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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 28th 2020

By:
Bob Mason
Updated: Jul 28, 2020, 00:50 UTC

It's a bullish start to the day. Avoiding the pivots would deliver the resistance levels and another breakout for the bulls.

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EOS

EOS rallied by 5.07% on Monday. Following on from a 2.40% gain from Sunday, EOS ended the day at $2.8549.

It was a mixed start to the day. EOS rose to a mid-morning high $2.8151 before hitting reverse.

EOS broke through the first major resistance level at $2.7917 before sliding to a mid-afternoon intraday low $2.6445.

The reversal saw EOS fall through the first major support level at $2.6634 before making a move.

Finding support from the broader market, EOS rallied to a late intraday high $2.9351.

EOS broke through the first major resistance level at $2.7917 and the second major resistance level at $2.8671.

A final hour pullback saw EOS slide back through the resistance levels before recovering to $2.85 levels.

At the time of writing, EOS was up by 1.09% to $2.8859. A bullish start to the day saw EOS rise from an early morning low $2.8599 to a high $2.8878.

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

EOS/USD 28/07/20 Daily Chart

For the day ahead

EOS would need to avoid a fall through the $2.8115 pivot level to support a run at the first major resistance level at $2.9785.

Support from the broader market would be needed, however, for EOS to break out from Monday’s high $2.9351.

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

Failure to avoid a fall through the $2.8115 pivot would bring the first major support level at $2.6879 into play.

Barring an extended sell-off, EOS should steer well clear of sub-$2.60 levels. The first major support level at $2.6879 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $2.6879

Pivot Level: $2.8115

First Major Resistance Level: $2.9785

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 3.47% on Monday. Following on from a 1.90% gain on Sunday, Ethereum ended the day at $322.24.

A bullish start saw Ethereum rise from an intraday low $311.38 to an early morning high $329.99.

Ethereum broke through the first major resistance level at $320.74 before hitting reverse.

Coming up against the second major resistance level at $330.12, Ethereum fell back to $311 levels before finding support.

Through the afternoon, Ethereum rallied to a late intraday high $334.34 before sliding back to $313 levels.

Ethereum broke through the first major resistance level at $320.74 and the second major resistance level at $330.12.

Finding late support, Ethereum broke back through the first major resistance level to deliver the upside on the day.

At the time of writing, Ethereum was up by 0.85% to $324.97. A bullish start to the day saw Ethereum rise from an early morning low $322.41 to a high $325.91.

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

ETH/USD 28/07/20 Daily Chart

For the day ahead

Ethereum would need to avoid a fall through the $322.65 pivot to support a run at the first major resistance level at $333.93.

Support from the broader market would be needed, however, for Ethereum to break back through to $330 levels

Barring another extended crypto rally, the first major resistance level and Monday’s high $334.34 should cap any upside.

Failure to avoid a fall through the $322.65 pivot would bring the first major support level at $310.97 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$300 levels. The first major support level at $310.97 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $310.97

Pivot Level: $322.65

First Major Resistance Level: $333.93

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rallied by 4.33% on Monday. Following on from a 0.28% gain on Sunday, Ripple’s XRP ended the day at $0.2248.

It was a bullish start to the day, with Ripple’s XRP rallying to a mid-day high $0.22348 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2232 before sliding to a mid-afternoon intraday low $0.20919.

Finding support at the first major support level at $0.2101, Ripple’s XRP rallied to a late intraday high $0.22979.

Ripple’s XRP broke back through the first major resistance level at $0.2232 before sliding back to sub-$0.2230 levels.

Finding late support, however, Ripple’s XRP broke back through the first major resistance level to end the day at $0.224 levels.

At the time of writing, Ripple’s XRP was up by 0.75% to $0.22648. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.22429 to a high $0.22673.

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

XRP/USD 28/07/20 Daily Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2213 pivot to support a run at the first major resistance level at $0.2333.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.22979.

Barring a broad-based crypto rally, the first major resistance level should cap any upside.

In the event of a breakout, Ripple’s XRP should test the second major resistance level at $0.2419 before any pullback.

Failure to avoid a fall through the $0.2213 pivot would bring the first major support level at $0.2127 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.21 levels and the second major support level at $0.2007.

Looking at the Technical Indicators

First Major Support Level: $0.2127

Pivot Level: $0.2213

First Major Resistance Level: $0.2333

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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