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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – June 12th, 2020

By:
Bob Mason
Updated: Jun 12, 2020, 00:47 UTC

It's a mixed start to the day for the majors. A move through today's pivots would be needed to support a rebound from Thursday's meltdown.

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EOS

EOS tumbled by 8.86% on Thursday. Reversing a 0.37% gain from Wednesday, EOS ended the day at $2.5193.

A relatively bullish start to the day saw EOS rise to an early morning intraday high $2.7772 before hitting reverse.

Falling well short of the first major resistance level at $2.7958, EOS tumbled to a late afternoon intraday low $2.4250.

The reversal saw EOS fall through the major support levels before a move back through to $2.54 levels.

In spite of the partial recovery, however, EOS failed to break back through the third major support level at $2.6039.

A bearish end to the day left EOS back at sub-$2.52 levels.

At the time of writing, EOS was down by 0.87% to $2.4973. A bearish start to the day saw EOS fall from an early morning high $2.5132 to a low $2.4891.

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

EOS/USD 12/06/20 Daily Chart

For the day ahead

EOS would need to move through to $2.5740 levels to take bring the first major resistance level at $2.7227 into play.

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

Barring an extended crypto rally, resistance at $2.60 would likely leave EOS short of the first major resistance level at $2.7227.

Failure to move through the $2.5740 pivot could see EOS struggle for another day.

A fall back through Thursday’s low $2.4250 would bring the first major support level at $2.3705 into play.

Barring another crypto meltdown, however, EOS should steer well clear of the second major support level at $2.2216.

Looking at the Technical Indicators

Major Support Level: $2.3705

Major Resistance Level: $2.7227

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 7.22% on Thursday. Reversing a 1.64% gain from Wednesday, Ethereum ended the day at $230.15.

Tracking the broader market, Ethereum rose to an early morning intraday high $250.26 before hitting reverse.

Falling short of the first major resistance level at $251.68, Ethereum slid to a late afternoon intraday low $225.2.

The meltdown saw Ethereum fall through the day’s major support levels before finding support.

Late in the day, Ethereum moved back through the third major support level at $230.04 to limit the downside.

At the time of writing, Ethereum was down by 0.10% to $229.93. A bearish start to the day saw Ethereum fall from an early morning high $230.15 to a low $227.84.

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

ETH/USD 12/06/20 Daily Chart

For the day ahead

Ethereum would need to move through to $235 levels to support a run at the first major resistance level at $245.21.

Support from the broader market would be needed, however, for Ethereum to break back through to $240 levels.

Barring an extended crypto rally, the first major resistance level at $245.21 should cap any upside.

Failure to move through to $235 levels could see Ethereum lose more ground.

A fall through the morning low $227.84 would bring the first major support level at $220.15 into play.

Barring another extended crypto sell-off, however, Ethereum should steer clear of sub-$220 and the second major support level at $210.14.

Looking at the Technical Indicators

Major Support Level: $220.15

Major Resistance Level: $245.21

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 7.44% on Thursday. Reversing a 0.91% gain from Wednesday, Ripple’s XRP ended the day at $0.18808.

A relatively bullish start to the day saw Ripple’s XRP rise to an early morning high $0.20388 before taking a hit.

Falling short of the first major resistance level at $0.2047, Ripple’s XRP tumbled to a late afternoon intraday low $0.18401.

Ripple’s XRP fell through the day’s major support levels before briefly recovering to $0.1920 levels.

Coming up short of the third major support level at $0.1939, however, Ripple’s XRP fell back to sub-$0.19 levels.

At the time of writing, Ripple’s XRP was up by 0.21% to $0.18848. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.18686 before striking a high $0.18860.

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

XRP/USD 12/06/20 Daily Chart

For the day ahead

Ripple’s XRP will need to move through to $0.1920 levels to support a run at the first major resistance level at $0.2000.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.1950 levels.

Barring a broad-based crypto rally, resistance at $0.1950 would likely leave Ripple’s XRP short of the first major resistance level.

Failure to move through the 0.1920 pivot could see Ripple’s XRP fall back into the red.

A fall back through Thursday’s low $0.18401 would bring the first major support level at $0.1801 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.1721.

Looking at the Technical Indicators

Major Support Level: $0.1801

Major Resistance Level: $0.2000

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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