Yahoo Finance EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 6th, 2020
EOS
EOS rose by 0.71% on Wednesday. Reversing a 0.53% decline from Tuesday, EOS ended the day at $3.0510.
A bearish start to the day saw EOS fall to an early morning intraday low $3.0015 before making a move.
Steering clear of the first major support level at $2.9556, EOS rallied to a late afternoon intraday high $3.0986.
Falling short of the first major resistance level at $3.1055, EOS slid back to a low $3.0055 before finding late support.
A final hour move back through to $3.05 levels delivered the upside on the day.
At the time of writing, EOS was down by 0.16% to $3.0460. A mixed start to the day saw EOS rise to an early morning high $3.0670 before falling to a low $3.0447.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through the $3.0504 pivot level to support a run at the first major resistance level at $3.0992.
Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $3.0986.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high would likely cap any upside.
Failure to move through the $3.0504 pivot would bring the first major support level at $3.0021 into play.
Barring an extended sell-off, EOS should steer clear of the second major support level at $2.9533.
Looking at the Technical Indicators
First Major Support Level: $3.0021
Pivot Level: $3.0504
First Major Resistance Level: $3.0992
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum rallied by 2.94% on Wednesday. Following on from a 0.92% gain from Tuesday, Ethereum ended the day at $401.21.
A mixed start to the day saw Ethereum fall to an early morning intraday low $383.86 before making a move.
Steering clear of the first major support level at $379.11, Ethereum rallied to a late intraday high $408.00.
Ethereum broke through the first major resistance level at $402.08 before sliding back to sub-$400 levels.
Finding late support, however, Ethereum moved back through to $401 levels to end the day in the green.
At the time of writing, Ethereum was down by 0.61% to $398.80. A mixed start to the day saw Ethereum rise to an early morning high $404.03 before falling to a low $398.13.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall through the $397.69 pivot to support a run at the first major resistance level at $411.52.
Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $408.00.
Barring an extended crypto rally, the first major resistance level should cap any upside.
A fall through the $397.69 pivot would bring the first major support level at $387.38 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$380 levels. The second major support level sits at $373.55.
Looking at the Technical Indicators
First Major Support Level: $387.38
Pivot Level: $397.69
First Major Resistance Level: $411.52
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 0.38% on Wednesday. Following a 2.90% fall on Tuesday, Ripple’s XRP ended the day at $0.30239.
A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.29086 before finding support.
Steering clear of the first major support level at $0.2880, Ripple’s XRP rose to an early afternoon intraday high $0.30795.
Falling short of the first major resistance level at $0.3157, Ripple’s XRP fell back to sub-$0.30 levels before finding late support.
At the time of writing, Ripple’s XRP was down by 0.32% to $0.30141 A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.30353 before falling to a low $0.30070
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 $0.3004 pivot to support a run at the first major resistance level at $0.3099.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.30795.
Barring another broad-based crypto rally, the first major resistance level should cap any upside.
In the event of a breakout, the 23.6% FIB of 0.3134 and the second major resistance level at $0.3175 could come into play.
Failure to avoid a fall through the $0.3004 pivot would bring the first major support level at $0.2929 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 $0.2833.
Looking at the Technical Indicators
First Major Support Level: $0.2929
Pivot Level: $0.3004
First Major Resistance Level: $0.3099
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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