EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 14th, 2020

EOS

EOS slid by 2.55% on Monday. Following on from a 0.19% loss on Sunday, EOS ended the day at $2.5564.

A relatively bullish start to the day saw EOS rise to a mid-day intraday high $2.6510 before hitting reverse.

Falling well short of the first major resistance level at $2.6681, EOS tumbled to a late intraday low $2.4427.

The reversal saw EOS fall through the first major support level at $2.5714 and the second major support level at $2.5213.

Finding late support, EOS broke back through the second major support level to cut the deficit on the day.

At the time of writing, EOS was down by 0.44% to $2.5452. A bearish start to the day saw EOS fall from an early morning high $2.5476 to a low $2.5452.

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

For the day ahead

EOS would need to move through the $2.55 pivot level to support a run at the first major resistance level at $2.6574.

Support from the broader market would be needed, however, for EOS to break out from Monday’s high $2.6510.

Barring an extended crypto rally, the first major resistance level and Monday’s high would likely cap any upside.

Failure to move through the $2.55 pivot would bring the first major support level at $2.4491 into play.

Barring another extended sell-off, EOS should steer clear of the second major support level at $2.3417.

Looking at the Technical Indicators

Major Support Level: $2.4491

Pivot Level: $2.5500

Major Resistance Level: $2.6574

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.39% on Monday. Reversing a 1.52% gain from Sunday, Ethereum ended the day at $239.44.

A bullish start to the day saw Ethereum rise to a mid-day intraday high $245.37 before sliding into the red.

Ethereum came up against the first major resistance level at $245.64 before falling to a late intraday low $236.97.

Ethereum fell through the first major support level at $238.25 before recovering to $239 levels.

At the time of writing, Ethereum was down by 0.23% to $238.89. A bearish start to the day saw Ethereum fall from an early morning high $239.39 to a low $238.83.

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

For the day ahead

Ethereum would need to move through the $240.60 pivot to support a run at the first major resistance level at $244.22.

Support from the broader market would be needed, however, for Ethereum to break back through to $244 levels.

Barring another extended crypto rally, the first major resistance level and Monday’s high $245.37 should cap any upside.

Failure to move through the $240.60 pivot would bring the first major support level at $235.82 into play.

Barring another extended sell-off, Ethereum should continue to steer clear of sub-$230 levels. The second major support level at $232.19 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $235.82

Pivot Level: $240.59

Major Resistance Level: $244.22

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 1.31% on Monday. Reversing a 0.18% gain from Sunday, Ripple’s XRP ended the day at $0.19889.

Tracking the broader market, Ripple’s XRP rose to a mid-day intraday high $0.20698 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2047 before sliding to a late intraday low $0.19246.

Ripple’s XRP fell through the first major support level at $0.1983 and the second major support level at $0.1950.

Finding late support, Ripple’s XRP broke back through the major support levels.

At the time of writing, Ripple’s XRP was down by 0.54% to $0.19782. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19877 to a low $0.19778.

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 $0.1994 pivot to support a run at the first major resistance level at $0.2064.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.20 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $0.20698 should cap any upside.

In the event of a breakout, Ripple’s XRP should test resistance at $0.21 before any pullback. The second major resistance level sits at $0.2140.

Failure to move through the $0.1994 pivot would bring the first major support level at $0.1919 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.1849.

Looking at the Technical Indicators

Major Support Level: $0.1919

Pivot Level: $0.1994

Major Resistance Level: $0.2064

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