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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – June 20th, 2020
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It's a mixed start to the day, with support levels in play should the majors fail to break through the day's key levels early on.
EOS
EOS fell by 0.39% on Friday. Following on from a 1.19% decline on Thursday, EOS ended the day at $2.5256.
It was yet another mixed start to the day. EOS slid to an early morning intraday low $2.034 before making a move.
Finding support at the first major support level at $2.5026, EOS bounced back to a late morning intraday high $2.5500.
Falling well short of the first major resistance level at $2.5793, EOS fell back to sub-$2.52 levels and into the red. A late move back through to $2.52 levels limited the loss on the day.
At the time of writing, EOS was up by 0.08% to $2.5275. A mixed start to the day saw EOS fall to an early morning low $2.5224 before rising to a high $2.5275.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to avoid a fall back through the $2.5265 pivot level to bring the first major resistance level at $2.5493 into play.
Support from the broader market would be needed, however, for EOS to break out from $2.53 levels.
Barring an extended crypto rally, the first major resistance level at $2.5493 would likely limit any upside.
Failure to avoid a fall back through the $2.5265 pivot could see EOS struggle on the day.
A fall back through the morning low $2.5224 would bring the first major support level at $2.5027 into play.
In the event of an extended sell-off, the second major support level at $2.4797 would likely come into play.
Looking at the Technical Indicators
Major Support Level: $2.5027
Major Resistance Level: $2.5493
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum fell by 1.03% on Friday. Following on from Thursday’s 1.09% pullback, Ethereum ended the day at $228.66.
A bearish start to the day saw Ethereum slide to an early morning intraday low $226.43 before making a move.
Ethereum fell through the first major support level at $227.45 before striking a mid-day intraday high $231.90.
Coming up short of the first major resistance level at $234.58, Ethereum slid back to sub-$228 before finding late support.
At the time of writing, Ethereum was down by 0.14% to $228.35. A mixed start to the day saw Ethereum rise to an early morning high $228.89 before falling to a low $228.34.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $229 pivot to support a run at the first major resistance level at $231.56.
Support from the broader market would be needed, however, for Ethereum to break out from $230 levels.
Barring another extended crypto rally, the first major resistance level and Friday’s high $231.90 should cap any upside.
Failure to move through the $229 pivot could see Ethereum see red for a 4th consecutive day.
A fall through to sub-$229 levels would bring the first major support level at $226.09 into play.
Barring an extended crypto sell-off, however, Ethereum should steer clear of sub-$220 levels. The second major support level at $223.53 should limit any downside.
Looking at the Technical Indicators
Major Support Level: $226.09
Major Resistance Level: $231.56
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 1.47% on Friday. Following on from a 1.68% decline on Thursday, Ripple’s XRP ended the day at $0.18722.
Tracking the broader market, Ripple’s XRP slid to an early morning intraday low $0.18663 before making a move.
Ripple’s XRP fell through the first major support level at $0.1878 before striking a late morning intraday high $0.19045.
Falling short of the first major resistance level at $0.1928, Ripple’s XRP slid back to sub-$0.0188 levels.
The first major support level at $0.1878 limited the downside late in the day.
At the time of writing, Ripple’s XRP was down by 0.23% to $0.18679. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.18737 to a low $0.18679.
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 the $0.1880 pivot to support a run at the first major resistance level at $0.1896.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from a morning high $0.18737
Barring a broad-based crypto rally, the first major resistance level and Friday’s high $0.19045 would likely cap any upside.
Failure to move through the $0.1880 pivot could see Ripple’s XRP spend a 3rd consecutive day in the red.
A fall back through to sub-$0.1870 levels would bring the first major support level at $0.1857 into play.
In the event of an extended crypto sell-off, the second major support level at $0.1842 would likely come into play. Ripple’s XRP should avoid the third major support level at $0.1804, however.
Looking at the Technical Indicators
Major Support Level: $0.1857
Major Resistance Level: $0.1896
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 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.
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