EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 10th, 2020

EOS

EOS fell by 1.15% on Thursday. Partially reversing Wednesday’s 4.80% rally, EOS ended the day at $2.6523.

It was a mixed start to the day. EOS fell to an early morning low $2.63 before rising to a mid-morning intraday high $2.7296.

Falling short of the first major resistance level at $2.7474 EOS fell to an early evening intraday low $2.5833.

Finding support at the first major support level at $2.5855, EOS recovered to $2.65 levels to limit the downside.

At the time of writing, EOS was down by 0.28% to $2.6450. A bearish start to the day saw EOS fall from a Thursday $2.6523 to an early low $2.6450.

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

For the day ahead

EOS would need to move through the $2.6550 pivot level to support a run at the first major resistance level at $2.7268.

Support from the broader market would be needed, however, for EOS to break back through to $2.70 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $2.7296 would likely cap any upside.

Failure to move through the $2.6550 pivot would bring the first major support level at $2.5805 into play.

Barring another extended sell-off, EOS should steer clear of sub-$2.50 levels. The second major support level at $2.5088 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $2.5805

Major Resistance Level: $2.7268

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 2.07% on Thursday. Partially reversing a 3.25% gain from Wednesday, Ethereum ended the day at $242.00.

It was also a mixed start to the day. Ethereum fall to an early morning low $243.10 before striking a mid-day intraday high $247.67.

Falling well short of the first major resistance level at $251.46, Ethereum slid to a mid-afternoon intraday low $237.04.

Ethereum fell through the first major support level at $240.37 before recovering to $242 levels.

At the time of writing, Ethereum was down by 0.47% to $240.87. A bearish start to the day saw Ethereum fall from an early morning high $242.12 to a low $240.72.

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

For the day ahead

Ethereum would need to move through the $242.24 pivot to support a run at the first major resistance level at $247.43.

Support from the broader market would be needed, however, for Ethereum to break back through to $247 levels.

Barring another extended crypto rally, the first major resistance level and Thursday’s high $247.67 should cap any upside.

Failure to move through the $242.24 pivot would bring the first major support level at $236.80 into play.

Barring another extended sell-off, Ethereum should continue to steer clear of sub-$230 levels. The second major support level at $231.61 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $236.80

Major Resistance Level: $247.43

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 1.13% on Thursday. Partially reversing Wednesday’s 10.98% breakout, Ripple’s XRP ended the day at $0.20276.

A bearish start saw Ripple’s XRP fall to an early morning low $0.19785 before making a move.

Steering clear of the first major support level at $0.1910, Ripple’s XRP rallied to a mid-day intraday high $0.21199.

Falling short of the first major resistance level at $0.2138, Ripple’s XRP slid to a late afternoon intraday low $0.19718.

Steering clear of the first major support level, Ripple’s XRP recovered to $0.2020 levels to limit the downside.

At the time of writing, Ripple’s XRP was down by 0.66% to $0.20143. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.20286 to a low $0.20142.

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 $0.2040 pivot to support a run at the first major resistance level at $0.2108.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.21 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $0.21199 should cap any upside.

In the event of a breakout, Ripple’s XRP should test the second major resistance level at $0.2188 before any pullback.

Failure to move through the $0.2040 pivot would bring the first major support level at $0.1960 into play.

Barring another extended crypto sell-off, however, Ripple’s XRP should avoid sub-$0.1900 levels. The second major support level sits at $0.1892.

Looking at the Technical Indicators

Major Support Level: $0.1960

Major Resistance Level: $0.2108

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

This article was originally posted on FX Empire

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