EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – June 10th, 2020

EOS

EOS fell by 1.41% on Tuesday. Following on from a 1.00% decline on Monday, EOS ended the day at $2.7541.

It was a particularly choppy start to the day that continued through to the close.

Within the 1^st hour, EOS rose to an intraday high $2.8028 before a slide to an early low $2.6891.

EOS fell through the first major support level at $2.7524 and the second major support level at $2.7213. In spite of the early rally, EOS left the major resistance levels untested.

A recovery to $2.79 levels was brief, with EOS sliding back to a late intraday low $2.6867. EOS fell back through the first and second major support levels before bouncing back to $2.77 levels.

It was a bearish end to the day, however, with EOS falling back to wrap up the day at sub-$2.76 levels. The first major support level limited the downside in the final hour.

At the time of writing, EOS was down by 0.13% to $2.7505. A mixed start to the day saw EOS rise to an early morning high $2.7551 before falling to a low $2.7505.

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

For the day ahead

EOS would need to avoid sub-$2.7480 levels to take a run at the first major resistance level at $2.8090 into play.

Support from the broader market would be needed, however, for EOS to break out from Tuesday’s high $2.8028.

Barring an extended crypto rally, the first major resistance level at $2.8090 and Tuesday’s high should cap any upside.

Failure to avoid sub-$2.7480 levels could see EOS struggle on the day once more.

A fall through the $2.7480 pivot would bring the first major support level at $2.6929 into play.

Barring another crypto meltdown, however, EOS should steer clear of sub-$2.65 and the second major support level at $2.6318.

Looking at the Technical Indicators

Major Support Level: $2.6929

Major Resistance Level: $2.8090

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.02% on Tuesday. Reversing a 0.72% gain from Monday, Ethereum ended the day at $244.03.

Tracking the broader market, Ethereum rallied to an early morning intraday high $249.99 before hitting reverse.

Ethereum came up against the first major resistance level at $249.41 before sliding to an early intraday low $238.91.

The reversal saw Ethereum fall through the first major support level at $242.26 before recovering to $244 levels.

A 2^nd pullback saw Ethereum fall through the first major support level to $240 levels before a brief visit to $245 levels.

It was a bearish end to the day, however, with Ethereum easing back to wrap up the day at $244 levels.

At the time of writing, Ethereum was down by 0.14% to $243.70. A mixed start to the day saw Ethereum rise to an early morning high $244.24 before falling to a low $243.57.

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

For the day ahead

Ethereum would need to move through to $244.30 levels to support a run at the first major resistance level at $249.71.

Support from the broader market would be needed, however, for Ethereum to break back through to $249 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $249.99 should cap any upside.

Failure to move through to $244.30 levels could see Ethereum see spend another day in the red.

A fall back through to sub-$240 levels would bring the first major support level at $238.63 into play.

Barring another extended crypto sell-off, however, Ethereum should steer well clear of the second major support level at $233.23.

Looking at the Technical Indicators

Major Support Level: $238.63

Major Resistance Level: $249.71

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 1.49% on Tuesday. Reversing a 0.44% gain from Monday, Ripple’s XRP ended the day at $0.20120.

It was also a choppy start to the day for Ripple’s XRP. Within the 1^st hour, Ripple’s XRP rose to an early morning high $0.20541 before hitting reverse.

Coming up against the first major resistance level at $0.2056, Ripple’s XRP slid to an intraday low $0.19979.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.2022 and the second major support level at $0.2001.

Ripple’s XRP recovered to $0.2035 levels before taking a 2^nd hit in the afternoon. Ripple’s XRP slid back through the first major support level to a low $0.20016 before finding support.

A return to $0.2023 levels was brief, however. A bearish end saw Ripple’s XRP fall back through the first major support level in the final hour.

At the time of writing, Ripple’s XRP was down by $0.10% to $0.20100. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.20120 to a low $0.20099.

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 to $0.2020 levels to support a run at the first major resistance level at $0.2045.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.20120.

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

Failure to move through to $0.2020 levels could see Ripple’s XRP spend another day in the red.

A fall back through the morning low $0.20099 would bring the first major support level at $0.1989 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.1950 levels on the day. The second major support level at $0.1965 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $0.1989

Major Resistance Level: $0.2045

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