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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 07/03/20

It’s a bearish start to the day. Failure to break out from Friday’s highs could lead to heavier losses later in the day.
Bob Mason
Bitcoin coin on white keyboard

EOS

EOS rose by 1.92% on Friday. Following on from a 4.74% rally on Thursday, EOS ended the day at $3.8520.

A choppy start to the day saw EOS fall to an early morning intraday low $3.7226 before finding support.

Steering clear of the first major support level at $3.6403, EOS rallied to a late morning intraday high $3.8811.

EOS came within range of the first major resistance level at $3.8825 before sliding to an afternoon low $3.7521.

The pullback into the red was brief, however, with late support delivering the upside on the day.

At the time of writing, EOS was down by 0.81% to $3.8208. A mixed start to the day saw EOS rise to an early morning high $3.8626 before falling to a low $3.8190.

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

For the day ahead

EOS would need to move back through the morning high $3.8626 to bring the first major resistance level at $3.9145 into play.

Support from the broader market would be needed, however, for EOS to break out from Friday’s high $3.8811.

Barring a broad-based crypto rally, the first major resistance level at $3.9145 and Friday’s high should limit any upside.

Failure to move back through the morning high could see EOS fall deeper into the red.

A fall back through to sub-$3.8185 levels would bring the first major support level at $3.7560 into play.

Barring an extended crypto sell-off, however, EOS should continue to steer clear of sub-$3.70 support levels.

Looking at the Technical Indicators

Major Support Level: $3.7560

Major Resistance Level: $3.9145

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

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Ethereum

Ethereum rallied by 7.42% on Friday. Following on from a 1.85% gain on Thursday, Ethereum ended the day at $245.56.

A bearish start to the day saw Ethereum fall to an early morning intraday low $227.77 before making a move.

Steering clear of the first major support level at $223.93, Ethereum rallied to a final hour intraday high $245.84.

The rally saw Ethereum break through the first major resistance level at $233.91 and second major resistance level at $239.18.

It was Ethereum’s first visit to $240 levels in the month.

At the time of writing, Ethereum was down by 0.65% to $243.96. A mixed start to the day saw Ethereum strike an early morning high $247.02 before falling to a low $243.49.

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

For the day ahead

Ethereum would need to move back through to $245 levels to support a run at the first major resistance level at $251.68.

Support from the broader market would be needed, however, for Ethereum to breakout from Friday’s high $245.84.

Barring a broad-based crypto rally, resistance at $250 would likely leave Ethereum short of the major resistance levels.

Failure to move back through to $245 levels could see Ethereum give up more of Friday’s gains.

A fall through to sub-$240 levels would bring the first major support level at $233.61 into play.

Barring an extended crypto sell-off, Ethereum should steer clear of the second major support level at $221.65.

Looking at the Technical Indicators

Major Support Level: $233.61

Major Resistance Level: $251.68

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 2.43% on Friday. Following on from a 1.79% gain on Thursday, Ripple’s XRP ended the day at $0.24574.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.23920 before finding support.

Steering clear of the first major support level at $0.23570, Ripple’s XRP rallied to a late morning intraday high $0.24700.

Ripple’s XRP broke through the first major resistance level at $0.24410 before falling back to $0.2410 levels.

Finding support late on, Ripple’s XRP broke back through the first major resistance level to wrap up the day at $0.2450 levels.

At the time of writing, Ripple’s XRP was down by 0.56% to $0.24437. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.24616 before falling to a low $0.24403.

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

For the day ahead

Ripple’s XRP will need to avoid sub-$0.2440 levels to support a run at the first major resistance level at $0.2488.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the Friday’s high $0.24700.

Barring an extended crypto rally, the first major resistance level at $0.2488 and Friday’s high would likely limit any upside.

Failure to avoid sub-$0.2440 levels could see Ripple’s XRP fall deeper into the red.

A fall through to sub-$0.2440 levels would bring the first major support level at $0.2410 into play.

Barring a broad-based crypto sell-off, however, Ripple’s XRP should continue to steer clear of sub-$0.23 levels. The second major support level at $0.2362 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.2410

Major Resistance Level: $0.2488

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

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