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

EOS

EOS rose by 1.14% on Sunday. Following on from a 0.08% gain on Saturday, EOS ended the week down 0.22% to $2.6905.

A bullish start to the day saw EOS rally from an early morning intraday low $2.6601 to a late afternoon intraday high $2.7813.

Steering clear of the major support levels, EOS broke through the major resistance levels before pulling back.

The late pullback saw EOS fall through the third major resistance level at $2.7353 and second major resistance level at $2.6934.

In spite of the pullback, EOS managed to hold above the first major resistance level at $2.6732.

At the time of writing, EOS was down by 0.14% to $2.6868. A mixed start to the day saw EOS rise from an early morning low $2.6830 to a high $2.6883 before easing back.

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

For the day ahead

EOS would need to move back through to $2.71 levels to support a run at the first major resistance level at $2.7612.

Support from the broader market would be needed, however, for EOS to break back through $2.70 levels.

Barring an extended broad-based crypto rally, the first major resistance level at $2.7612 would likely limit any upside on the day.

Failure to move through to $2.71 levels could see EOS hit reverse. A fall back through to Sunday’s low $2.6601 would bring the first major support level at $2.64 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.60 levels.

Looking at the Technical Indicators

Major Support Level: $2.6400

Major Resistance Level: $2.7612

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.87% on Sunday. Reversing a 0.02% decline from Saturday, Ethereum ended the week up 0.74% to $135.31.

Tracking the broader market, Ethereum rallied from an early morning intraday low $134.14 to a late afternoon intraday high $138.97.

Steering clear of the major support levels, Ethereum broke through the first major resistance level at $135.76 and second major resistance level at $137.38.

Falling short of $140 levels, Ethereum slid back through the first and second major resistance levels in a late sell-off.

In spite of a pullback into the red, Ethereum managed to recover in the final hour to close out the day in the green.

At the time of writing, Ethereum was down by 0.18% to $135.07. A mixed start to the day saw Ethereum rise to an early morning high $135.35 before falling to a low $134.78.

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

For the day ahead

Ethereum would need to break back through to $136.15 levels to support a run at the first major resistance level at $138.14.

Support from the broader market would be needed for Ethereum to break back through to $138 levels.

Barring a broad-based crypto rally, however, Ethereum would likely come up short of $138 levels on the day.

In the event of an extended rally, Ethereum could eye $140 levels and the second major resistance level at $140.97.

Failure to move back through $136.15 levels could see Ethereum fall deeper into the red. A pullback through the morning low $134.78 would bring the first major support level at $133.31 into play.

Barring a crypto sell-off, however, Ethereum should steer well clear of sub-$130 levels.

The second major resistance level at $131.31 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $133.31

Major Resistance Level: $138.14

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 0.39% on Sunday. Reversing a 0.26% fall from Saturday, Ripple’s XRP ended the week down 1.18% to $0.19468.

A mixed start to the day saw Ripple’s XRP rise from an early intraday low $0.19351 to an early morning high $0.19626.

Ripple’s XRP broke through the first major resistance level at $0.1949 before hitting reverse.

Coming up against the second major resistance level at $0.1962, Ripple’s XRP fell back to sub-$0.1940 levels.

Finding support through the afternoon, Ripple’s XRP rallied to a late afternoon intraday high $0.19773.

Ripple’s XRP broke back through the first major resistance level and second major resistance level before a 2^nd sell-off.

Pressured by the broader market, a late sell-off saw Ripple’s XRP fall back through major resistance levels to limit the upside on the day.

At the time of writing, Ripple’s XRP was up by 0.24% to $0.19515. A mixed start to the day saw Ripple’s XRP rise from an early morning low $0.19461 to a high $0.19527.

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

For the day ahead

Ripple’s XRP will need to move through to $0.1955 levels to support a run at the first major resistance level at $0.1971.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.1960 levels.

Barring an extended rally through the day, the first major resistance level would likely limit any upside.

Failure to move through the morning high $0.1955 could see Ripple’s XRP hit reverse.

A fall through the morning low $0.19461 would bring the first major support level at $0.1929 into play.

Barring a crypto meltdown, however, Ripple’s XRP should continue to steer of sub-$0.19 levels.

The second major support level at $0.1911 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.1929

Major Resistance Level: $0.1971

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