EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 06/01/20

EOS

EOS rose by 1.14% on Sunday. Following on from a 0.08% gain on Saturday, EOS ended the week down 0.22% to $2.6905.

A bullish start to the day saw EOS rally from an early morning intraday low $2.6601 to a late afternoon intraday high $2.7813.

Steering clear of the major support levels, EOS broke through the major resistance levels before pulling back.

The late pullback saw EOS fall through the third major resistance level at $2.7353 and second major resistance level at $2.6934.

In spite of the pullback, EOS managed to hold above the first major resistance level at $2.6732.

At the time of writing, EOS was down by 0.14% to $2.6868. A mixed start to the day saw EOS rise from an early morning low $2.6830 to a high $2.6883 before easing back.

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

For the day ahead

EOS would need to move back through to $2.71 levels to support a run at the first major resistance level at $2.7612.

Support from the broader market would be needed, however, for EOS to break back through $2.70 levels.

Barring an extended broad-based crypto rally, the first major resistance level at $2.7612 would likely limit any upside on the day.

Failure to move through to $2.71 levels could see EOS hit reverse. A fall back through to Sunday’s low $2.6601 would bring the first major support level at $2.64 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.60 levels.

Looking at the Technical Indicators

Major Support Level: $2.6400

Major Resistance Level: $2.7612

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.87% on Sunday. Reversing a 0.02% decline from Saturday, Ethereum ended the week up 0.74% to $135.31.

Tracking the broader market, Ethereum rallied from an early morning intraday low $134.14 to a late afternoon intraday high $138.97.

Steering clear of the major support levels, Ethereum broke through the first major resistance level at $135.76 and…

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