EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – June 9th, 2020

EOS

EOS fell by 1.00% on Monday. Reversing a 0.55% gain from Sunday, EOS ended the day at $2.7834.

It was bearish through most of the day. EOS fell from an early morning intraday high $2.8181 to a late afternoon intraday low $2.7542.

Falling short of the major resistance levels, EOS found support at the first major support level at $2.7537.

EOS managed to recover to $2.78 levels in the final hour, however, to limit the downside on the day.

At the time of writing, EOS was up by 0.47% to $2.7965. A bullish start to the day saw EOS rise from an early morning low $2.7924 to a high $2.8028.

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

For the day ahead

EOS would need to avoid sub-$2.7850 levels to take a run at the first major resistance level at $2.8163 into play.

Support from the broader market would be needed, however, for EOS to break back through to $2.81 levels.

Barring an extended crypto rally, the first major resistance level at $2.8163 and Monday high $2.8181 would likely cap any upside.

Failure to avoid sub-$2.7850 levels could see EOS struggle on the day once more.

A fall through the $2.7850 pivot would bring the first major support level at $2.7524 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.70 levels. The second major support level at $2.7213 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $2.7524

Major Resistance Level: $2.8163

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.72% on Monday. Following on from a 1.20% gain on Sunday, Ethereum ended the day at $246.55.

It was a mixed start to the day. Ethereum rose to an early morning high $245.5 before hitting reverse.

Coming up short of the first major resistance level at $248.68, Ethereum fell to an early afternoon intraday low $240.82.

Finding late support, however, Ethereum rallied to a final hour intraday high $247.97 before wrapping up the day at $246 levels. In spite of the late rally, Ethereum came up short of the first major resistance level at $248.68.

At the time of writing, Ethereum was up by 0.93% to $248.85. A bullish start to the day saw Ethereum rise from an early morning low $246.55 to a high $249.99 before easing back.

Ethereum tested the first major resistance level at $249.41 early on.

For the day ahead

Ethereum would need to avoid sub-$245.10 levels to support another run at the first major resistance level at $249.41.

Support from the broader market would be needed, however, for Ethereum to break back through to $249 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $250 should cap any upside.

Failure to avoid sub-$245.10 levels could see Ethereum see give up Monday’s gain.

A fall back through the morning low $246.5 to sub-$245.10 levels would bring the first major support level at $242.26 into play.

Barring an extended crypto sell-off, however, Ethereum should continue to steer clear sub-$240 levels on the day.

The second major support level sits at $237.96.

Looking at the Technical Indicators

Major Support Level: $242.26

Major Resistance Level: $249.41

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rose by 0.44% on Monday. Reversing a 0.05% decline from Sunday, Ripple’s XRP ended the day at $0.20433.

It was a mixed start to the day. Ripple’s XRP rose to an early morning high $0.20375 before hitting reverse.

Falling short of the major resistance levels, Ripple’s XRP fell to a late morning intraday low $0.20137.

Steering clear of the first major support level at $0.1993, Ripple’s XRP rallied to a final hour intraday high $0.20472. In spite of the late rally, Ripple’s XRP failed to test the first major resistance level at $0.2062.

At the time of writing, Ripple’s XRP was up by 0.21% to $0.20475. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.20422 to a high $0.20541.

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

For the day ahead

Ripple’s XRP will need to avoid sub-$0.2035 levels to support a run at the first major resistance level at $0.2056.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.20541.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

Failure to avoid sub-$0.2035 levels could see Ripple’s XRP return to the red.

A fall back through the morning low $0.20422 to sub-$0.2035 levels would bring the first major support level at $0.2022 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.20 levels on the day. The second major support level at $0.2001 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $0.2022

Major Resistance Level: $0.2056

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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