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