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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 04/06/20

By:
Bob Mason
Updated: Jun 4, 2020, 01:09 UTC

It's a mixed start to the day. The majors will need to avoid key levels to support a run at the major resistance levels...

Bitcoin coin on white keyboard

EOS

EOS rose by 0.67% on Wednesday. Following Tuesday’s 5.40% slide, EOS ended the day at $2.6927.

A bearish start to the day saw EOS fall to a mid-morning intraday low $2.6329 before finding support.

Steering clear of the first major support level at $2.5448, EOS rallied to a late intraday high $2.7072.

Coming up against resistance at $2.70, EOS fell short of the first major resistance level at $2.7538.

In the day, a failure to break through the $2.72 pivot left the major resistance levels out of reach.

At the time of writing, EOS was up by 0.10% to $2.6955. A mixed start to the day saw EOS fall to an early morning low $2.6900 before rising to a high $2.7009.

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

EOS/USD 04/06/20 Daily Chart

For the day ahead

EOS would need to avoid sub-$2.68 levels to take a run at the first major resistance level at $2.7223 into play.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.7072.

Barring another extended crypto rally, the first major resistance level at $2.7223 would likely cap any upside.

Failure to avoid sub-$2.68 levels could see EOS fall deeper into the red.

A fall through the $2.6776 pivot would bring the first major support level at $2.6480 into play.

Barring another crypto meltdown, however, EOS should steer clear of sub-$2.60 support levels. The second major support level at $2.6033 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $2.6480

Major Resistance Level: $2.7223

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 2.90% on Wednesday. Partially reversing a 4.31% slide from Tuesday, Ethereum ended the day at $244.6.

A choppy start to the day saw Ethereum fall to an early morning intraday low $233.28 before finding support.

Steering clear of the first major support level at $224.34, Ethereum rallied to a late intraday high $245.39 before easing back.

Falling short of the first major resistance level at $252.34, Ethereum eased back to wrap up the day at $244 levels.

At the time of writing, Ethereum was down by 0.28% to $243.92. A mixed start to the day saw Ethereum rise to an early morning high $244.98 before falling to a low $242.99.

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

ETH/USD 04/06/20 Daily Chart

For the day ahead

Ethereum would need to avoid sub-$241 levels to support a run at the first major resistance level at $248.90.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $245.39.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high should cap any upside.

Failure to avoid sub-$241 levels could see Ethereum fall deeper into the red.

A fall back through the morning low $242.99 to sub-$241 levels would bring the first major support level at $236.79 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: $236.79

Major Resistance Level: $248.90

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 0.59% on Wednesday. Following Tuesday’s 3.75% slide, Ripple’s XRP ended the day at $0.20420.

It was also a choppy start to the day. Ripple’s XRP fell to an early morning intraday low $0.20069 before making a move.

Steering clear of the first major support level at $0.1952, Ripple’s XRP rose to a late intraday high $0.20485.

Falling short of the first major resistance level at $0.2133, Ripple’s XRP fell back into the red before finding late support.

At the time of writing, Ripple’s XRP was down by 0.12% to $0.20396. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.2037 before rising to a high $0.20420.

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

XRP/USD 04/06/20 Daily Chart

For the day ahead

Ripple’s XRP will need to avoid sub-$0.2030 levels to support a run at the first major resistance level at $0.2058.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.20485.

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

Failure to avoid sub-$0.2030 levels could see Ripple’s XRP fall deeper into the red.

A fall through the morning low $0.20370 to sub-$0.2030 levels would bring the first major support level at $0.2016 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.1991.

Looking at the Technical Indicators

Major Support Level: $0.2016

Major Resistance Level: $0.2058

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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