EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 4th, 2020
EOS
EOS rallied by 3.58% on Monday. Partially reversing Sunday’s 10.93% meltdown, EOS ended the day at $3.0463.
It was a mixed start to the day. EOS fell to an early morning intraday low $2.9022 before making a move.
Steering clear of the first major support level at $2.4578, EOS rallied to a late afternoon intraday high $3.1185.
Falling short of the first major resistance level at $3.4546, EOS fell back to $3.01 levels before finding late support.
EOS moved back through to $3.04 levels to deliver the upside on the day.
At the time of writing, EOS was up by 0.67% to $3.0667. A relatively bullish start to the day saw EOS rise from an early morning low $3.0500 to a high $3.0667.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to avoid a fall through the $3.0223 pivot level to support a run at the first major resistance level at $3.1425.
Support from the broader market would be needed, however, for EOS to break back through to $3.10 levels.
Barring another extended crypto rally, the first major resistance level would likely cap any upside.
Failure to avoid a fall through the $3.0223 pivot would bring the first major support level at $2.9262 into play.
Barring an extended sell-off, EOS should steer well clear of the second major support level at $2.8060
Looking at the Technical Indicators
First Major Support Level: $2.9262
Pivot Level: $3.0223
First Major Resistance Level: $3.1425
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum rallied by 3.77% on Monday. Reversing a 3.92% loss from Sunday, Ethereum ended the day at $386.22.
Tracking the broader market, Ethereum dipped to an early morning intraday low $366.34 before finding support.
Finding support at the 38.2% FIB of $367, Ethereum rallied to an early afternoon intraday high $399.69.
Falling short of the first major resistance level at $416.22, Ethereum fell back to $382 levels before finding late support.
A late move back through to $386 levels delivered the upside on the day.
At the time of writing, Ethereum was up by 0.75% to $389.11. A bullish start to the day saw Ethereum rise from an early morning low $386.20 to a high $389.98.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall through the $384 pivot to support a run at the first major resistance level at $402.
Support from the broader market would be needed, however, for Ethereum to break out form Monday’s high $399.69.
Barring an extended crypto rally, the first major resistance level should cap any upside.
A fall through the $384 pivot would bring the first major support level at $368.5 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$350 levels. The 38.2% FIB of $367 and the second major support level at $350.73 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $368.5
Pivot Level: $384
First Major Resistance Level: $402
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP
Ripple’s XRP rallied by 7.58% on Monday. Reversing a 1.25% loss from Sunday, Ripple’s XRP ended the day at $0.30974.
A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.28383 before making a move.
Steering clear of the first major support level at $0.2441, Ripple’s XRP rallied to a late afternoon intraday high $0.31950.
While falling short of the first major resistance level at $0.3287, Ripple’s XRP broke through the 23.6% FIB of $0.3134.
A late pullback saw Ripple’s XRP fall back to $0.3060 levels before wrapping up the day at $0.3090 levels.
At the time of writing, Ripple’s XRP was up by 2.37% to $0.31707. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.31016 to a high $0.31707.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to avoid a fall through the $0.3044 pivot to support a run at the 23.6% FIB and the first major resistance level at $0.3249.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.3195.
Barring another broad-based crypto rally, the first major resistance level should cap any upside.
In the event of a breakout, Ripple’s XRP would make a run at the second major resistance level at $0.3400.
Failure to avoid a fall through the $0.3044 pivot would bring the first major support level at $0.2892 into play.
Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.28 levels, however. The second major support level sits at $0.2687.
Looking at the Technical Indicators
First Major Support Level: $0.2892
Pivot Level: $0.3044
First Major Resistance Level: $0.3249
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
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Thanks, Bob
This article was originally posted on FX Empire