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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 19th, 2020

By:
Bob Mason
Published: Aug 19, 2020, 06:18 UTC

It's a particularly bearish start to the day for the majors. Failure to move through the first major support and day's pivot levels would deliver heavier losses.

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

EOS

EOS slid by 5.35% on Tuesday. Following on from a 2.60% decline on Monday, EOS ended the day at $3.5778.

It was a bullish start to the day. EOS rose to an early morning intraday high $3.8280 before hitting reverse.

Falling short of the first major resistance level at $3.9174, EOS slid to an early afternoon intraday low $3.4582.

EOS fell through the first major support level at $3.6473 and the second major support level at $3.5153.

Finding support through the afternoon, EOS briefly revisited $3.68 levels before falling back through the first major support level.

At the time of writing, EOS was down by 4.95% to $3.4008. A mixed start to the day saw EOS rise to an early morning high $3.6295 before falling to a low $3.3424.

EOS fell through the first major support level at $3.4097 early on.

EOS/USD 19/08/20 Hourly Chart

For the day ahead

EOS would need to move through the first major support level at $3.4097 and the $3.626 pivot level to support a run at the first major resistance level at $3.7944.

Support from the broader market would be needed, however, for EOS to break out from the morning high $3.6295.

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

Failure to move through the first major support level and the pivot level at $3.6263 would bring the second major support level at $3.2416 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$3.20 levels. The third major support level sits at $2.8569.

Looking at the Technical Indicators

First Major Support Level: $3.4097

Pivot Level: $3.6263

First Major Resistance Level: $3.7944

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 2.13% on Tuesday. Following on from a 0.51% decline on Monday, Ethereum ended the day at $422.31.

A bullish start to the day saw Ethereum rise to an early morning intraday high $434.27 before hitting reverse.

Falling short of the first major resistance level at $445.83, Ethereum slid to an early afternoon intraday low $414.55.

Ethereum fell through the first major support level at $418.83 before finding support. Late in the day, Ethereum revisited $429 levels before falling back to $422 levels.

At the time of writing, Ethereum was down by 2.93% to $409.95. It was a mixed start to the day. Ethereum rose to an early morning high $426.97 before falling to an early morning low $406.12.

Ethereum fell through the first major support level at $413.15 early on.

ETH/USD 19/08/20 Hourly Chart

For the day ahead

Ethereum would need to move through the first major support level and the $423.71 pivot to support a run at the first major resistance level at $432.87.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $426.97.

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

Failure to move through the first major support level and the $423.71 pivot would bring the second major support level at $403.99 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$400 levels. The third major support level sits at $384.27.

Looking at the Technical Indicators

First Major Support Level: $413.15

Pivot Level: $423.71

First Major Resistance Level: $432.87

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 3.98% on Tuesday. Reversing a 3.51% rally from Monday, Ripple’s XRP ended the day at $0.30292.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.32168 before hitting reverse.

Falling short of the first major resistance level at $0.3289, Ripple’s XRP slid to an early afternoon intraday low $0.29810.

Ripple’s XRP fell through the first major support level at $0.3008 before finding support.

Late in the day, Ripple’s XRP briefly revisited $0.3090 levels before falling back into the deep red.

At the time of writing, Ripple’s XRP was down by 4.93% to $0.28798. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.30603 before sliding to a low $0.28620.

Ripple’s XRP fell through the first major support level at $0.2935 early on.

XRP/USD 19/08/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the first major support level and the $0.3076 pivot to support a run at the first major resistance level at $0.3170.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.30603.

Barring an extended crypto rally, 23.6% FIB of $0.3134 and the first major resistance level should cap any upside.

Failure to move through the first major support level and the $0.3076 pivot would bring the second major support level at $0.2840 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.28 levels on the day.

The third major support level sits at $0.2604.

Looking at the Technical Indicators

First Major Support Level: $0.2935

Pivot Level: $0.3076

First Major Resistance Level: $0.3170

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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