EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 08/06/20

EOS

EOS rose by 0.55% on Sunday. Reversing a 0.53% fall from Saturday, EOS ended the week up by 5.17% to $2.8103.

It was another mixed start to the day. EOS rose to an early morning high $2.8229 before hitting reverse.

Falling short of the first major resistance level at $2.8390, EOS slid to a late afternoon intraday low $2.7329.

EOS fell through the first major support level at $2.7625 before bouncing back to a final hour intraday high $2.8253.

Falling short of the first major resistance level at $2.8390, EOS eased back to sub-$2.82 levels.

At the time of writing, EOS was down by 0.18% to $2.8053. A mixed start to the day saw EOS rise to an early morning high $.28181 before falling to a low $2.8059.

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

For the day ahead

EOS would need to avoid sub-$2.79 levels to take a run at the first major resistance level at $2.8461 into play.

Support from the broader market would be needed, however, for EOS to break out from Sunday’s high $2.8253.

Barring an extended crypto rally, the first major resistance level at $2.8461 would likely cap any upside.

Failure to avoid the sub-$2.79 levels could see EOS struggle on the day.

A fall through the $2.79 pivot would bring the first major support level at $2.7537 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.70 levels and the second major support level at $2.6971.

Looking at the Technical Indicators

Major Support Level: $2.7537

Major Resistance Level: $2.8461

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 1.20% on Sunday. Following on from a 0.81% gain on Saturday, Ethereum ended the week up by 5.78% to $244.81.

A mixed start to the day saw Ethereum rise to an early morning high $244.08 before hitting reverse.

Coming up short of the major resistance levels, Ethereum slid to an early afternoon intraday low $234.48.

Falling through the first major support level at $238.26, Ethereum found support at the second major support level at $234.54.

A late rebound saw Ethereum rally to a final hour intraday high $245.45 before easing back to $244 levels.

The first major resistance level at $245.11 capped the upside on the day.

At the time of writing, Ethereum was down by 0.19% to $244.35. A mixed start to the day saw Ethereum rise an early morning high $245.50 before falling to a low $243.93.

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

For the day ahead

Ethereum would need to avoid sub-$241.60 levels to support a run at the first major resistance level at $248.68.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $245.45.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high should cap any upside.

Failure to avoid sub-$241.60 levels could see Ethereum give up Saturday’s gains.

A fall back through the morning low to sub-$241.60 levels would bring the first major support level at $237.71 into play.

Barring an extended crypto sell-off, however, Ethereum should continue to steer clear sub-$230 levels on the day.

The second major support level at $230.61 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $237.71

Major Resistance Level: $248.68

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 0.05% on Sunday. Following a 0.57% gain from Saturday, Ripple’s XRP ended week up by 0.49% to $0.20342.

A bullish start to the day saw Ripple’s XRP strike an early morning intraday high $0.20499 before hitting reverse.

Falling short of the first major resistance level at $0.2055, Ripple’s XRP slid to an early afternoon intraday low $0.19809.

Ripple’s XRP fell through the first major support level at $0.2015 and the second major support level at $0.1993.

Finding support late on bounced back to $0.2030 levels to end the day flat.

At the time of writing, Ripple’s XRP was down by 0.12% to $0.20318. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.20375 before falling to a low $0.20305.

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-$0.2020 levels to support a run at the first major resistance level at $0.2062.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $0.20499.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high would likely cap any upside.

Failure to avoid sub-$0.2020 levels could see Ripple’s XRP return to sub-$0.20 levels

A fall back through the morning low to sub-$0.2020 levels would bring the first major support level at $0.1993 into play.

In the event of an extended sell-off, however, the second major support level at $0.1953 could come into play.

Looking at the Technical Indicators

Major Support Level: $0.1993

Major Resistance Level: $0.2062

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