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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 5th, 2020

By:
Bob Mason
Updated: Aug 5, 2020, 04:07 UTC

It's a bearish start to the day. Failure to move through the day's pivot levels will bring support levels into play.

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EOS

EOS fell by 0.53% on Tuesday. Following Monday’s 3.58% rally, EOS ended the day at $3.0339.

A bullish start to the day saw EOS rise to an early morning intraday high $3.0987 before hitting reverse.

Falling short of the first major resistance level at $3.1435, EOS fell to an early afternoon intraday low $2.9488.

Steering clear of the first major support level at $2.9262, EOS revisited $3.00 levels before easing back into the red.

At the time of writing, EOS was down by 0.68% to $3.0133. A bearish start to the day saw EOS fall from an early morning high $3.0311 to a low $3.0015.

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

EOS/USD 05/08/20 Hourly Chart

For the day ahead

EOS would need to move the $3.0271 pivot level to support a run at the first major resistance level at $3.1055.

Support from the broader market would be needed, however, for EOS to break out from Tuesday’s high $3.0987.

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

Failure to move through the $3.0271 pivot would bring the first major support level at $2.9556 into play.

Barring an extended sell-off, EOS should steer clear of the second major support level at $2.8772

Looking at the Technical Indicators

First Major Support Level: $2.9556

Pivot Level: $3.0271

First Major Resistance Level: $3.1055

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.92% on Tuesday. Following on from a 3.77% rally on Monday, Ethereum ended the day at $389.82.

A bullish start to the day saw Ethereum rally to an early morning intraday high $403.64 before hitting reverse.

Ethereum broke through the first major resistance level at $401.83 before sliding to an early afternoon intraday low $380.67.

Steering clear of the first major support level at $368.48, Ethereum revisited $390 levels before easing back.

At the time of writing, Ethereum was down by 0.81% to $386.65. A bearish start to the day saw Ethereum fall from an early morning high $392.24 to a low $383.86.

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

ETH/USD 05/08/20 Hourly Chart

For the day ahead

Ethereum would need to move through the $391.38 pivot to support a run at the first major resistance level at $402.08.

Support from the broader market would be needed, however, for Ethereum to break back through to $400 levels.

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

A fall through the $391.38 pivot would bring the first major support level at $379.11 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$360 levels. The second major support level at $368.41 and the 38.2% FIB of $367 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $379.11

Pivot Level: $391.38

First Major Resistance Level: $402.08

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 2.90% on Tuesday. Partially reversing Monday’s 7.58% rally, Ripple’s XRP ended the day at $0.30124.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.3190 before hitting reverse.

Falling short of the first major resistance level at $0.3249, Ripple’s XRP fell to an early afternoon intraday low $0.29026.

While steering clear of the first major support level at $0.2892, Ripple’s XRP fell through the 23.6% FIB of $0.3134.

Finding late support, Ripple’s XRP recovered to $0.30 levels to cut the deficit on the day.

At the time of writing, Ripple’s XRP was down by 1.46% to $0.29685. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.30239 to a low $0.29418

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

XRP/USD 05/08/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.3035 pivot to support a run at the 23.6% FIB of 0.3134 and the first major resistance level at $0.3167.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.31 levels.

Barring another broad-based crypto rally, the first major resistance level should cap any upside.

In the event of a breakout, Ripple’s XRP could revisit $0.32 levels before any pullback.

Failure to move through the $0.3035 pivot would bring the first major support level at $0.2880 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.28 levels, however. The second major support level sits at $0.2748.

Looking at the Technical Indicators

First Major Support Level: $0.2880

Pivot Level: $0.3035

First Major Resistance Level: $0.3167

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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