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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 18th, 2020

By:
Bob Mason
Updated: Aug 18, 2020, 00:42 GMT+00:00

It's a relatively bullish start to the day. The majors will need to make a move towards yesterday's highs, however, to avoid a sell-off.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

EOS

EOS fell by 2.60% on Monday. Partially reversing a 4.11% gain on Sunday, EOS ended the day at $3.7793.

It was a bearish start to the day. EOS fell to an early afternoon intraday low $3.5750 before finding support.

The pullback saw EOS fall through the first major support level at $3.5790, before striking an intraday high $3.9235.

Falling short of the first major resistance level at $4.0829, EOS fell back to sub-$3.80 levels and into the red.

At the time of writing, EOS was up by 0.52% to $3.7991. A bullish start to the day saw EOS rise from an early morning low $3.7703 to a high $3.8023.

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

EOS/USD 18/08/20 Hourly Chart

For the day ahead

EOS would need to avoid a fall through the $3.7854 pivot level to support a run at the first major resistance level at $3.9174.

Support from the broader market would be needed, however, for EOS to break back through to $3.90 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $3.9235 would likely cap any upside.

Failure to avoid a fall through the pivot level at $3.7854 would bring the first major support level at $3.6473 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$3.60 levels. The second major support level sits at $3.5153.

Looking at the Technical Indicators

First Major Support Level: $3.6473

Pivot Level: $3.7854

First Major Resistance Level: $3.9174

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 0.51% on Monday. Reversing a 0.24% gain on Sunday, Ethereum ended the day at $431.5.

A bearish start to the day saw Ethereum fall to a mid-morning intraday low $420.50 before finding support.

Steering clear of the first major support level at $418.47, EOS rallied to a late afternoon intraday high $447.50.

Ethereum broke through the first major resistance level at $442.96 before falling back to sub-$432 levels and into the red.

At the time of writing, Ethereum was up by 0.27% to $432.67. It was a mixed start to the day. Ethereum fell to an early morning low $430.86 before rising to a high $433.00.

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

ETH/USD 18/08/20 Hourly Chart

For the day ahead

Ethereum would need to move through the $433.17 pivot to support a run at the first major resistance level at $445.83.

Support from the broader market would be needed, however, for Ethereum to break back through to $440 levels.

Barring an extended crypto rally, the first major resistance level should continue to cap any upside.

Failure to move through the $433.17 pivot would bring the first major support level at $418.83 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$410 levels. The second major support level sits at $406.17.

Looking at the Technical Indicators

First Major Support Level: $418.83

Pivot Level: $433.17

First Major Resistance Level: $445.83

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rallied by 3.51% on Monday. Following on from a 1.93% gain on Sunday, Ripple’s XRP ended the day at $0.3155.

A bearish start to the day saw Ripple’s XRP slip to an early morning intraday low $0.29734 before making a move.

Steering clear of the first major support level at $0.2962, Ripple’s XRP rallied to a late afternoon intraday high $0.32757.

Ripple’s XRP broke through the day’s major resistance levels and the 23.6% FIB of $0.3134. A late pullback saw Ripple’s XRP fall through the third major resistance level at $0.3261 to wrap up the day at sub-$0.32 levels.

At the time of writing, Ripple’s XRP was up by 0.78% to $0.31796. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.31507 before rising to a high $0.313817.

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

XRP/USD 18/08/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.3142 pivot to support a run at the first major resistance level at $0.3289.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.32757.

Barring an extended crypto rally, the first major resistance level should cap any upside.

Failure to avoid a fall through the $0.3142 pivot would bring the 23.6% FIB of $0.3134 and the first major support level at $0.3008 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.30 levels on the day.

The second major support level sits at $0.2860.

Looking at the Technical Indicators

First Major Support Level: $0.3008

Pivot Level: $0.3142

First Major Resistance Level: $0.3289

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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