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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 08/01/20

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Bob Mason
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EOS rose by just 0.06% on Tuesday. Following on from a 6.32% rally on Monday, EOS ended the day at $2.8541.

A bullish start to the day saw EOS rise to an early morning intraday high $2.8812 before hitting reverse.

Falling short of the first major resistance level at $2.9146, EOS slid to a mid-afternoon intraday low $2.7614.

Steering clear of the major support levels, EOS bounced back to $2.87 levels before easing back.

At the time of writing, EOS was up by 1.80% to $2.9056. A bullish start to the day saw EOS rally from an early morning low $2.8505 to a high $2.9865.

EOS broke through the first major resistance level at $2.9031 and second major resistance level at $2.9520 early on.

For the day ahead

EOS would need to hold above the first major resistance level at $2.9031 to support another run at the second major resistance level at $2.9520.

Support from the broader market would be needed, however, for EOS to break out from $2.90 levels.

Barring an extended broad-based crypto rally, the second major resistance level at $2.9520 would likely limit any upside on the day.

Failure to hold above the first major resistance level could see EOS hit reverse. A fall through the morning low $2.8505 to sub-$2.83 levels would bring the first major support level at $2.7833 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.80 levels.

Looking at the Technical Indicators

Major Support Level: $2.7833

Major Resistance Level: $2.9031

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 0.78% on Tuesday. Partially reversing a 6.56% rally from Monday, Ethereum ended the day at $143.08.

A bullish start to the day saw Ethereum strike an early morning intraday high $145.25 before hitting reverse.

Falling short of the first major resistance level at $147.54, Ethereum slid to a late afternoon intraday low $138.79.

Steering clear of the first major support level at $137.81, Ethereum recovered to $145 levels late on before easing back into the red.

At the time of writing, Ethereum was up by 2.41% to $146.53. A bullish start to the day saw Ethereum rally from an early morning low $143.0 to high $148.00.

Ethereum broke through the first major resistance level at $145.96 early on.

For the day ahead

Ethereum would need to hold above the first major resistance level to support another run at the second major resistance level at $148.83.

Support from the broader market would be needed for Ethereum to break out from the morning high $148.00.

Barring a broad-based crypto rally, however, Ethereum would likely come up short of $150 levels on the day.

In the event of an extended rally, Ethereum a visit to $150 could be on the cards before any pullback.

Failure to hold above the first major resistance level could see Ethereum give up the early gains. A fall through the morning low to sub-$142.4 levels would bring the first major support level at $139.50 into play.

Barring a crypto sell-off, however, Ethereum should steer well clear of sub-$140 levels.

Looking at the Technical Indicators

Major Support Level: $139.50

Major Resistance Level: $145.96

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slid by 4.3% on Tuesday. Partially reversing a 14.57% rally from Monday, Ripple’s XRP ended the day at $0.21340.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.2255 before hitting reverse.

Falling short of the first major resistance level at $0.2334, Ripple’s XRP slid to a late afternoon intraday low $0.20785.

Steering clear of the first major support level at $0.2036, Ripple’s XRP recovered to $0.21 levels to limit the loss on the day.

At the time of writing, Ripple’s XRP was up by 0.52% to $0.21452. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.21268 to a high $0.21891.

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

For the day ahead

Ripple’s XRP will need to move back through to $0.2160 levels to support a run at the first major resistance level at $0.2234.

Support from the broader market would be needed, however, for Ripple’s XRP to break through to $0.2200 levels.

Barring an extended rally through the day, the first major resistance level at $0.2234 would likely limit any upside.

Failure to move back through to $0.2160 levels could see Ripple’s XRP slide back into the red.

A fall through the morning low $0.21268 would bring the first major support level at $0.2057 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer of sub-$0.20 levels.

Looking at the Technical Indicators

Major Support Level: $0.2057

Major Resistance Level: $0.2234

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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