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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 29th, 2020

EOS

EOS rallied by 4.63% on Friday. Reversing a 4.47% slide from Thursday, EOS ended the day at $3.1183.

It was another mixed start to the day. EOS fell to an early morning intraday low $2.9379 before making a move.

Steering clear of the first major support level at $2.8340, EOS rallied to a late afternoon intraday high $3.1778.

EOS broke through the first major resistance level at $3.1358 before falling back to sub-$3.10 levels.

Finding late support, however, EOS moved back through to $3.11 levels to deliver the upside on the day.

At the time of writing, EOS was down by 0.37% to $3.1067. A bearish start to the day saw EOS fall from an early morning high $3.1301 to a low $3.0861.

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

For the day ahead

EOS would need to avoid a fall through the $3.0780 pivot level to support a run at the first major resistance level at $3.2181.

Support from the broader market would be needed, however, for EOS to break out from Friday’s high $3.1778.

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 $3.0780 would bring the first major support level at $2.9782 into play.

Barring an extended sell-off, however, EOS should avoid a return to sub-$3.00 levels. The second major support level sits at $2.8381.

Looking at the Technical Indicators

First Major Support Level: $2.9782

Pivot Level: $3.0780

First Major resistance Level: $3.2181

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Ethereum

Ethereum rose by 3.18% on Friday. Reversing a 0.74% fall from Thursday, Ethereum ended the day at $395.47.

It was also a mixed start to the day. Ethereum fell to an early morning intraday low $379.67 before making a move.

Steering clear of the first major support level at $370.78, Ethereum struck a late afternoon intraday high $398.16.

Ethereum broke through the first major resistance level at $396.43 before falling to a 2nd half low $390.91.

Finding late support, however, Ethereum moved back through to $395 levels to deliver the upside on the day.

At the time of writing, Ethereum was down by 0.05% to $395.27. A mixed start to the day saw Ethereum fall to an early morning low $392.34 before rising to a high $397.00.

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

For the day ahead

Ethereum would need to avoid a fall through the $391 pivot to support a run at the first major resistance level at $402.53.

Support from the broader market would be needed, however, for Ethereum to break back through to $400 levels.

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

Failure to avoid a fall through the $384.04 pivot would bring the first major support level at $384.04 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$370 levels. The second major support level at $372.61 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $384.04

Pivot Level: $391

First Major Resistance Level: $402.53

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rose by 2.59% on Friday. Partially reversing a 4.37% slide from Thursday, Ripple’s XRP ended the day at $0.27178.

It was a mixed start to the day. Ripple’s XRP fell to an early morning intraday low $0.26004 before making a move.

Steering clear of the first major support level at $0.2526, Ripple’s XRP rallied to a late intraday high $0.27318.

Falling short of the first major resistance level at $0.2774, Ripple’s XRP slipped back to sub-$0.27 levels.

A final hour move back through to $0.27 levels, however, delivered the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.57% to $0.27022. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.27393 to a low $0.26865.

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 $0.2683 pivot to support a run at the first major resistance level at $0.2766.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.27318.

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

Failure to avoid a fall through the $0.2683 pivot would bring the first major support level at $0.2635 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.26 levels. The second major support level sits at $0.2552.

Looking at the Technical Indicators

First Major Support Level: $0.2635

Pivot Level: $0.2683

First Major Resistance Level: $0.2766

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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