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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 12th, 2020

By:
Bob Mason
Updated: Aug 12, 2020, 00:40 UTC

It's a mixed start to the day. The majors would need to move through the day's pivot levels, however, to support the recovery of Tuesday's losses.

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

EOS

EOS slid by 7.30% on Tuesday. Reversing a 6.91% rally from Monday, EOS ended the day at $3.0037.

It was another mixed start to the day. EOS rose to an early morning intraday high $3.2950 before hitting reverse.

Falling short of the first major resistance level at $3.3565, EOS tumbled to a late intraday low $2.8604.

EOS fell through the first major support level at $3.0591 and the second major support level at $2.8804.

Finding late support, EOS moved back through the second major support level to limit the loss on the day.

At the time of writing, EOS was down by 0.30% to $2.9947. A bearish start to the day saw EOS fall from an early morning high $3.0047 to a low $2.9937.

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

EOS/USD 12/08/20 Hourly Chart

For the day ahead

EOS would need to move through the $3.0530 pivot level to support a run at the first major resistance level at $3.2457.

Support from the broader market would be needed, however, for EOS to break back through to $3.20 levels.

Barring an extended crypto rally, EOS would likely fall short of the major first resistance level and Tuesday’s high $3.2950.

Failure to move through the $3.0530 pivot would bring the first major support level at $2.8111 into play.

Barring another extended sell-off, however, EOS should steer clear of the second major support level at $2.6184.

Looking at the Technical Indicators

First Major Support Level: $2.8111

Pivot Level: $3.0530

First Major Resistance Level: $3.2457

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slid by 4.27% on Tuesday. Reversing a 1.38% gain from Monday, Ethereum ended the day at $378.88.

A bullish start to the day saw Ethereum rise to an early morning intraday high $398.30 before hitting reverse.

Falling short of the first major resistance level at $402.18, Ethereum slid to a late intraday low $364.77.

Ethereum fell through the first major support level at $387.41 and the second major support level at $379.04.

More significantly, Ethereum also fell through the 38.2% FIB of $367 before finding support.

Late in the day, Ethereum moved back through the 38.2% FIB to wrap up the day at $378 levels. The second major support level at $379.04 pinned Ethereum back.

At the time of writing, Ethereum was up by 0.20% to $379.64. A mixed start to the day saw Ethereum fall to an early morning low $377.38 before rising to a high $379.64.

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

ETH/USD 12/08/20 Hourly Chart

For the day ahead

Ethereum would need to move through the $380.65 pivot to support a run at the first major resistance level at $396.53.

Support from the broader market would be needed, however, for Ethereum to break back through to $390 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $398.3 should cap any upside.

Failure to move through the $380.65 pivot would bring the 38.2% FIB of $367 and the first major support level at $363.00 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$350 and the second major support level at $347.12.

Looking at the Technical Indicators

First Major Support Level: $363.00

Pivot Level: $380.65

First Major Resistance Level: $396.53

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 4.21% on Tuesday. Reversing a 2.28% gain from Monday, Ripple’s XRP ended the day at $0.28238.

Tracking the broader market, Ripple’s XRP rallied to an early morning intraday high $0.30744 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.3022 before sliding to a late intraday low $0.26756.

The reversal saw Ripple’s XRP fall through the first major support level at $0.2857 and the second major support level at $0.2766.

Finding late support, however, Ripple’s XRP moved back through the second major support level.

At the time of writing, Ripple’s XRP was flat at $0.28239. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.28049 before rising to a high $0.28289.

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

XRP/USD 12/08/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.2858 pivot to support a run at the first major resistance level at $0.3040.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.30 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $0.30744 should cap any upside.

Failure to move through the $0.2858 pivot would bring the first major support level at $0.2641 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.25 and the second major support level at $0.2459.

Looking at the Technical Indicators

First Major Support Level: $0.2641

Pivot Level: $0.2858

First Major Resistance Level: $0.3040

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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