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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 14th, 2020

By:
Bob Mason
Updated: Jul 14, 2020, 00:53 UTC

It's a bearish start to the day. Failure to break through the day's pivot levels would bring support levels into play.

crypto currency mining concept

EOS

EOS slid by 2.55% on Monday. Following on from a 0.19% loss on Sunday, EOS ended the day at $2.5564.

A relatively bullish start to the day saw EOS rise to a mid-day intraday high $2.6510 before hitting reverse.

Falling well short of the first major resistance level at $2.6681, EOS tumbled to a late intraday low $2.4427.

The reversal saw EOS fall through the first major support level at $2.5714 and the second major support level at $2.5213.

Finding late support, EOS broke back through the second major support level to cut the deficit on the day.

At the time of writing, EOS was down by 0.44% to $2.5452. A bearish start to the day saw EOS fall from an early morning high $2.5476 to a low $2.5452.

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

EOS/USD 14/07/20 Daily Chart

For the day ahead

EOS would need to move through the $2.55 pivot level to support a run at the first major resistance level at $2.6574.

Support from the broader market would be needed, however, for EOS to break out from Monday’s high $2.6510.

Barring an extended crypto rally, the first major resistance level and Monday’s high would likely cap any upside.

Failure to move through the $2.55 pivot would bring the first major support level at $2.4491 into play.

Barring another extended sell-off, EOS should steer clear of the second major support level at $2.3417.

Looking at the Technical Indicators

Major Support Level: $2.4491

Pivot Level: $2.5500

Major Resistance Level: $2.6574

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.39% on Monday. Reversing a 1.52% gain from Sunday, Ethereum ended the day at $239.44.

A bullish start to the day saw Ethereum rise to a mid-day intraday high $245.37 before sliding into the red.

Ethereum came up against the first major resistance level at $245.64 before falling to a late intraday low $236.97.

Ethereum fell through the first major support level at $238.25 before recovering to $239 levels.

At the time of writing, Ethereum was down by 0.23% to $238.89. A bearish start to the day saw Ethereum fall from an early morning high $239.39 to a low $238.83.

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

ETH/USD 14/07/20 Daily Chart

For the day ahead

Ethereum would need to move through the $240.60 pivot to support a run at the first major resistance level at $244.22.

Support from the broader market would be needed, however, for Ethereum to break back through to $244 levels.

Barring another extended crypto rally, the first major resistance level and Monday’s high $245.37 should cap any upside.

Failure to move through the $240.60 pivot would bring the first major support level at $235.82 into play.

Barring another extended sell-off, Ethereum should continue to steer clear of sub-$230 levels. The second major support level at $232.19 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $235.82

Pivot Level: $240.59

Major Resistance Level: $244.22

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 1.31% on Monday. Reversing a 0.18% gain from Sunday, Ripple’s XRP ended the day at $0.19889.

Tracking the broader market, Ripple’s XRP rose to a mid-day intraday high $0.20698 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2047 before sliding to a late intraday low $0.19246.

Ripple’s XRP fell through the first major support level at $0.1983 and the second major support level at $0.1950.

Finding late support, Ripple’s XRP broke back through the major support levels.

At the time of writing, Ripple’s XRP was down by 0.54% to $0.19782. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19877 to a low $0.19778.

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

XRP/USD 14/07/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move through the $0.1994 pivot to support a run at the first major resistance level at $0.2064.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.20 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $0.20698 should cap any upside.

In the event of a breakout, Ripple’s XRP should test resistance at $0.21 before any pullback. The second major resistance level sits at $0.2140.

Failure to move through the $0.1994 pivot would bring the first major support level at $0.1919 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.1849.

Looking at the Technical Indicators

Major Support Level: $0.1919

Pivot Level: $0.1994

Major Resistance Level: $0.2064

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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