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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 10th, 2020

By:
Bob Mason
Updated: Sep 10, 2020, 00:43 UTC

It's a bullish start to the day. The majors will need to avoid a fall through the pivot levels, however, to support further upside on the day.

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

EOS

EOS fell by 0.50% on Wednesday. Following on from a 3.26% slide on Tuesday, EOS ended the day at $2.7547.

It was a bearish start to the day. EOS fell to an early morning intraday low $2.6931 before making a move.

Steering clear of the first major support level at $2.6548, EOS rallied to an early afternoon intraday high $2.8192.

Falling short of the first major resistance level at $2.8687, EOS fell back to sub-$2.80 levels and into the red.

At the time of writing, EOS was up by 0.33% to $2.7638. A mixed start to the day saw EOS fall to an early morning low $2.7492 before rising to a high $2.7657.

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

EOS/USD 10/09/20 Hourly Chart

For the day ahead

EOS would need to avoid a fall back through the $2.7557 pivot level to support a run at the first major resistance level at $2.8183.

Support from the broader market would be needed, however, for EOS to break back through to $2.80 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $2.8193 would likely cap any upside.

Failure to avoid a fall back through the pivot level at $2.7557 would bring the first major support level at $2.6921 into play.

Barring another extended sell-off, however, EOS should continue to steer clear of sub-$2.60 levels. The second major support level at $2.6295 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2.6921

Pivot Level: $2.7557

First Major resistance Level: $2.8183

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Ethereum

Ethereum rallied by 4.04% on Wednesday. Reversing most of a 4.59% slide from Tuesday, Ethereum ended the day at $351.10.

It was a mixed start to the day. Ethereum fell to an early morning intraday low $330.60 before finding support.

Steering clear of the first major support level at $322.89, Ethereum rallied to a late intraday high $359.41.

Ethereum broke through the first major resistance level at $354.54 before easing back to $350 levels.

Other attempts late in the day to break through to $360 levels also failed. The first major resistance levels and resistance at $360 pinned Ethereum back on the day.

At the time of writing, Ethereum was up by 0.40% to $352.42. A bullish start to the day saw Ethereum rise from an early morning low $350.23 to a high $343.07.

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

ETH/USD 10/09/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $347.04 pivot to support a run at the first major resistance level at $363.47.

Support from the broader market would be needed, however, for Ethereum to break back through to $360 levels.

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

Failure to avoid a fall through the $347.04 pivot would bring the first major support level at $334.66 into play.

Barring an extended sell-off, however, Ethereum should continue to avoid sub-$300 levels. The second major support level at $318.23 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $334.66

Pivot Level: $347.04

First Major Resistance Level: $363.47

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 1.11% on Wednesday. Partially reversing a 2.42% decline from Tuesday, Ripple’s XRP ended the day at $0.23918.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.23319 before making a move.

Steering clear of the first major support level at $0.2307, Ripple’s XRP rallied to a late intraday high $0.24302.

Coming up against the first major resistance level at $0.2430, Ripple’s XRP fell back to sub-$0.24 levels late in the day.

At the time of writing, Ripple’s XRP was up by 0.24% to $0.23976. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.23903 to a high $0.23976.

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

XRP/USD 10/09/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2385 pivot to support a run at the first major resistance level at $0.2437.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.24302.

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

Failure to avoid a fall through the $0.2385 pivot would bring the first major support level at $0.2339 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub $0.22 levels. The second major support level at $0.2286 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2339

Pivot Level: $0.2385

First Major Resistance Level: $0.2437

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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