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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 8th, 2020

By:
Bob Mason
Updated: Jul 8, 2020, 00:41 UTC

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

Coins of crypto currency are presented on a dark background. Virtual money concept.

EOS

EOS fell by 2.14% on Tuesday. Partially reversing Monday’s 8.56% rally, EOS ended the day at $2.5605.

A bullish start to the day saw EOS rise to an early morning intraday high $2.6308 before hitting reverse.

Falling short of the first major resistance level at $2.7031, EOS slid to a late morning intraday low $2.5264.

Steering clear of the first major support level at $2.4665, EOS recovered to $2.57 levels late in the day before easing back.

At the time of writing, EOS was up by 0.20% to $2.5655. A bullish start to the day saw EOS rise from an early morning low $2.5629 to a high $2.5681.

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

EOS/USD 08/07/20 Daily Chart

For the day ahead

EOS would need to move through the $2.5730 pivot level to support a run at the first major resistance level at $2.6187.

Support from the broader market would be needed, however, for EOS to break back through to $2.60 levels.

Barring another extended crypto rally, the first major resistance level at $2.6187 would likely cap any upside.

Failure to move through the $2.5730 pivot would bring the first major support level at $2.5143 into play.

Barring another extended sell-off, EOS should steer clear of the second major support level at $2.4682.

Looking at the Technical Indicators

Major Support Level: $2.5143

Major Resistance Level: $2.6187

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 0.97% on Tuesday. Partially reversing a 6.16% rally from Monday, Ethereum ended the day at $239.37.

A mixed start to the day saw Ethereum rise to an early morning intraday high $243.82 before hitting reverse.

Falling short of the first major resistance level at $246.73, Ethereum slid to a late morning intraday low $234.55.

Steering clear of the first major support level at $231.82, Ethereum recovered to $240 levels before easing back to $236 levels.

Finding late support, Ethereum wrapped up the day at $239 levels to limit the loss on the day.

At the time of writing, Ethereum was down by 0.07% to $239.20. A mixed start to the day saw Ethereum rise to an early morning high $239.68 before falling to a low $239.19.

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

ETH/USD 08/07/20 Daily Chart

For the day ahead

Ethereum would need to move through the $239.3 pivot to support a run at the first major resistance level at $243.94.

Support from the broader market would be needed, however, for Ethereum to break out Tuesday’s high $243.82.

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

Failure to move through the $239.30 pivot would bring the first major support level at $234.67 into play.

Barring another extended sell-off, Ethereum should continue to steer clear of sub-$230 levels. The second major support level sits at $229.98.

Looking at the Technical Indicators

Major Support Level: $234.67

Major Resistance Level: $243.94

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slid by 1.93% on Tuesday. Partially reversing a 6.66% rally from Monday, Ripple’s XRP ended the day at $0.18543

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.18999 before hitting reverse.

Falling short of the first major resistance level at $0.1934, Ripple’s XRP slid to a late intraday low $0.18320.

Steering clear of the first major support level at $0.1806, Ripple’s XRP recovered to $0.1850 levels to limit the downside.

At the time of writing, Ripple’s XRP was down by 0.26% to $0.18495. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.18539 to a low $0.18495.

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

XRP/USD 08/07/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move through the $0.1862 pivot to support a run at the first major resistance level at $0.1892.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.1850 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $0.18999 would likely limit any upside.

In the event of a breakout, Ripple’s XRP should test the second major resistance level at $0.1930 before any pullback.

Failure to move through the $0.1862 pivot would bring the first major support level at $0.1824 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.1800 levels. The second major support level sits at $0.1794.

Looking at the Technical Indicators

Major Support Level: $0.1824

Major Resistance Level: $0.1892

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.667

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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