EOS, Ethereum and Ripple’s XRP – Daily and Hourly Tech Analysis – July 12th, 2020

EOS

EOS slipped by 0.10% on Saturday. Following on from a 1.00% decline on Friday, EOS ended the day at $2.6235.

It was a mixed day for EOS, though relatively range-bound.

An early morning intraday high $2.6400 came up short of the first major resistance level at $2.6587.

Pulling back through the morning, EOS fell to an early afternoon intraday low $2.5941.

EOS steered clear of the first major support level at $2.5842. A late recovery to $2.62 levels limited the loss on the day.

For the day ahead

Support, Resistance, MACD, and EMA – Hourly Candlesticks

Looking at the MACD, we’ve seen a widening of the bullish histograms early on, supportive of a bullish day ahead.

The spreads between the 50-day EMA and 100 and 200 EMAs have also widened further supporting an upside.

Avoiding a fall through the day’s pivot level at $2.6192 will be key to support the upward momentum.

Barring an extended crypto rally, R1 @ 2.6443 and the morning high $2.6499 would likely cap any upside.

A fall through the day’s pivot level at $2.6192 would bring the S1 @ 2.5984 into play before any recovery.

Barring an extended sell-off, EOS should avoid sub-$2.55 levels. S2 @ 2.5733 should limit any downside.

At the time of writing, EOS was up by 0.47% to $2.6359. A bullish start to the day saw EOS rise from an early morning low $2.6243 to a high $2.6499.

EOS broke through R1 @ $2.6443 early on before pullback to sub-$2.40 levels.

Trend Analysis – Daily Candlesticks – Near-term Bullish Trend Sustained

EOS would break back through Thursday’s high $2.7296 to target the first key resistance level at $2.9000.

A breakout from $2.9000 would bring the second key resistance level at $3.1104 into play. EOS would need to break out from $3.1104 to support the near-term bullish trend formed back in mid-March.

A pullback through to sub-$2.4000 levels would bring the key support level at $2.1926 into play.

In the event of a breakdown through the key support level, a near-term bearish trend would form.

Steering clear of sub-$2.4000 is key near-term.

Looking at the Technical Indicators

Major Support Level: $2.5984

Pivot Level: $2.6443

Major Resistance Level: $2.6443

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 0.87% on Saturday. Following on from a 0.33% decline on Friday, Ethereum ended the day at $239.17.

Ethereum fell short of R1 @ $243.69 with an early morning intraday high $241.58.

An early evening intraday low $237.43 saw Ethereum come within range of S1 @ $237.13.

Finding late support, Ethereum moved back through to $239 levels to limit the loss on the day. Resistance at $240 pinned Ethereum back.

For the day ahead

Support, Resistance, MACD, and EMA – Hourly Candlesticks

Looking at the MACD, we’ve seen a widening of the bullish histograms early on, supportive of a bullish day ahead.

The spreads between the 50-day EMA and 100 and 200 EMAs have also widened marginally also supporting further upside.

Avoiding a fall through the day’s pivot level at $239.40 will be key to support the upward momentum.

Barring an extended crypto rally, R1 @ 241.36 and the morning high $241.59 would likely cap any upside.

A fall through the day’s pivot level at $239.40 would bring the S1 @ $237.21 into play before any recovery.

Barring an extended sell-off, Ethereum should avoid sub-$235 levels. S2 @ 235.24 should limit any downside.

At the time of writing, Ethereum was up by 0.66% to $240.76.  A bullish start to the day saw Ethereum rise from an early morning low $239.10 to a high $241.59. Ethereum tested R1 @ 241.36 early on.

Trend Analysis – Daily Candlesticks – Near-term Bullish Trend Sustained

Ethereum would break back through Wednesday’s high $249.00 to target the key resistance level at $253.60.

A breakout from $253.60 would bring the 23.6% FIB of $257 into play. Ethereum would need to break out from the 23.6% FIB to support the near-term bullish trend formed back in mid-March.

A pullback through to sub-$230 levels would bring the first key support level at $215.16 into play. This would bring sub-$200 levels and the second key support level at $176.43 into play.

An Ethereum breakdown through $176.43 would form a near-term bearish trend. Avoiding sub-$230 remains key near-term.

Looking at the Technical Indicators

Major Support Level: $237.21

Pivot Level: $239.39

Major Resistance Level: $241.36

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 0.86% on Saturday. Partially reversing a 1.69% fall from Friday, Ripple’s XRP ended the day at $0.20124.

A bullish start to the day saw Ripple’s XRP break through R1 @ $0.2041 to strike an intraday high $0.20504.

Bearish through the afternoon, Ripple’s XRP fell to a late intraday low $0.19811.

While falling into the red, Ripple’s XRP avoided S1 @ $0.1936. Finding late support, Ripple’s XRP moved back through to $0.20 levels and into the green.

For the day ahead

Support, Resistance, MACD, and EMA – Hourly Candlesticks

Looking at the MACD, we’ve seen a narrowing of the bullish histograms early on, supportive of a pullback in the day ahead.

The spreads between the 50-day EMA and 100 and 200 EMAs have also narrowed marginally also supporting a reversal.

Avoiding a fall through the day’s pivot level at $0.2015 will be key to support the upward momentum.

Barring an extended crypto rally, R1 @ 0.2048 and Saturday’s high $0.20504 would likely cap any upside.

A fall through the day’s pivot level at $0.2015 would bring the S1 @ $0.1979 into play before any recovery.

Barring an extended sell-off, Ripple’s XRP should avoid sub-$0.19 levels. S2 @ 0.1945 should limit any downside.

At the time of writing, Ripple’s XRP was up by 0.11% to $0.20147.  A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.20122 to a high $0.20340. Ripple’s XRP left the major support and resistance levels untested early on.

Trend Analysis – Daily Candlesticks – Near-term Bullish Trend Sustained

Ripple’s XRP would break back through Thursday’s high $0.21199 to target the first key resistance level at $0.21520.

A breakout from $0.21520 would bring the second key resistance level at $0.2357 into play. Ripple’s XRP would need to break out from $0.2357 to support the near-term bullish trend formed back in mid-March.

A pullback through to sub-$0.1750 levels would bring the key support level at $0.1690 into play. This would lead to the formation of a near-term bearish trend. Avoiding sub-$0.1750 remains key near-term.

Looking at the Technical Indicators

Major Support Level: $0.1979

Pivot Level: $0.2015

Major Resistance Level: $0.2048

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