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