EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 09/01/20

EOS

EOS slid by 2.72% on Wednesday. Following a 0.06% gain on Tuesday, EOS ended the day at $2.7729.

A bullish start to the day saw EOS rally to an early morning intraday high $2.9865 before hitting reverse.

EOS broke through the first major resistance level at $2.9031 and the second major resistance level at $2.9520.

The reversal saw EOS slide to a late afternoon intraday low $2.7113. EOS fell through the first major support level at $2.7833 to find support at the second major support level at $2.7124.

Late support limited the downside on the day, with EOS recovering to $2.8 levels before easing back.

At the time of writing, EOS was up by 0.36% to $2.7830. A mixed start to the day saw EOS fall to an early morning low $2.7500 before striking a high $2.7956.

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

For the day ahead

EOS would need to move back through to $2.8250 levels to support a run at the first major resistance level at $2.9358.

Support from the broader market would be needed, however, for EOS to break out from $2.80 levels.

Barring an extended broad-based crypto rally, EOS would likely fall well short of the first major resistance level at $2.9358.

Failure to move through to $2.8250 levels could see EOS hit reverse. A fall through the morning low $2.7500 would bring the first major support level at $2.6606 into play.

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

Looking at the Technical Indicators

Major Support Level: $2.6606

Major Resistance Level: $2.9358

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 1.73% on Wednesday. Following on from a 0.78% fall from Tuesday, Ethereum ended the day at $140.6.

A bullish start to the day saw Ethereum rally to an early morning intraday high $148.00 before hitting reverse.

Ethereum broke through the first major resistance level at $145.96 before sliding to a late intraday low $137.03.

The sell-off saw Ethereum fall through the first major support level at $139.50 before support kicked in.

Finding support from the broader market, Ethereum moved back to $140 levels to limit the downside on the day.

At the time of writing, Ethereum was up by 0.01% to $140.61. A mixed start to the day saw Ethereum fall to an early morning low $139.49 before striking a high $141.38

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

For the day ahead

Ethereum would need to move through to $142 levels to support a run at the first major resistance level at $146.72.

Support from the broader market would be needed for Ethereum to break out from the morning high $141.38

Barring a broad-based crypto rally, however, Ethereum would likely come up short of $150 levels on the day.

The first major resistance level would likely cap any upside.

Failure to move through to $142 levels could see Ethereum hit reverse. A fall through the morning low $139.49 would bring the first major support level at $135.75 into play.

Barring a crypto sell-off, however, Ethereum should steer well clear of sub-$135 levels.

Looking at the Technical Indicators

Major Support Level: $135.75

Major Resistance Level: $146.72

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slid by 2.88% on Wednesday. Following on from a 4.3% tumble from Tuesday, Ripple’s XRP ended the day at $0.20725.

A relatively bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.21891.

Falling short of the first major resistance level at $0.223, Ripple’s XRP slid to a late intraday low $0.20350.

Ripple’s XRP fell through the first major support level at $0.20570 before moving back through to $0.2080 levels.

Resistance at $0.21 left Ripple’s XRP deep in the red on the day.

At the time of writing, Ripple’s XRP was up by 0.17% to $0.20761. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.20555 before striking a high $0.20867.

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 $0.2100 levels to support a run at the first major resistance level at $0.21630.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.20867.

Barring an extended rally through the day, the first major resistance level at $0.2163 would likely limit any upside.

Failure to move back through to $0.2100 levels could see Ripple’s XRP slide back into the red.

A fall through the morning low $0.20555 would bring the first major support level at $0.20090 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer of sub-$0.20 levels.

Looking at the Technical Indicators

Major Support Level: $0.20090

Major Resistance Level: $0.21630

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