Advertisement
Advertisement

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 31st, 2020

By:
Bob Mason
Updated: Sep 8, 2020, 12:37 GMT+00:00

It's a mixed start to the day. Avoiding a fall back through the pivot levels will be key to supporting another bullish day ahead.

cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain concept.financial business.crypto currency mining.

EOS

EOS rose by 4.20% on Sunday. Following on from a 0.27% gain on Saturday, EOS ended the week down by 1.92% to $3.2598.

It was a bullish start to the day. EOS rose to an early morning high $3.2155 before hitting reverse.

EOS broke through the first major resistance level at $3.1930 before falling back to $3.15 levels.

Finding support going into the afternoon, EOS rallied to a late intraday high $3.2769.

EOS broke through the first major resistance level at $3.1930 and the second major resistance level at $3.2589.

At the time of writing, EOS was up by 0.33% to $3.2706. A mixed start to the day saw EOS fall to an early morning low $3.2522 before rising to a high $3.2741.

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

EOS/USD 31/08/20 Hourly Chart

For the day ahead

EOS would need to avoid a fall through the $3.2205 pivot level to support a run at the first major resistance level at $3.3162.

Support from the broader market would be needed, however, for EOS to break out from Sunday’s high $3.2769.

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 $3.2205 would bring the first major support level at $3.1641 into play.

Barring an extended sell-off, however, EOS should avoid a return to sub-$3.10 levels. The second major support level at $3.0684 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $3.1641

Pivot Level: $3.2205

First Major resistance Level: $3.3162

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Ethereum

Ethereum rose by 7.62% on Sunday. Following on from a 0.82% gain from Saturday, Ethereum ended the week up by 9.73% to $428.94.

It was also a bullish day. Ethereum rallied from an early morning intraday low $398.24 to a late intraday high $429.9.

Steering clear of the first major support level at $392.01, Ethereum broke through the day’s major resistance levels.

A late pullback saw Ethereum fall back through the third major resistance level at $425.87 before wrapping up the day at $428 levels.

At the time of writing, Ethereum was up by 0.22% to $429.88. A mixed start to the day saw Ethereum fall to an early morning low $428.15 before rising to a high $430.55.

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

ETH/USD 31/08/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $419 pivot to support a run at the first major resistance level at $439.81.

Support from the broader market would be needed, however, for Ethereum to break out from this morning’s high $430.55.

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

Failure to avoid a fall through the $419 pivot would bring the first major support level at $408.15 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$400 and the second major support level at $387.37.

Looking at the Technical Indicators

First Major Support Level: $408.15

Pivot Level: $419

First Major Resistance Level: $439.81

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 3.28% on Sunday. Following on from 0.80% gain on Saturday, Ripple’s XRP ended the week down by 0.62% to $0.2830.

It was a bullish day. Ripple’s XRP rallied from an early morning intraday low $0.2740 to a late intraday high $0.2838.

Ripple’s XRP broke through the first major resistance level at $0.2779 and the second major resistance level at $0.2818.

A late pullback saw Ripple’s XRP test support at $0.28 before breaking back through the second major resistance level at $0.2818.

At the time of writing, Ripple’s XRP was up by 0.53% to $0.2845. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.2830 to a high $0.28455.

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

XRP/USD 31/08/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2803 pivot to support a run at the first major resistance level at $0.2865.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.28455.

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

Failure to avoid a fall through the $0.2803 pivot would bring the first major support level at $0.2767 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.27 levels. The second major support level at $0.2705 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2767

Pivot Level: $0.2803

First Major Resistance Level: $0.2865

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.

Advertisement