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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 06/02/20

By:
Bob Mason
Published: Feb 6, 2020, 04:19 UTC

It's a bullish start to the day, with resistance levels in play as the bulls look to take control.

Bitcoin coin on white keyboard

EOS

EOS rallied by 7.18% on Wednesday. Following on from a 0.46% gain on Tuesday, EOS ended the day at $4.5338.

A mixed start to the day saw EOS fall to an early morning intraday low $4.1728 before making a move.

Steering clear of the first major support level at $4.1159, EOS rallied to a late intraday high $4.5880.

EOS broke through the first major resistance level at $4.3142 and the second major resistance level at $4.3904.

The third major resistance level at $5.5887 pinned EOS back from more material gains on the day.

At the time of writing, EOS was up by 0.28% to $4.2065. A mixed start to the day saw EOS rise to an early morning high $4.5517 before sliding to a low $4.5467.

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

EOS/USD 06/02/20 Daily Chart

For the day ahead

EOS would need to move back through Wednesday’s high $4.5880 to support a run at the first major resistance level at $4.6903.

Support from the broader market would be needed, however, for EOS to through to $4.60 levels.

Barring a broad-based crypto rally, resistance at $4.60 would likely leave EOS short of the first major resistance level at $4.6903.

Failure to move back through Wednesday’s high could see EOS fall back into the red.

A fall back through the morning low $4.4607 to sub-$4.4300 levels would bring the first major support level at $4.2751 into play.

Barring another extended crypto sell-off, however, EOS should continue to steer of the second major support level at $4.0163.

Looking at the Technical Indicators

Major Support Level: $4.2751

Major Resistance Level: $4.6903

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 8.37% on Wednesday. Reversing a 0.62% decline from Tuesday, Ethereum ended the day at $204.0.

A mixed start to the day saw Ethereum fall to an early morning intraday low $186.89 before making a move.

Steering clear of the first major support level at $184.56, Ethereum rallied to a late intraday high $207.93.

Ethereum broke through the day’s major resistance levels to close out the day at $200 levels for the first time since September.

In spite of a late pullback from the day high, Ethereum held above the third major resistance level at $202.13.

At the time of writing, Ethereum was up by 0.96% to $205.96. A mixed start to the day saw Ethereum fall to an early morning low $200.54 before striking a high $206.18.

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

ETH/USD 06/02/20 Daily Chart

For the day ahead

Ethereum would need to move back through Wednesday’s high $207.93 to support a run at the first major resistance level at $212.32.

Support from the broader market would be needed, however, for Ethereum to break through to $210 levels.

Barring a broad-based crypto rally, resistance at $210 would likely leave Ethereum short of the first major resistance level at $212.32.

In the event of an extended crypto rally, the second major resistance level at $220.65 could come into play.

Failure to move through Wednesday’s high $207.93 could see Ethereum hit reverse.

A fall through the morning low $200.54 to sub-$199.50 levels would bring the first major support level at $191.28 into play.

Barring a crypto meltdown, however, Ethereum should steer well clear of sub-$190 levels on the day.

Looking at the Technical Indicators

Major Support Level: $191.28

Major Resistance Level: $212.32

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 3.86% on Wednesday. Following on from a 4.88% rally on Tuesday, Ripple’s XRP ended the day at $0.27780.

A bullish start to the day saw Ripple’s XRP rise from an early intraday low $0.26748 to a mid-morning intraday high $0.28266.

Ripple’s XRP broke through the first major resistance level at $0.2762 before hitting reverse. Falling short of the second major resistance level at $0.2850, Ripple’s XRP fell to $0.2710 levels.

Ripple’s XRP fell back through the first major resistance level before finding late support to wrap up the day at $0.277 levels

At the time of writing, Ripple’s XRP was up by 3.0% to $0.28613. A mixed start to the day saw Ripple’s XRP fall an early morning low $0.27300 before striking a high $0.28614.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.2845.

XRP/USD 06/02/20 Daily Chart

For the day ahead

Ripple’s XRP will need to hold above the first major resistance level to support a run at the second major resistance level at $0.2912.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.29 levels.

Barring an extended rally, however, resistance at $0.29 would likely leave Ripple’s XRP short of the second major resistance level.

Failure to hold above the first major resistance level could see Ripple’s XRP hit reverse.

A fall back through to sub-$0.2760 levels would bring the first major support level at $0.2693 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.27 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.2693

Major Resistance Level: $0.2845

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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