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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 09/02/20

Bob Mason

EOS

EOS rallied by 3.64% on Saturday. Following on from a 0.08% gain on Friday, EOS ended the day at $4.7560.

A mixed start to the day saw EOS fall to an early morning intraday low $4.4338 before making a move.

EOS fell through the first major support level at $4.4966 before rallying to an early afternoon intraday high $4.8493.

The rally saw EOS break through the first major resistance level at $4.6881 and second major resistance level at $4.7870.

A relatively bearish end to the day saw EOS fall back through the second major resistance level.

At the time of writing, EOS was up by 3.72% to $4.9327. A particularly bullish start to the day saw EOS rally from an early morning low $4.7532 to a high $4.9468.

Steering clear of the major support levels, EOS fell through the first major resistance level at $4.9256.

For the day ahead

EOS would need to move back through the morning high $4.9468 to support a run at the second major resistance level at $5.0952.

Support from the broader market would be needed, however, for EOS to break through to $5.00 levels.

Barring a broad-based crypto rebound, the first major resistance would likely the upside on the day.

Failure to move through the morning high $4.9468 could hit reverse.

A fall back through the morning low $4.7532 to sub-$4.68 levels would bring the second major support level at $4.5101 into play.

Barring an extended crypto sell-off, however, EOS should continue to steer of sub-$4.70 levels.

Looking at the Technical Indicators

Major Support Level: $4.5101

Major Resistance Level: $4.9256

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.07% on Saturday. Following on from a 4.83% rally on Friday, Ethereum ended the day at $223.37.

A bearish start to the day saw Ethereum fall to an early morning intraday low $213.24 before making a move.

Ethereum fell through the first major support level at $215.85 before rallying to an early afternoon intraday high $228.40.

The rally saw Ethereum break through the first major resistance level at $227.69 before reversing the gains late on.

At the time of writing, Ethereum was up by 1.97% to $227.76. A bullish start to the day saw Ethereum rally from an early morning low $223.16 to a high $229.29.

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

For the day ahead

Ethereum would need to move back the morning high $229.29 to support a run at the first major resistance level at $230.10.

Support from the broader market would be needed, however, for Ethereum to break back through to $229 levels.

Barring an extended rally through the day, the first major resistance level at $230.10 would likely cap any upside.

Failure to move through the morning high $229.29 could see Ethereum hit reverse.

A fall back through the morning low $223.16 to sub-$221.70 levels would bring the first major support level at $214.94 into play before any recovery.

Barring a crypto sell-off, however, Ethereum should steer clear of sub-$220 levels.

Looking at the Technical Indicators

Major Support Level: $214.94

Major Resistance Level: $230.10

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slipped by 0.75% on Saturday. Following on from a 1.36% fall on Friday, Ripple’s XRP ended the day at $0.2770.

A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $0.26420 before finding support.

Ripple’s XRP fell through the first major support level at $0.2748 and the second major support level at $0.2705.

Steering clear of the third major support level at $0.2601, Ripple’s XRP rallied to a late morning intraday high $0.28200.

Falling short of the first major resistance level at $0.2853, Ripple’s XRP hit reverse to end the day in the red.

At the time of writing, Ripple’s XRP was up by 2.89% to $0.2850. A bullish start to the day saw Ripple’s XRP rally from an early morning low $0.27634 to a high $0.28884.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.28460.

For the day ahead

Ripple’s XRP will need to break back through the morning high $0.28884 to support a run at the second major resistance level at $0.2922.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.288 levels.

Barring an extended crypto rally, resistance at $0.29 would likely leave Ripple’s XRP short of the second major resistance level.

Failure to move back through the morning high to $0.28884 levels could see Ripple’s XRP struggle later in the day.

A fall back through the morning low $0.27634 to sub-$0.2740 levels would bring the first major support level at $0.2668 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.26 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.2668

Major Resistance Level: $0.2846

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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