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Analysis

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 01/06/20

It’s a relatively bullish start to the day for the majors. We would need to see a move through key levels, however, to bring resistance levels into play.

EOS

EOS slid by 3.52% on Sunday. Partially reversing a 5.93% rally from Saturday, EOS ended the week up by 7.59% to $2.6766. In spite of the weekly gain, EOS fell by 5.39% in May.

It was a choppy day for EOS. A bearish start to the day saw EOS fall from an early morning intraday high $2.7743 to an early morning low $2.6804.

Steering clear of the major support levels, EOS recovered to $2.76 levels before hitting reverse.

The reversal saw EOS slide through the first major support level at $2.6544 to a late intraday low $2.6479.

Finding support late on, EOS broke back through the first major support level to wrap up the day at to $2.67 levels.

At the time of writing, EOS was up by 0.24% to $2.6830. A mixed start to the day saw EOS fall to an early morning low $2.6650 before striking a high $2.6890.

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

For the day ahead

EOS would need to move through to $2.70 levels to bring the first major resistance level at $2.7513 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.6890.

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

Failure to move through to $2.70 levels could see EOS fall back into the red.

A fall through Sunday’s low $2.6479 would bring the first major support level at $2.6249 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.60 levels and the second major support level at $2.5732.

Looking at the Technical Indicators

Major Support Level: $2.6249

Major Resistance Level: $2.7513

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82Advertisement

Ethereum

Ethereum slid by 5.05% on Sunday. Partially reversing a 10.56% surge from Saturday, Ethereum ended the week up by 15.98% to $231.54. The bullish week delivered a 12.28% gain for the month of May.

A mixed start to the day saw Ethereum rise to an early morning intraday high $245.46 before hitting reverse.

Falling short of the first major resistance level at $254.69, Ethereum slid to a final hour intraday low $230.84.

Steering clear of the first major support level at $225.66, Ethereum wrapped up the day at $231 levels.

At the time of writing, Ethereum was up by 0.73% to $233.22. A mixed start to the day saw Ethereum fall to an early morning low $230.59 before striking a high $233.68.

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

For the day ahead

Ethereum would need to move back through to $236 levels to bring the first major resistance level at $241.05 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $233.68.

Barring another broad-based crypto rally, the first major resistance level and Sunday’s high $245.46 would likely cap any upside.

Failure to move back through to $236 levels could see Ethereum hit reverse.

A fall through Sunday’s low $230.84 would bring the first major support level at $226.43 into play.

Barring another extended crypto sell-off, however, Ethereum should steer clear sub-$230 levels on the day.

Looking at the Technical Indicators

Major Support Level: $226.43

Major Resistance Level: $241.05

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 2.22% on Sunday. Partially reversing a 4.83% rally from Saturday, Ripple’s XRP ended the week up by 5.20% to $0.20249. In spite of the weekly gain, Ripple’s XRP fell by 4.31% in May.

A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.20235 before breaking out.

Steering clear of the first major support level at $0.1995, Ripple’s XRP rallied to a late morning intraday high $0.21380.

Ripple’s XRP broke through the first major resistance level at $0.2113 before hitting reverse.

The reversal saw Ripple’s XRP slide to a final hour intraday low $0.20048 before steadying.

In spite of the pullback, Ripple’s XRP steered clear of sub-$0.20 levels and the first major support level at $0.1995.

At the time of writing, Ripple’s XRP was up by 0.38% to $0.20326. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.20115 before striking a high $0.20372.

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 to $0.2060 levels to support a run at the first major resistance level at $0.2107.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.20372.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $0.2138 would likely cap any upside on the day.

Failure to move through to $0.2060 levels could see Ripple’s XRP fall back into the red.

A fall through back Sunday’s low $0.20048 would bring the first major support level at $0.1974 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.1923.

Looking at the Technical Indicators

Major Support Level: $0.1974

Major Resistance Level: $0.2107

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

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