EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 31/05/20
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.
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.
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 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.
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.
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 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.
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.
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.
Author: Bob Mason17 hours ago (May 31, 2020 01:24 AM GMT)
Ethereum Price Analysis: ETH/USD consolidates weekly gains near $240
Ethereum (ETH/USD) surged higher on Saturday and touched its highest level since early March at $247 before closing the day with a daily gain of 10% at $243. The pair, however, has struggled to preserve its momentum on the last day of the week and gone into a consolidation phase. As of writing, Ethereum was down 1.85% on the day at $240. Despite Sunday’s correction, the pair remains on track to close the week around 20% higher.
The daily Relative Strength Index (RSI) rose above 70 on Saturday and edged lower on Sunday, suggesting that Ethereum is staging a technical correction after turning overbought. Nevertheless, the near-term bullish outlook remains intact and the pair could target the critical $250-$252 area (psychological level/March 7 high). Beyond that area, Ethereum could extend its rally to $267 (February 25 high).
On the other hand, supports are located at $220 (May 30 low) ahead of $210 (20-day SMA) and $200 (psychological level).
Long-Term Signal for Ethereum Flips Bullish: Here’s Why It May Not Pan Out
Although Ethereum is still over 80% below its all-time high price, the asset has registered extremely positive price action over recent months.
From the March capitulation lows of $88, the asset is up over 175%. And in the past day alone, ETH is up 10%, outperforming basically all other cryptocurrencies in circulation.
The recent uptrend has allowed Ethereum to print an extremely positive sign, according to a prominent crypto trader.
He noted in the chart below that on Kraken, the Moving Average Convergence Divergence (MACD) on the one-month Ethereum chart has crossed bullish for the first time ever:
“Monthly MACD finally crossed bullishly… and moving up across the zero line,” the analyst wrote in reference to the chart below.
Chart of Kraken’s Ethereum market from analyst Dave the Wave. The chart shows that ETH’s long-term MACD has flipped bullish for the first time ever.
The MACD is designed to reveal changes in the strength, direction , momentum, and duration of a trend in a stock’s price, according to Wikipedia.
Despite this textbook bullish sign, prominent analysts are not convinced that Ethereum may not rally sustainably due to fundamental factors.
Per previous reports from Bitcoinist, crypto-asset trading platforms are holding more Ethereum in aggregate than ever before. Addresses owned by the platforms like Bitfinex and Binance now hold ~18,000,000 ETH, around 15% of the total supply of the crypto asset.
A prominent crypto data analyst remarked that this is likely to be a bearish sign for the cryptocurrency:
“ETH balances are basically at all-time highs, and are up 132k ETH (~26M) since Black Thursday… My interpretation here is that it’s bullish for btc/bearish eth,” the analyst opined through a Twitter thread that was about cryptocurrencies that exchange wallets hold.
Data shared by crypto analyst Ceteris Paribus (@Ceterispar1bus on Twitter).
There are also some saying that Ethereum is currently not a proper investment.
Earlier this year, Galaxy Digital’s Mike Novogratz explained that ETH remains in a “proving phase.” That’s to say, the asset doesn’t have the same track record or brand recognition as Bitcoin.
1. GLXY is a big investor in Ripple Labs. I would like to see them do well. @bgarlinghouse has done a great job as ceo. I commented the XRP tokens underperformed $btc last year because Ripple owns a lot of them. I have been almost solely long $btc for the past 15 months.
— Michael Novogratz (@novogratz) February 6, 2020
Ethereum isn’t the only altcoin that may not rally sustainably, or may not rally as far and as fast as Bitcoin.
Brave New Coin analyst Josh Olszewicz observed on May 15th that Bitcoin’s dominance macro chart — the portion of the crypto market made up of BTC compared to altcoins — printed a textbook golden cross formation.
Finance education site Investopedia says that a golden cross forms when a “relatively short-term moving average crosses above a long-term moving average,” and is often followed by a “bullish breakout.”
Chart from Josh Olszewicz (@CarpeNoctum on Twitter), a crypto analyst at Brave New Coin. The chart is of Bitcoin’s dominance printing a “golden cross” formation.
Ethereum (ETH) Contracts Spark Interest and Volume Skyrockets on Deribit, Skew Analysts Say
The Ethereum (ETH) derivatives markets react to bullish price trends demonstrated by the second crypto. It involves the trading volume and sparking interest.
According to the statistics revealed by analysts at Skew, Ethereum (ETH) and its trading derivatives sets numerous records simultaneously.
Today, the analytical group Skew, which address in-depth research involving cryptocurrency derivatives, reported that the Ethereum (ETH) options trading volume on the Deribit Exchange reached an insane level of $20M yesterday.
The open interest amount for Ether positions also went through the roof yesterday. Within one week, it broke above $110M twice. In the early days of May, the Ether positions was as low as $48M (in equivalence).
All of these figures are drawing increased attention for Ethereum (ETH) futures. In turn, this could be attributed to the bullish dynamics involving the price of Ethereum (ETH). According to the analytical portal Coingecko, Ethereum (ETH) surged 27% in the last ten days.
Some more interesting indicators support the Ethereum (ETH) price rally. For instance, Skew analysts reveal that the risk of volatility for Ethereum (ETH) is trending downwards.
Ethereum (ETH) is among the best beneficiaries of the short ‘altcoin season’, which was announced by a community disappointed with Bitcoin (BTC) refusing to go parabolic after its fourth epoch start.
So, if Ethereum (ETH) manages to reclaim its $250 level, this may lead to new trading records.
Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.
Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)
Author: Sun, 05/31/2020 – 14:59