EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 25th, 2020

EOS

EOS fell by 1.99% on Friday. Following on from a 0.43% decline on Thursday, EOS ended the day at $2.6000.

It was a bearish start to the day. EOS slid from an early morning intraday high $2.6528 to a mid-morning intraday low $2.5672.

The sell-off saw EOS fall through the first major support level at $2.6275 and second major support level at $2.5985.

Finding support late in the day, EOS broke back through the support levels to revisit $2.63 levels before sliding back.

The late pullback saw EOS fall back through the first major support level to end the day in the deep red.

At the time of writing, EOS was up by 0.12% to $2.6032. A bullish start to the day saw EOS rise from an early morning low $2.6003 to a high $2.6049.

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

For the day ahead

EOS would need to move through the $2.6067 pivot level to support a run at the first major resistance level at $2.6461.

Support from the broader market would be needed, however, for EOS to break back through to $2.65 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $2.6582 would likely cap any upside.

Failure to move through the $2.6067 pivot would bring the first major support level at $2.5605 into play.

Barring another extended sell-off, EOS should steer clear of sub-$2.50 levels. The second major support level at $2.5211 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $2.5605

Pivot Level: $2.6067

First Major Resistance Level: $2.6461

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 1.46% on Friday. Following on from a 4.31% rally on Thursday, Ethereum ended the day at $279.59.

Tracking the broader market, Ethereum fell to a mid-morning intraday low $268.39 before making a move.

Steering well clear of the first major support level at $262.99, Ethereum rallied to a late intraday high $287.8.

Ethereum broke through the first major resistance levels at $285.49 before falling back to sub-$280 levels.

At the time of writing, Ethereum was up by 0.43% to $280.78. A bullish start to the day saw Ethereum rise from an early morning low $279.62 to a high $281.00.

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

For the day ahead

Ethereum would need to avoid a fall through the $278.59 pivot to support a run at the first major resistance level at $288.80.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $287.8.

Barring another extended crypto rally, the first major resistance level should cap any upside.

Failure to avoid a fall through the $278.59 pivot would bring the first major support level at $269.39 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$260 levels. The second major support level sits at $259.18.

Looking at the Technical Indicators

First Major Support Level: $269.39

Pivot Level: $278.59

First Major Resistance Level: $288.80

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 2.07% on Friday. Reversing a 2.30% gain from Thursday, Ripple’s XRP ended the day at $0.20445.

It was a bearish start to the day. Ripple’s XRP slid from an early morning intraday high $0.20882 to a mid-morning intraday low $0.20212.

The reversal saw Ripple’s XRP fall through the first major support level at $0.2036 before finding support.

Ripple’s XRP moved back through to $0.20775 late in the day before falling back into the deep red.

The first major support level limited the downside late in the day.

At the time of writing, Ripple’s XRP was up by 0.09% to $0.20463. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.20401 before striking a high $0.20468.

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 $0.2050 pivot to support a run at the first major resistance level at $0.2081.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2050 levels.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $0.20882 should cap any upside.

In the event of a breakout, Ripple’s XRP should test the second major resistance level at $0.2118 before any pullback.

Failure to move through the $0.2050 pivot would bring the first major support level at $0.2014 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.1984.

Looking at the Technical Indicators

First Major Support Level: $0.2014

Pivot Level: $0.2050

First Major Resistance Level: $0.2081

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