EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 31/05/20

EOS

EOS rallied by 5.93% on Saturday. Following a 0.02% slip on Friday, EOS ended the day at $2.7735.

A bullish start to the day saw EOS rise from an intraday low $2.6016 to an early afternoon high $2.7214.

EOS broke through the first major resistance level at $2.6630 and the second major resistance level at $2.7108.

A pullback through the mid-afternoon saw EOS briefly slide back to $2.61 levels before rebounding to a late intraday high $2.7871.

The bounce-back saw EOS break back through the first and second major resistance levels before easing back to $2.77 levels.

At the time of writing, EOS was down by 0.14% to $2.7697. A mixed start to the day saw EOS fall from an early morning high $2.7743 to a low $2.7553.

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

For the day ahead

EOS would need to avoid sub-$2.72 levels to bring the first major resistance level at $2.8399 into play.

Support from the broader market would be needed, however, for EOS to break out from Saturday’s high $2.7871.

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

Failure to avoid sub-$2.72 levels could see EOS fall deeper into the red.

A fall through the morning low to sub-$2.72 levels would bring the first major support level at $2.6544 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.60 levels and the second major support level at $2.5352.

Looking at the Technical Indicators

Major Support Level: $2.6544

Major Resistance Level: $2.8399

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum surged by 10.56% on Saturday. Following on from a 0.10% gain on Friday, Ethereum ended the day at $243.84.

A mixed start to the day saw Ethereum fall to an early morning intraday low $218.33 before making a move.

Steering clear of the first major support level at 217.16, Ethereum rallied to a late intraday high $247.36.

Ethereum broke through the major resistance levels to wrap up the day at the highest level since early March.

At the time of writing, Ethereum was up by 0.50% to $245.06. A mixed start to the day saw Ethereum fall to an early morning low $241.75 before striking a high $245.21.

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

For the day ahead

Ethereum would need to avoid sub-$236.50 levels to bring the first major resistance level at $254.69 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Saturday’s high $247.36.

Barring another broad-based crypto rally, resistance at $250 would likely leave Ethereum short of the first major resistance level.

Failure to avoid sub-$236.50 levels could see Ethereum hit reverse.

A fall through the morning low $241.75 to sub-$236.50 would bring the first major support level at $225.66 into play.

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

Looking at the Technical Indicators

Major Support Level: $225.66

Major Resistance Level: $254.69

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rallied by 4.83% on Saturday. Reversing a 1.57% fall from Friday, Ripple’s XRP ended the day at $0.20709.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.19613 before breaking out.

Steering clear of the first major support level at $0.1949, Ripple’s XRP rallied to a late morning high $0.20659.

Ripple’s XRP broke through the first major resistance level at $0.2019 and the second major resistance level at $0.2062.

An early afternoon pullback saw Ripple’s XRP fall back to $0.2017 levels before bouncing back.

Finding support at the first major resistance level at $0.2019, Ripple’s XRP rallied to a late intraday high $0.20790.

Ripple’s XRP broke through the second major resistance level at $0.2062 to wrap up the day at $0.2070 levels.

At the time of writing, Ripple’s XRP was down by 0.06% to $0.20697. A mixed start to the day saw Ripple’s XRP fall from an early morning high $0.20727 to a  low $0.20587.

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-$0.2040 levels to support a run at the first major resistance level at $0.2113.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through Saturday’s high $0.20790.

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

Failure to avoid sub-$0.2040 levels could see Ripple’s XRP fall deeper into the red.

A fall through back through the morning low to sub-$0.2040 levels would bring the first major support level at $0.1995 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of the second major support level at $0.1919.

Looking at the Technical Indicators

Major Support Level: $0.1995

Major Resistance Level: $0.2113

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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