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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 30th 2020

By:
Bob Mason
Updated: Jul 30, 2020, 00:43 UTC

It's a bearish start to the day. Failure to move through the pivot levels will test support levels before any recovery.

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

EOS

EOS rose by 0.79% on Wednesday. Following on from a 5.06% rally on Tuesday, EOS ended the day at $3.0292.

It was another mixed start to the day. EOS fell to an early morning intraday low $2.9560 before making a move.

Steering clear of the first major support level at $2.8319, EOS rallied to a late morning intraday high $3.1603.

EOS broke through the first major resistance level at $3.1288 before falling back to an afternoon low $3.0200.

Steering clear of sub-$3.00 levels, EOS found late support briefly revisit $3.11 levels before wrapping up the day at $3.02 levels.

At the time of writing, EOS was down by 0.48% to $3.0148. A bearish start to the day saw EOS fall from an early morning high $3.0286 to a low $2.9762

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

EOS/USD 30/07/20 Hourly Chart

For the day ahead

EOS would need to avoid a fall through the $3.0485 pivot level to support a run at the first major resistance level at $3.1410.

Support from the broader market would be needed, however, for EOS to break back through to $3.10 levels.

Barring another extended crypto rally, the first major resistance level at $3.1410 would likely cap any upside.

Failure to move through the $3.0485 pivot would bring the first major support level at $2.9367 into play.

Barring an extended sell-off, EOS should steer well clear of sub-$2.90 levels and the second major support level at $2.8442.

Looking at the Technical Indicators

First Major Support Level: $2.9367

Pivot Level: $3.0485

First Major Resistance Level: $3.1410

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.20% on Wednesday. Reversing a 1.49% fall from Tuesday, Ethereum ended the day at $318.16.

A mixed start saw Ethereum fall to an early morning intraday low $312.66 before finding support.

Steering clear of the first major support level at $306.81, Ethereum rose to an early afternoon intraday high $325.85.

Falling short of the first major resistance level at $327.86, Ethereum fell back to sub-$320 levels before finding late support.

A move back through to $323 levels was brief, however, with Ethereum falling back to sub-$320 late in the day.

At the time of writing, Ethereum was down by 0.35% to $317.06. A bearish start to the day saw Ethereum fall from an early morning high $318.16 to a low $315.38.

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

ETH/USD 30/07/20 Hourly Chart

For the day ahead

Ethereum would need to move through the $319 pivot to support a run at the first major resistance level at $325.

Support from the broader market would be needed, however, for Ethereum to break back through to $325 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $325.85 should cap any upside.

Failure to move through the $319 pivot would bring the first major support level at $312 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $306.

Looking at the Technical Indicators

First Major Support Level: $312

Pivot Level: $319

First Major Resistance Level: $325

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 5.57% on Wednesday. Following on from a 2.67% gain on Tuesday, Ripple’s XRP ended the day at $0.2437.

A bullish start to the day saw Ripple’s XRP rally to an early morning high $0.24459 before easing back.

Ripple’s XRP broke through the first major resistance level at $0.2379 before falling to an afternoon low $0.2369.

Finding late support, however, Ripple’s XRP rallied to a late intraday high $0.24988. Ripple’s XRP broke through the first major resistance level and the second major resistance level at $0.2451 before pulling back.

The late pullback saw Ripple’s XRP fall back through the second major resistance level.

At the time of writing, Ripple’s XRP was down by 1.48% to $0.24010. A bearish start to the day saw Ripple’s XRP slide from an early morning high $0.24382 to a low $0.24010.

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

XRP/USD 30/07/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the $0.2412 pivot to support a run at the first major resistance level at $0.2530.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.25049.

Barring another 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 $0.2622 before any pullback.

Failure to move back through the $0.2412 pivot would bring the first major support level at $0.2320 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.23 levels and the second major support level at $0.2202.

Looking at the Technical Indicators

First Major Support Level: $0.2320

Pivot Level: $0.2412

First Major Resistance Level: $0.2530

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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