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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 20th, 2020

By:
Bob Mason

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

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

EOS

EOS rallied 3.17% on Sunday. Following a 0.04% decline on Saturday, EOS ended the week down by 1.38% to $2.5075.

It was a bearish start to the day. EOS fell to a late morning intraday low $2.4714 before finding support.

EOS fell through the first major support level at $2.4873 before rallying to a late intraday high $2.6132.

The breakout saw EOS break through the day’s major resistance levels to hit $2.61 levels for the 1st time since 13th July.

In spite of a late pullback to sub-$2.60 levels, EOS held above the third major support level at $2.5745.

At the time of writing, EOS was down by 0.07% to $2.5853. A mixed start to the day saw EOS rise to an early morning high $2.5987 before falling to a low $2.5756.

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

EOS/USD 20/07/20 Daily Chart

For the day ahead

EOS would need to avoid a fall through the $2.5572 pivot level to support a run at the first major resistance level at $2.6431.

Support from the broader market would be needed, however, for EOS to break out from Sunday’s high $2.6132.

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

Failure to avoid a fall through the $2.5572 pivot would bring the first major support level at $2.5013 into play.

Barring an extended sell-off, EOS should steer clear of sub-$2.45 levels. The second major support level at sits at $2.4154.

Looking at the Technical Indicators

First Major Support Level: $2.5013

Pivot Level: $2.5572

First Major Resistance Level: $2.6431

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 1.44% on Sunday. Following on from a 1.33% gain on Saturday, Ethereum ended the week down by 1.50% to $239.17.

It was a bearish start to the day. Ethereum fell to a mid-day intraday low $233.28 before making a move.

Steering clear of the first major support level at $233.03, Ethereum rallied to a final hour intraday high $240.00.

Ethereum broke through the first major resistance level at $237.76 and second major resistance level at $239.73 before easing to $239 levels.

At the time of writing, Ethereum was down by 0.51% to $237.94. A mixed start to the day saw Ethereum rise to an early morning high $239.80 before falling to a low $238.25.

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

ETH/USD 20/07/20 Daily Chart

For the day ahead

Ethereum would need to avoid a fall through the $237.50 pivot to support a run at the first major resistance level at $241.69.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $240.00.

Barring an extended crypto rally, the first major resistance level should cap any upside.

Failure to avoid a fall through the $237.48 pivot would bring the first major support level at $234.97 into play.

Barring another extended sell-off, Ethereum should continue to steer clear of sub-$230 levels. The second major support level at $230.76 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $234.97

Pivot Level: $237.50

First Major Resistance Level: $241.69

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 0.20% on Sunday. Following a 2.94% rally on Saturday, Ripple’s XRP ended the week down by 0.86% to $0.19978.

It was a mixed start to the day. Ripple’s XRP rallied to an early morning intraday high $0.20232 before hitting reverse.

Falling short of the first major resistance level at $0.2036, Ripple’s XRP fell to a late morning intraday low $0.19610.

Steering clear of the first major support level at $0.1954, Ripple’s XRP briefly revisited $0.20 levels before easing back.

At the time of writing, Ripple’s XRP was down by 0.39% to $0.19901. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.20068 before falling to a low $0.19840.

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

XRP/USD 20/07/20 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 $0.2027.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $0.20232.

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

In the event of a breakout, Ripple’s XRP should test the second major resistance level at $0.2056 before any pullback. Resistance at $0.21 would likely cap any upside, however.

Failure to move through the $0.1994 pivot would bring the first major support level at $0.1965 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.19 levels. The second major support level at $0.1932 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.1965

Pivot Level: $0.1994

First Major Resistance Level: $0.2027

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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