EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 5th, 2020

Bob Mason
5 min read
0
In this article:

EOS

EOS rallied by 14.50% on Friday. Reversing most of a 15.65% slide from Thursday, EOS ended the day at $2.9978.

It was a bearish start to the day. EOS fell to an early morning intraday low $2.5759 before making a move.

Steering clear of the first major support level at $2.3463, EOS rallied to a late morning intraday high $3.2468.

EOS broke through the first major resistance level at $3.0268 before sliding back to $2.79 levels.

Finding late support, EOS broke back through the first major resistance level before easing back to sub-$3.00 levels.

At the time of writing, EOS was up by 3.16% to $3.0926. A bullish start to the day saw EOS rise from an early morning low $2.9937 to a high $3.1210.

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

For the day ahead

EOS would need to avoid a fall through the $2.9402 pivot level to support a run at the first major resistance level at $2.3044.

Support from the broader market would be needed, however, for EOS to break out from Friday’s high $3.2468.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

Failure to avoid a fall through the pivot level at $2.9402 would bring the first major support level at $2.6335 into play.

Barring an extended sell-off, however, EOS should steer well clear of sub-$2.60 levels and Friday’s low $2.5759. The second major support level sits at $2.2693.

Looking at the Technical Indicators

First Major Support Level: $2.6335

Pivot Level: $2.9402

First Major resistance Level: $3.3044

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Ethereum

Ethereum rose by 1.12% on Friday. Partially reversing a 13.19% tumble from Thursday, Ethereum ended the day at $386.35.

It was a mixed start to the day. Ethereum fell to an early morning low $374.06 before striking a late morning intraday high $400.80.

Falling short of the first major resistance level at $431.28, Ethereum slid to an early afternoon intraday low $355.5.

Ethereum fell through the 38.2% FIB of $367 before revisiting $390 levels. A bearish end to the day, however, left Ethereum at sub-$390 on the day.

At the time of writing, Ethereum was up by 1.06% to $390.46. A bullish start to the day saw Ethereum rise from an early morning low $385.53 to a high $390.78.

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

For the day ahead

Ethereum would need to avoid a fall through the $380.88 pivot to support a run at the first major resistance level at $406.27.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $400.80.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

Failure to avoid a fall through the $406.27 pivot would bring the 38.2% FIB of $367 and the first major support level at $360.97 into play.

Barring another extended sell-off, however, Ethereum should avoid sub-$360 levels. The second major support level sits at $335.58.

Looking at the Technical Indicators

First Major Support Level: $360.97

Pivot Level: $380.88

First Major Resistance Level: $406.27

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 3.82% on Friday. Partially reversing an 11.35% tumble from Thursday, Ripple’s XRP ended the day at $0.2406.

Tracking the broader market, Ripple’s XRP fell to an early morning low $0.24080 before making a move.

Steering well clear of the first major support level at $0.2289, Ripple’s XRP rallied to a late morning intraday high $0.26590.

Falling short of the first major resistance level at $0.2684, Ripple’s XRP slid to an early afternoon intraday low $0.24033

Continuing to steer clear of the first major support level at $0.2289, Ripple’s XRP recovered to $0.254 levels.

At the time of writing, Ripple’s XRP was up by 1.78% to $0.25857. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.25384 to a high $0.25857.

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 $0.2534 pivot to support a run at the first major resistance level at $0.2665.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.2659.

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

Failure to avoid a fall through the $0.2534 pivot would bring the first major support level at $0.2410 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.24 levels. The second major support level sits at $0.2279.

Looking at the Technical Indicators

First Major Support Level: $0.2410

Pivot Level: $0.2534

First Major Resistance Level: $0.2665

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

More From FXEMPIRE:

Advertisement

Recommended Stories