EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 08/05/20

EOS

EOS rallied by 4.14% on Thursday. Reversing a 4.12% slide from Wednesday, EOS ended the day at $2.7606.

A mixed start to the day saw EOS fall to an early morning intraday low $2.5888 before making a move.

Steering clear of the first major support level at $2.5717, EOS rallied to a late afternoon intraday high $2.7961.

EOS broke through the first major resistance level at $2.7820 to test resistance at $2.80 before easing back.

At the time of writing, EOS was up by 0.03% to $2.7614. A mixed start to the day saw EOS rise to an early morning high $2.8249 before falling to a low $2.7600.

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

For the day ahead

EOS would need to move back through to $2.80 levels to bring the first major resistance level at $2.8415 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.8249.

Barring another extended crypto rally, the first major resistance level at $2.8415 would likely limit any upside.

Failure to move back through to $2.80 levels would see EOS hit reverse.

A fall through the morning low to sub-$2.7150 levels would bring the first major support level at $2.6342 into play.

Barring an extended crypto sell-off, however, EOS should steer well clear of sub-$2.60 levels.

Looking at the Technical Indicators

Major Support Level: $2.6342

Major Resistance Level: $2.8415

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 6.72% on Thursday. Reversing a 3.04% slide from Wednesday, Ethereum ended the day at $212.47.

A mixed start to the day saw Ethereum fall to an early morning intraday low $196.82 before making a move.

Steering clear of the first major support level at $194.56, Ethereum rallied to a late afternoon intraday high $215.99.

Ethereum broke through the first major resistance level at $207.59 before easing back. The second major resistance level at $215.91 pinned Ethereum back on the day.

At the time of writing, Ethereum was down by 0.95% to $211.52. A mixed start to the day saw Ethereum rise to an early morning high $217.00 before falling to a low $211.28.

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

For the day ahead

Ethereum would need to move back through to $215 levels to bring the first major resistance level at $220.03 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $217.00

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

Failure to move back through to $215 levels could see Ethereum fall deeper into the red.

A fall back through the morning low to sub-$208.50 levels would bring the first major support level at $200.86 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $189.26.

Looking at the Technical Indicators

Major Support Level: $200.86

Major Resistance Level: $220.03

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 3.23% on Thursday. Reversing a 2.29% decline from Wednesday, Ripple’s XRP ended the day at $0.21879.

Recovering from an early morning low $0.20981, Ripple’s XRP struck a late afternoon intraday high $0.22173 before easing back.

Ripple’s XRP broke through the first major resistance level at $0.2196 before falling back to sub-$0.2190 levels.

At the time of writing, Ripple’s XRP was down by 0.50% to $0.21769. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.22231 before falling to a low $0.21733.

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

For the day ahead

Ripple’s XRP will need to move back through to $0.22 levels to support a run at the first major resistance level at $0.2237.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.22231.

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

Failure to move through to $0.22 levels could see Ripple’s XRP fall deeper into the red.

A fall through the morning low to sub-$0.2170 levels would bring the first major support level at $0.2118 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.2049.

Looking at the Technical Indicators

Major Support Level: $0.2118

Major Resistance Level: $0.2237

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