.1913.
At the time of writing, Ripple’s XRP was up by 0.98% to $0.20059. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.19769 to a high $0.20500.
Steering clear of the major support levels, Ripple’s XRP came up against the first major resistance level at $0.2052.
For the day ahead
Ripple’s XRP will need to avoid sub-$0.1925 levels to support another run at the first major resistance level at $0.20520.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.20500.
Barring an extended crypto rally, the first major resistance level at $0.20520 would likely limit any upside on the day.
In the event of a breakout, the second major resistance level at $0.2119 would likely come into play.
Failure to avoid sub-$0.1925 levels could see Ripple’s XRP struggle later in the day.
A fall through the morning low $0.1925 levels would bring the first major support level at $0.1859 into play.
Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.19 levels on the day.
Looking at the Technical Indicators
Major Support Level: $0.1858
Major Resistance Level: $0.2052
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
More From FXEMPIRE:
GBP/USD Daily Forecast – British Pound Continues Its Attempts To Rebound
Covid-19 Pandemic Creates High Risks, Triggers Deep Global Recession
EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 07/04/20
European Equities: Futures Point to More Gains as Italy Reports a Marked Fall in New Cases
Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 07/04/20
U.S. Dollar Index (DX) Futures Technical Analysis – Rally Falls Short of Retracement Zone Target