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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – June 18th, 2020

By:
Bob Mason
Updated: Jun 18, 2020, 00:42 UTC

It's a bearish start to the day. A fall through the pivots would bring support levels back into play as the majors struggle on the top side.

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EOS

EOS rose by 0.64% on Wednesday. Following on from a 0.83% gain on Tuesday, EOS ended the day at $2.5728.

It was a mixed start to the day. EOS fell to an early morning low $2.5403 before making a move.

Steering clear of the first major support level at $2.5303, EOS rose to an early afternoon intraday $2.6088 before pulling back.

EOS broke through the first major resistance level at $2.5736 and the second major support level at $2.5910.

The pullback saw EOS slide to a late intraday low $2.5204 before finding support.

EOS fell through the first major support level at $2.5303, before rebounding to $2.57 levels. The first major resistance level at $2.5736 pinned EOS back late in the day.

At the time of writing, EOS was flat at $2.5728.

EOS left the major support and resistance levels untested early on, with no movement at the start of the day.

EOS/USD 18/06/20 Daily Chart

For the day ahead

EOS would need to avoid a fall through the $2.5670 pivot level to take bring the first major resistance level at $2.6143 into play.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.6088.

Barring an extended crypto rally, the first major resistance level at $2.6143 would likely limit any upside.

Failure to avoid a fall through the $2.5670 pivot could see EOS struggle on the day.

A fall back through the pivot would bring the first major support level at $2.5259 into play.

Barring another crypto sell-off, however, EOS should steer clear of sub-$2.50 levels and the second major support level at $2.4789.

Looking at the Technical Indicators

Major Support Level: $2.5259

Major Resistance Level: $2.6143

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 0.70% on Wednesday. Partially reversing a 1.90% gain from Tuesday, Ethereum ended the day at $233.71.

A mixed start to the day saw Ethereum fall to an early morning low $231.96 before making a move.

Steering clear of the first major support level at $230.74, Ethereum rallied to an early afternoon intraday high $237.0.

Falling short of the first major resistance level at $237.98, Ethereum slid to a late intraday low $227.5.

Ethereum fell through the first major support level at $230.74 before recovering to $233 levels.

At the time of writing, Ethereum was down by 0.39% to $233.32. A bearish start to the day saw Ethereum fall from an early morning high $233.76 to a low $233.20.

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

ETH/USD 18/06/20 Daily Chart

For the day ahead

Ethereum would need to avoid a fall through the $232.70 pivot to support a run at the first major resistance level at $237.97.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $237.0.

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

Failure to avoid a fall through the $232.70 pivot could see Ethereum take another hit on the day.

A fall through to sub-$230 levels would bring the first major support level at $228.47 into play.

Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$220 levels. The second major support level at $223.24 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $228.47

Major Resistance Level: $237.97

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rose by 0.44% on Wednesday. Reversing a 0.08% fall from Tuesday, Ripple’s XRP ended the day at $0.19333.

Tracking the broader market, Ripple’s XRP fell to an early morning low $0.19106 before finding support.

Steering clear of the first major support level at $0.1903, Ripple’s XRP rallied to an early afternoon intraday high $0.19886.

Ripple’s XRP broke through the first major resistance level at $0.1944 and the second major resistance level at $0.1962.

A late sell-off saw Ripple’s XRP slide, however, to an intraday low $0.18838 before finding support.

Falling through the first major support level at $0.1903, Ripple’s XRP found support at the second major support level at $0.1882.

A late recovery saw Ripple’s XRP move back through to $0.1930 levels to wrap up the day in the green.

At the time of writing, Ripple’s XRP was down by 0.17% to $0.19300. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19328 to a low $0.19300.

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

XRP/USD 18/06/20 daily Chart

For the day ahead

Ripple’s XRP will need to move through the $0.1935 pivot to support a run at the first major resistance level at $0.1987.

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

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $0.19886 would likely cap any upside.

Failure to move through the $0.1935 pivot could see Ripple’s XRP fall deeper into the red.

A fall back through to sub-$0.1900 levels would bring the first major support level at $0.1882 into play.

Barring another crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.1830.

Looking at the Technical Indicators

Major Support Level: $0.1882

Major Resistance Level: $0.1987

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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