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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 06/05/20

By:
Bob Mason
Published: May 6, 2020, 03:01 UTC

It's a bearish start to the day for the majors. Failure to move back through the pivots will bring support levels into play.

Depositphotos_193678068_s-2019

EOS

EOS rose by just 0.01% on Tuesday. Following a 2.48% fall on Monday, EOS ended the day at $2.7694.

A bullish start to the day saw EOS rise to a mid-morning intraday high $2.8283 before hitting reverse.

Falling short of the first major resistance level at $2.8681, EOS slid to a late morning intraday low $2.7049.

Steering clear of the first major support level at $2.6489, EOS moved back through to $2.76 levels to end the day flat.

At the time of writing, EOS was down by 0.85% to $2.7458. A bearish start to the day saw EOS fall from an early morning high $2.7714 to a low $2.7340.

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

EOS/USD 06/05/20 Daily Chart

For the day ahead

EOS would need to move through to $2.77 levels to bring the first major resistance level at $2.8302 into play.

Support from the broader market would be needed, however, for EOS to break out from Tuesday’s high $2.8283.

Barring a broad-based crypto rebound, the first major resistance level at $2.8302 would likely limit any upside.

Failure to move through to $2.77 levels would see EOS struggle throughout the day.

A fall through the morning low $2.7340 would bring the first major support level at $2.7068 into play.

Barring an extended crypto sell-off, however, EOS should steer well clear of the second major support level at $2.6441.

Looking at the Technical Indicators

Major Support Level: $2.7068

Major Resistance Level: $2.8302

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 0.77% on Tuesday. Following on from a 1.61% decline on Monday, Ethereum ended the day at $205.43.

A mixed start to the day saw Ethereum rise to a mid-morning intraday high $212.17 before hitting reverse.

Falling short of the first major resistance level at $213.49, Ethereum fell to a late morning intraday low $201.33.

Avoiding the first major support level at $197.70, Ethereum moved back through to $205 levels to limit the loss.

At the time of writing, Ethereum was down by 0.71% to $203.97. A bearish start to the day saw Ethereum fall from an early morning high $205.92 to a low $202.12.

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

ETH/USD 06/05/20 Daily Chart

For the day ahead

Ethereum would need to move through to $206 levels to bring the first major resistance level at $211.29 into play.

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

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

Failure to move through to $206 levels could see Ethereum fall deeper into the red.

A fall back through the morning low $202.12 would bring the first major support level at $200.45 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $195.47.

Looking at the Technical Indicators

Major Support Level: $200.45

Major Resistance Level: $211.29

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 0.55% on Tuesday. Following on from a 0.64% decline on Monday, Ripple’s XRP ended the day at $0.21686.

Tracking the broader market, Ripple’s XRP rose to a mid-morning intraday high $0.22234 before taking a hit.

Falling short of the first major resistance level at $0.2234, Ripple’s XRP fell to a late morning intraday low $0.21298.

Steering clear of the first major support level at $0.2098, Ripple’s XRP recovered to $0.2177 levels before easing back.

At the time of writing, Ripple’s XRP was down by 0.09% to $0.21666. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.21722 to a low $0.21469.

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

XRP/USD 06/05/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move through to $0.2175 levels to support a run at the first major resistance level at $0.2218.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.22 levels.

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

Failure to move through to $0.2175 levels could see Ripple’s XRP fall deeper into the red.

A fall through the morning low $0.21469 would bring the first major support level at $0.2124 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.2080.

Looking at the Technical Indicators

Major Support Level: $0.2124

Major Resistance Level: $0.2218

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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