EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 07/05/20

By May 6, 2020Ethereum
Click here to view original web page at www.fxempire.com

The majors recover from an early dip but will need to move back through early highs to bring resistance levels back into play…

Shiny Ripple crypto-currency background

EOS

EOS slid by 4.12% on Wednesday. Following a 0.01% gain on Tuesday, EOS ended the day at $2.6573.

A choppy start to the day saw EOS fall to an early morning low $2.7340 before striking a late morning intraday high $2.8211.

Falling short of the first major resistance level at $2.8302, EOS slid to a final hour intraday low $2.6108.

EOS fell through the first major support level at $2.7068 and the second major support level at $2.6441.

Support at the end of the day led to a move back through the second major support level.

At the time of writing, EOS was up by 1.14% to $2.6876. A mixed start to the day saw EOS slide to an early morning low $2.5888 before striking a high $2.6896.

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

For the day ahead

EOS would need to move through to $2.6970 levels to bring the first major resistance level at $2.7820 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.6896.

Barring an extended crypto rally, the first major resistance level at $2.7820 would likely limit any upside.

Failure to move through to $2.6970 levels could see EOS hit reverse.

A fall through the morning low $2.5888 would bring the first major support level at $2.5717 into play.

Barring an extended crypto sell-off, however, EOS should steer well clear of the second major support level at $2.4861.

Major Support Level: $2.5717

Major Resistance Level: $2.7820

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 3.04% on Wednesday. Following on from a 0.77% fall on Tuesday, Ethereum ended the day at $199.26.

A mixed start to the day saw Ethereum fall to an early morning low $202.12 before striking a mid-day intraday high $211.21.

Coming up against the first major resistance level at $211.29, Ethereum slid to a final hour intraday low $198.18.

Ethereum fell through the first major support level at $200.45 to wrap up the day at sub-$200.

At the time of writing, Ethereum was up by 2.14% to $203.53. A mixed start to the day saw Ethereum fall to an early morning low $196.82 before striking a high $203.99.

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

For the day ahead

Ethereum would need to move through to $205 levels to bring the first major resistance level at $207.59 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $203.99

Barring an extended crypto rally, the first major resistance level would likely leave Ethereum short of $210 levels.

Failure to move through to $205 levels could see Ethereum give up the early gains.

A fall back through to sub-$203 levels would bring the first major support level at $194.56 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $189.85.

Major Support Level: $194.56

Major Resistance Level: $207.59

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 2.29% on Wednesday. Following on from a 0.55% fall on Tuesday, Ripple’s XRP ended the day at $0.21198.

Recovering from an early morning low $0.21469, Ripple’s XRP struck a late morning intraday high $0.22241 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2218 before sliding to a final hour intraday low $0.21000.

The reversal saw Ripple’s XRP slide through the first major support level at $0.2124.

At the time of writing, Ripple’s XRP was up by 1.39% to $0.21492. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.20981 before striking a high $0.21492.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will need to move back through to $0.2150 levels to support a run at the first major resistance level at $0.2196.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.21492.

Barring an extended crypto rally, the first major resistance level would likely limit any upside on the day.

Failure to move through to $0.2150 levels could see Ripple’s XRP fall back into the red.

A fall through the morning low $0.20981 would bring the first major support level at $0.2072 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.2024.

Looking at the Technical Indicators

Major Support Level: $0.2072

Major Resistance Level: $0.2196

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

EOS slid by 4.12% on […]

Leave a Reply