EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 7th, 2020

EOS

EOS rose by 1.05% on Thursday. Following a 0.71% gain on Wednesday, EOS ended the day at $3.0878.

A bearish start to the day saw EOS fall to an early morning intraday low $3.0001 before making a move.

Finding support at the first major support level at $3.0021, EOS rallied to a late intraday high $3.1789.

EOS broke through the first major resistance level at $3.0992 and the second major resistance level at $3.1475.

A late pullback saw EOS slide to $3.05 levels before briefly revisiting $3.10 levels. The first major resistance level at $3.0992 capped the upside late on.

At the time of writing, EOS was down by 0.02% to $3.0871. A mixed start to the day saw EOS fall to an early morning low $3.0805 before striking a high $3.0871.

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

For the day ahead

EOS would need to move through the $3.0889 pivot level to support a run at the first major resistance level at $3.1778.

Support from the broader market would be needed, however, for EOS to break back through to $3.17 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $3.1789 would likely cap any upside.

Failure to move through the $3.0889 pivot would bring the first major support level at $2.990 into play.

Barring an extended sell-off, EOS should steer clear of the second major support level at $2.9101.

Looking at the Technical Indicators

First Major Support Level: $2.990

Pivot Level: $3.0889

First Major Resistance Level: $3.1778

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.48% on Thursday. Partially reversing a 2.94% gain from Wednesday, Ethereum ended the day at $395.28.

A mixed start to the day saw Ethereum rise to an early morning intraday high $404.03 before seeing red.

Falling short of the first major resistance level at $411.52, Ethereum fell to a late intraday low $391.00.

Steering clear of the first major support level at $387.38, Ethereum recovered to $395 levels to limit the downside.

At the time of writing, Ethereum was down by 0.06% to $395.05. A mixed start to the day saw Ethereum fall to an early morning low $394.19 before rising to a high $395.34.

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

For the day ahead

Ethereum would need to move through the $396.77 pivot to support a run at the first major resistance level at $402.54.

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 should cap any upside.

Failure to move through the $396.77 pivot would bring the first major support level at $389.51 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of the second major support level at $383.74.

Looking at the Technical Indicators

First Major Support Level: $389.51

Pivot Level: $396.77

First Major Resistance Level: $402.54

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 0.19% on Thursday. Following on from a 0.38% gain on Wednesday, Ripple’s XRP ended the day at $0.30296.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.29712 before finding support.

Steering clear of the first major support level at $0.2929, Ripple’s XRP rose to a mid-afternoon intraday high $0.3112.

Ripple’s XRP broke through the first major resistance level at $0.3099 before falling back to sub-$0.30 levels.

Finding late support, Ripple’s XRP moved back through to $0.3029 levels to deliver the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.18% to $0.3024. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.30303 to a low $0.30171.

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

For the day ahead

Ripple’s XRP will need to move through the $0.3038 pivot to support a run at the first major resistance level at $0.3104.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.31 levels.

Barring another broad-based crypto rally, the first major resistance level and Thursday’s high $0.3112 should cap any upside.

In the event of a breakout, the 23.6% FIB of 0.3134 and the second major resistance level at $0.3178 could come into play.

Failure to move through the $0.3038 pivot would bring the first major support level at $0.2963 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.29 levels, however. The second major support level sits at $0.2897.

Looking at the Technical Indicators

First Major Support Level: $0.2963

Pivot Level: $0.3038

First Major Resistance Level: $0.3104

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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