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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 01/06/20

By:
Bob Mason
Updated: Jun 1, 2020, 02:24 UTC

It's a relatively bullish start to the day for the majors. We would need to see a move through key levels, however, to bring resistance levels into play.

Cryptocurrency Ethereum with One Dollar Bill as financial concept.

EOS

EOS slid by 3.52% on Sunday. Partially reversing a 5.93% rally from Saturday, EOS ended the week up by 7.59% to $2.6766. In spite of the weekly gain, EOS fell by 5.39% in May.

It was a choppy day for EOS. A bearish start to the day saw EOS fall from an early morning intraday high $2.7743 to an early morning low $2.6804.

Steering clear of the major support levels, EOS recovered to $2.76 levels before hitting reverse.

The reversal saw EOS slide through the first major support level at $2.6544 to a late intraday low $2.6479.

Finding support late on, EOS broke back through the first major support level to wrap up the day at to $2.67 levels.

At the time of writing, EOS was up by 0.24% to $2.6830. A mixed start to the day saw EOS fall to an early morning low $2.6650 before striking a high $2.6890.

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

EOS/USD 01/06/20 Daily Chart

For the day ahead

EOS would need to move through to $2.70 levels to bring the first major resistance level at $2.7513 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.6890.

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

Failure to move through to $2.70 levels could see EOS fall back into the red.

A fall through Sunday’s low $2.6479 would bring the first major support level at $2.6249 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.60 levels and the second major support level at $2.5732.

Looking at the Technical Indicators

Major Support Level: $2.6249

Major Resistance Level: $2.7513

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 5.05% on Sunday. Partially reversing a 10.56% surge from Saturday, Ethereum ended the week up by 15.98% to $231.54. The bullish week delivered a 12.28% gain for the month of May.

A mixed start to the day saw Ethereum rise to an early morning intraday high $245.46 before hitting reverse.

Falling short of the first major resistance level at $254.69, Ethereum slid to a final hour intraday low $230.84.

Steering clear of the first major support level at $225.66, Ethereum wrapped up the day at $231 levels.

At the time of writing, Ethereum was up by 0.73% to $233.22. A mixed start to the day saw Ethereum fall to an early morning low $230.59 before striking a high $233.68.

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

ETH/USD 01/06/20 Daily Chart

For the day ahead

Ethereum would need to move back through to $236 levels to bring the first major resistance level at $241.05 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $233.68.

Barring another broad-based crypto rally, the first major resistance level and Sunday’s high $245.46 would likely cap any upside.

Failure to move back through to $236 levels could see Ethereum hit reverse.

A fall through Sunday’s low $230.84 would bring the first major support level at $226.43 into play.

Barring another extended crypto sell-off, however, Ethereum should steer clear sub-$220 levels on the day.

Looking at the Technical Indicators

Major Support Level: $226.43

Major Resistance Level: $241.05

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 2.22% on Sunday. Partially reversing a 4.83% rally from Saturday, Ripple’s XRP ended the week up by 5.20% to $0.20249. In spite of the weekly gain, Ripple’s XRP fell by 4.31% in May.

A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.20235 before breaking out.

Steering clear of the first major support level at $0.1995, Ripple’s XRP rallied to a late morning intraday high $0.21380.

Ripple’s XRP broke through the first major resistance level at $0.2113 before hitting reverse.

The reversal saw Ripple’s XRP slide to a final hour intraday low $0.20048 before steadying.

In spite of the pullback, Ripple’s XRP steered clear of sub-$0.20 levels and the first major support level at $0.1995.

At the time of writing, Ripple’s XRP was up by 0.38% to $0.20326. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.20115 before striking a high $0.20372.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 01/06/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move through to $0.2060 levels to support a run at the first major resistance level at $0.2107.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.20372.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $0.2138 would likely cap any upside on the day.

Failure to move through to $0.2060 levels could see Ripple’s XRP fall back into the red.

A fall through back Sunday’s low $0.20048 would bring the first major support level at $0.1974 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.1923.

Looking at the Technical Indicators

Major Support Level: $0.1974

Major Resistance Level: $0.2107

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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