EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 08/04/20

EOS

EOS slid by 4.66% on Tuesday. Partially reversing a 17.51% rally from Monday, EOS ended the day at $2.6359.

A bullish start to the day saw EOS rise to an early morning intraday high $2.8319 before easing back.

Falling short of the first major resistance level at $2.9116, EOS fell back to sub-$2.70 levels before a brief return to $2.80 levels.

A reversal through the afternoon saw EOS fall to a late intraday low $2.5568 before returning to $2.63 levels.

EOS steered well clear of the first major support level at $2.4899 on the day.

At the time of writing, EOS was up by 5.14% to $2.7715. A bullish start to the day saw EOS rally from an early morning low $2.5891 to a high $2.7979.

Steering clear of the major support levels, EOS tested the first major resistance level at $2.7929 early on.

For the day ahead

EOS would need to avoid sub-$2.70 levels to support another run at the first major resistance level at $2.7929.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.7979.

Barring another extended crypto rally, the first major resistance level and Tuesday high $2.8319 would likely limit the upside.

Failure to avoid sub-$2.70 levels could see EOS spend another day in the red.

A fall back through to sub-$2.6750 levels would bring the first major support level at $2.5178 into play.

Barring a crypto meltdown, however, EOS should continue to steer clear of sub-$2.60 levels.

Looking at the Technical Indicators

Major Support Level: $2.5178

Major Resistance Level: $2.7929

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 4.07% on Tuesday. Partially reversing a 20.11% rally from Monday, Ethereum ended the day at $164.57.

A bullish start to the day saw Ethereum strike an early morning intraday high $176.82 before easing back.

Falling short of the first major resistance level at $181.53, Ethereum eased back to sub-$170 before revisiting $175 levels.

Weighed by the broader market, however, Ethereum slid to a late intraday low $161.47 before finding support.

Steering clear of the first major support level at $152.13, Ethereum recovered to $164 levels to limit the loss.

At the time of writing, Ethereum was up by 5.12% to $173.00. A bullish start to the day saw Ethereum rally from an early morning low $163.49 to a high $173.49.

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

For the day ahead

Ethereum would need to avoid sub-$170 levels to support another run at the first major resistance level at $173.77.

Support from the broader market would be needed, however, for Ethereum to breakout from the morning high $173.49.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $176.82 would likely leave Ethereum short of $180 levels.

Failure to move to avoid sub-$170 levels could see Ethereum struggle later in the day.

A fall through to sub-$167.60 levels would bring the first major support level at $158.42 into play.

Barring an extended crypto sell-off, however, Ethereum should continue to steer clear of sub-$160 levels on the day.

Looking at the Technical Indicators

Major Support Level: $158.42

Major Resistance Level: $173.77

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 2.57% on Tuesday. Partially reversing a 10.63% rally from Monday, Ripple’s XRP ended the day at $0.19298.

Tracking the broader market, Ripple’s XRP rallied to an early morning high $0.20500 before easing back.

Coming up against the first major resistance level at $0.2052, Ripple’s XRP slipped to sub-$0.199 levels before striking a noon intraday high $0.20524.

Coming up against the first major resistance level for the 2^nd time, Ripple’s XRP slid to a late intraday low $0.19010.

Steering well clear of the first major support level at $0.1858, Ripple’s XRP recovered to $0.1920 levels to limit the loss.

At the time of writing, Ripple’s XRP was up by 4.01% to $0.20072. A bullish start to the day saw Ripple’s XRP rally from an early morning low $0.19176 to a high $0.20117.

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

For the day ahead

Ripple’s XRP will need to avoid sub-$0.1960 levels to support another run at the first major resistance level at $0.2021.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through the morning high $0.20117.

Barring an extended crypto rally, the first major resistance level at $0.2021 would likely limit any upside on the day.

In the event of a breakout, the second major resistance level at $0.2112 would likely come into play.

Failure to avoid sub-$0.1960 levels could see Ripple’s XRP struggle later in the day.

A fall through the morning low to sub-$0.1960 levels would bring the first major support level at $0.1870 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should continue to steer clear of sub-$0.19 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.1870

Major Resistance Level: $0.2021

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