EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – July 16th, 2020

EOS

EOS fell by 0.63% on Wednesday. Reversing a 0.55% gain from Tuesday, EOS ended the day at $2.5433.

It was a bearish day for EOS and the broader market. EOS fell from an early morning intraday high $2.5670 to a late afternoon intraday low $2.5090.

Coming up well short of the major resistance levels, EOS fell through the first major support level at $2.5180.

Steering clear of sub-$2.50 levels, EOS recovered to $2.54 levels to limit the loss on the day.

At the time of writing, EOS was down by 0.55% to $2.5292. A bearish start to the day saw EOS fall from an early morning high $2.5345 to a low $2.5292.

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

For the day ahead

EOS would need to move through the $2.54 pivot level to support a run at the first major resistance level at $2.5705.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.5670.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high would likely cap any upside.

Failure to move through the $2.54 pivot would bring the first major support level at $2.5125 into play.

Barring another extended sell-off, EOS should steer clear of the second major support level at $2.4818.

Looking at the Technical Indicators

Major Support Level: $2.5125

Pivot Level: $2.5400

Major Resistance Level: $2.5705

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 0.86% on Wednesday. Reversing a 0.49% gain from Tuesday, Ethereum ended the day at $238.33.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $241.44 before hitting reverse.

Falling short of the first major resistance level at $242.74, Ethereum slid to a late intraday low $236.36.

Ethereum fell through the first major support level at $237.39 before moving back through to $238 levels.

At the time of writing, Ethereum was down by 0.18% to $237.89. A bearish start to the day saw Ethereum fall from an early morning high $238.55 to a low $237.72.

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

For the day ahead

Ethereum would need to move through the $238.70 pivot to support a run at the first major resistance level at $241.06.

Support from the broader market would be needed, however, for Ethereum to break back through to $240 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $241.44 should cap any upside.

Failure to move through the $238.70 pivot would bring the first major support level at $235.98 into play.

Barring another extended sell-off, Ethereum should continue to steer clear of sub-$230 levels. The second major support level at $233.63 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $235.98

Pivot Level: $238.71

Major Resistance Level: $241.06

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 0.92% on Wednesday. Reversing a 0.10% rise from Tuesday, Ripple’s XRP ended the day at $0.19740.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.19999 before hitting reverse.

Falling short of the first major resistance level at $0.2012, Ripple’s XRP slid to a late morning intraday low $0.19644.

Steering clear of the first major support level at $0.1963, Ripple’s XRP recovered to $0.199 levels before easing back.

At the time of writing, Ripple’s XRP was down by 0.44% to $0.19653. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.19755 to a low $0.19609.

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

For the day ahead

Ripple’s XRP will need to move through the $0.1979 pivot to support a run at the first major resistance level at $0.1994.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.199 levels.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $0.1999 should cap any upside.

In the event of a breakout, Ripple’s XRP should test resistance at $0.21 before any pullback. The third major resistance level sits at $0.2050.

Failure to move through the $0.1979 pivot would bring the first major support level at $0.1959 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.19 levels. The second major support level at $0.1944 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $0.1959

Pivot Level: $0.1979

Major Resistance Level: $0.1994

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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