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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 08/06/20

By:
Bob Mason
Updated: Jun 8, 2020, 01:26 GMT+00:00

It's a mixed start to the day for the majors. Avoiding a fall through key levels would support a breakout later in the day.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

EOS

EOS rose by 0.55% on Sunday. Reversing a 0.53% fall from Saturday, EOS ended the week up by 5.17% to $2.8103.

It was another mixed start to the day. EOS rose to an early morning high $2.8229 before hitting reverse.

Falling short of the first major resistance level at $2.8390, EOS slid to a late afternoon intraday low $2.7329.

EOS fell through the first major support level at $2.7625 before bouncing back to a final hour intraday high $2.8253.

Falling short of the first major resistance level at $2.8390, EOS eased back to sub-$2.82 levels.

At the time of writing, EOS was down by 0.18% to $2.8053. A mixed start to the day saw EOS rise to an early morning high $.28181 before falling to a low $2.8059.

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

EOS/USD 08/06/20 Daily Chart

For the day ahead

EOS would need to avoid sub-$2.79 levels to take a run at the first major resistance level at $2.8461 into play.

Support from the broader market would be needed, however, for EOS to break out from Sunday’s high $2.8253.

Barring an extended crypto rally, the first major resistance level at $2.8461 would likely cap any upside.

Failure to avoid the sub-$2.79 levels could see EOS struggle on the day.

A fall through the $2.79 pivot would bring the first major support level at $2.7537 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.70 levels and the second major support level at $2.6971.

Looking at the Technical Indicators

Major Support Level: $2.7537

Major Resistance Level: $2.8461

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 1.20% on Sunday. Following on from a 0.81% gain on Saturday, Ethereum ended the week up by 5.78% to $244.81.

A mixed start to the day saw Ethereum rise to an early morning high $244.08 before hitting reverse.

Coming up short of the major resistance levels, Ethereum slid to an early afternoon intraday low $234.48.

Falling through the first major support level at $238.26, Ethereum found support at the second major support level at $234.54.

A late rebound saw Ethereum rally to a final hour intraday high $245.45 before easing back to $244 levels.

The first major resistance level at $245.11 capped the upside on the day.

At the time of writing, Ethereum was down by 0.19% to $244.35. A mixed start to the day saw Ethereum rise an early morning high $245.50 before falling to a low $243.93.

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

ETH/USD 08/06/20 Daily Chart

For the day ahead

Ethereum would need to avoid sub-$241.60 levels to support a run at the first major resistance level at $248.68.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $245.45.

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

Failure to avoid sub-$241.60 levels could see Ethereum give up Saturday’s gains.

A fall back through the morning low to sub-$241.60 levels would bring the first major support level at $237.71 into play.

Barring an extended crypto sell-off, however, Ethereum should continue to steer clear sub-$230 levels on the day.

The second major support level at $230.61 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $237.71

Major Resistance Level: $248.68

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slipped by 0.05% on Sunday. Following a 0.57% gain from Saturday, Ripple’s XRP ended week up by 0.49% to $0.20342.

A bullish start to the day saw Ripple’s XRP strike an early morning intraday high $0.20499 before hitting reverse.

Falling short of the first major resistance level at $0.2055, Ripple’s XRP slid to an early afternoon intraday low $0.19809.

Ripple’s XRP fell through the first major support level at $0.2015 and the second major support level at $0.1993.

Finding support late on bounced back to $0.2030 levels to end the day flat.

At the time of writing, Ripple’s XRP was down by 0.12% to $0.20318. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.20375 before falling to a low $0.20305.

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

XRP/USD 08/06/20 Daily Chart

For the day ahead

Ripple’s XRP will need to avoid sub-$0.2020 levels to support a run at the first major resistance level at $0.2062.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $0.20499.

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

Failure to avoid sub-$0.2020 levels could see Ripple’s XRP return to sub-$0.20 levels

A fall back through the morning low to sub-$0.2020 levels would bring the first major support level at $0.1993 into play.

In the event of an extended sell-off, however, the second major support level at $0.1953 could come into play.

Looking at the Technical Indicators

Major Support Level: $0.1993

Major Resistance Level: $0.2062

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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