EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 25th, 2020

EOS

EOS rose by 1.99% on Monday. Reversing a 1.36% loss from Sunday, EOS ended the day at $3.3898.

A bearish start to the day saw EOS fall to an early morning intraday low $3.2807 before making a move.

Steering clear of the first major support level at $3.2366, EOS rallied to a late morning intraday high $3.4279.

EOS broke through the first major resistance level at $3.3960 before sliding back to $3.33 levels.

Finding late support, however, EOS broke back through the first resistance level before wrapping up the day $3.38 levels.

At the time of writing, EOS was up by 0.12% to $3.3937. A mixed start to the day saw EOS fall to an early morning low $3.3851 before rising to a high $3.3961.

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

For the day ahead

EOS would need to avoid a fall through the $3.3661 pivot level to support a run at the first major resistance level at $3.4516.

Support from the broader market would be needed, however, for EOS to break out from Monday’s high $3.4279.

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

Failure to avoid a fall through the pivot level at $3.3661 would bring the first major support level at $3.3044 into play.

Barring an extended sell-off, however, EOS should steer clear of the second major support level at $3.2189.

Looking at the Technical Indicators

First Major Support Level: $3.3044

Pivot Level: $3.3661

First Major resistance Level: $3.4516

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 4.37% on Monday. Reversing a 1.23% fall from Sunday, Ethereum ended the day at $407.98.

It was also a bearish start to the day. Ethereum fell to an early morning intraday low $387.72 before making a move.

Steering clear of the first major support level at $382.89, Ethereum rallied to a late intraday high $411.97.

Ethereum broke through the first major resistance level at $399.22 and the second major resistance level at $407.78.

A late pullback saw Ethereum fall through the second major resistance level at $407.78 before wrapping up the day at $407.98.

At the time of writing, Ethereum was up by 0.11% to $408.43. A mixed start to the day saw Ethereum fall to an early morning low $407.61 before rising to a high $409.31.

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

For the day ahead

Ethereum would need to avoid a fall through the $402.56 pivot to support a run at the first major resistance level at $417.39.

Support from the broader market would be needed, however, for Ethereum to break out from the Monday’s high $411.97.

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

Failure to avoid a fall through the $402.56 pivot would bring the first major support level at $393.14 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of the 38.2% FIB of $367. The second major support level at $378.31 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $393.14

Pivot Level: $402.56

First Major Resistance Level: $417.39

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rose by 1.38% on Monday. Reversing a 0.42% decline from Sunday, Ripple’s XRP ended the day at $0.2887.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.28238 before making a move.

Steering clear of the first major support level at $0.2791, Ripple’s XRP rallied to a late morning intraday high $0.2920.

Ripple’s XRP broke through the first major resistance level at $0.2895 before falling back to sub-$0.2860 levels.

Finding late support, however, Ripple’s XRP revisited $0.2890 levels before easing back. The first major resistance level pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was up by $0.26% to $0.28945. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.28870 before rising to a high $0.28971.

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

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2877 pivot to support a run at the first major resistance level at $0.2930.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.2920.

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

Failure to avoid a fall through the $0.2877 pivot would bring the first major support level at $0.2834 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.28 and the second major support level at $0.2781.

Looking at the Technical Indicators

First Major Support Level: $0.2834

Pivot Level: $0.2877

First Major Resistance Level: $0.2930

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