EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – June 11th, 2020

EOS

EOS rose by 0.37% on Wednesday. Partially reversing a 1.41% fall from Tuesday, EOS ended the day at $2.7643

A mixed start to the day saw EOS rise to an early morning high $2.7660 before falling to a mid-morning low $2.7358.

Steering clear of the major support and resistance levels, EOS rallied to a late afternoon intraday high $2.7844 before hitting reverse.

Falling short of the first major resistance level at $2.8090, EOS slid to a late afternoon intraday low $2.7099.

Holding above the first major support level at $2.6929, EOS recovered to $2.77 level before easing back.

At the time of writing, EOS was down by 0.09% to $2.7619. A relatively bearish start to the day saw EOS fall from an early high $2.7643 to a low $2.7628.

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

For the day ahead

EOS would need to avoid sub-$2.7530 levels to take bring the first major resistance level at $2.7958 into play.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.7844.

Barring an extended crypto rally, the first major resistance level at $2.7958 and Wednesday’s high should cap any upside.

Failure to avoid sub-$2.7530 levels could see EOS struggle on the day.

A fall through the $2.7530 pivot would bring the first major support level at $2.7213 into play.

Barring another crypto meltdown, however, EOS should steer clear of the second major support level at $2.6784.

Looking at the Technical Indicators

Major Support Level: $2.7213

Major Resistance Level: $2.7958

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 1.64% on Wednesday. Reversing a 1.02% fall from Tuesday, Ethereum ended the day at $248.02.

Tracking the broader market, Ethereum rose to an early morning high $245.01 before hitting reverse.

Falling short of the major resistance levels, Ethereum fell to a late morning low $242.26 before making a move.

Steering well clear of the first major support level at $238.63, Ethereum rallied to a late afternoon intraday high $250.56.

Ethereum broke through the first major resistance level at $249.71 before falling back to wrap up the day at $248 levels.

At the time of writing, Ethereum was up by 0.10% to $248.28. A mixed start to the day saw Ethereum rise from an early morning low $248.06 to a high $248.58 before easing back.

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

For the day ahead

Ethereum would need to avoid sub-$247 levels to support a run at the first major resistance level at $251.68.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high to $250.56.

Barring an extended crypto rally, the first major resistance level at $251.68 and Wednesday’s high should cap any upside.

Failure to avoid sub-$247 levels could see Ethereum give up Wednesday’s gain.

A fall through the $246.90 pivot would bring the first major support level at $243.25 into play.

Barring another extended crypto sell-off, however, Ethereum should steer clear of sub-$240 and the second major support level at $238.37.

Looking at the Technical Indicators

Major Support Level: $243.25

Major Resistance Level: $251.68

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 0.91% on Wednesday. Partially reversing a 1.49% fall from Tuesday, Ripple’s XRP ended the day at $0.20302.

A relatively bullish start to the day saw Ripple’s XRP rise to an early morning high $0.20274 before easing back.

Falling short of the first major resistance level at $0.2045, Ripple’s XRP fell back to $0.2011 levels before making a move.

Through the late afternoon, Ripple’s XRP rallied to an intraday high $0.20389 before sliding to an intraday low $0.19973.

Steering clear of the major support and resistance levels, Ripple’s XRP recovered to $0.2030 levels to end the day in the green.

At the time of writing, Ripple’s XRP was up by 0.09% to $0.20321. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.20311 before rising to a high $0.20321.

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-$0.2020 levels to support a run at the first major resistance level at $0.2047.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.20389.

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

Failure to avoid sub-$0.2020 levels could see Ripple’s XRP could see Ripple’s XRP struggle in the day.

A fall back through the $0.2020 pivot would bring the first major support level at $0.2005 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.1981.

Looking at the Technical Indicators

Major Support Level: $0.2005

Major Resistance Level: $0.2047

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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