EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 01/06/20
In This Article:
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: $14.82
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.