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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 12th, 2020

By:
Bob Mason
Updated: Oct 13, 2020, 08:48 UTC

It's a bearish start to the day for the majors. The majors will need to avoid the day's pivot levels to avoid the major support levels on the day.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

EOS

EOS rose by 0.39% on Friday. Following on from a 0.96% gain on Thursday, EOS ended the day at $2.7874.

It was a mixed start to the day. EOS fell to an early morning intraday low $2.7112 before making a move.

EOS fell through the first major support level at $2.7264 before rallying to a late morning intraday high $2.8250.

Falling short of the first major resistance level at $2.8358, EOS slipped back to sub-$2.80 and a range-bound 2nd half of the day.

At the time of writing, EOS was down by 0.40% to $2.7764. A mixed start to the day saw EOS rise to an early morning high $2.7918 before falling to a low $2.7641.

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

EOS/USD 12/09/20 Hourly Chart

For the day ahead

EOS would need to avoid a fall back through the $2.7745 pivot level to support a run at the first major resistance level at $2.8379.

Support from the broader market would be needed, however, for EOS to break out from Friday’s high $2.8250.

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

Failure to avoid a fall back through the pivot level at $2.7745 would bring the first major support level at $2.7241 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 $2.6607 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $2.7241

Pivot Level: $2.7745

First Major resistance Level: $2.8379

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Ethereum

Ethereum rose by 1.63% on Friday. Following on from a 4.83% rally on Thursday, Ethereum ended the day at $373.93.

It was a mixed start to the day. Ethereum rose to an early morning high $372.0 before sliding to an early morning intraday low $355.81. The pullback saw Ethereum fall through the 38.2% FIB of $367.

Steering clear of the major support and resistance levels, Ethereum rallied to a late intraday high $375.38.

Falling short of the first major resistance level at $380.49, Ethereum slipped back to limit the upside on the day. In spite of falling short of the major resistance levels, Ethereum did break back through the 38.2% FIB of $367.

At the time of writing, Ethereum was down by 0.86% to $370.71. A mixed start to the day saw Ethereum rise to an early morning high $374.64 before falling to a low $369.71.

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

ETH/USD 12/09/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $368.37 pivot to support a run at the first major resistance level at $380.94.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $375.38.

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

Failure to avoid a fall through the $368.37 pivot would bring the 38.2% FIB of $367 and the first major support level at $361.37 into play.

Barring an extended sell-off, however, Ethereum should continue to avoid sub-$350 levels. The second major support level sits at $348.8.

Looking at the Technical Indicators

First Major Support Level: $361.37

Pivot Level: $368.37

First Major Resistance Level: $380.94

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 0.19% on Friday. Partially reversing a 1.82% gain from Thursday, Ripple’s XRP ended the day at $0.24276.

It was also a mixed start to the day. Ripple’s XRP rose to an early morning intraday high $0.24452 before hitting reverse.

Falling short of the first major resistance level at $0.2483, Ripple’s XRP fell to an early morning intraday low $0.23701.

Ripple’s XRP fell through the first major support level at $0.2387 before finding support.

Through the 2nd half of the day, Ripple’s XRP revisited $0.244 levels before falling back into the red.

At the time of writing, Ripple’s XRP was down by 0.42% to $0.24173. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.24290 to a low $0.24156.

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

XRP/USD 12/09/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2414 pivot to support a run at the first major resistance level at $0.2459.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.24452.

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

Failure to avoid a fall through the $0.2414 pivot would bring the first major support level at $0.2383 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub $0.23 levels. The second major support level at $0.2339 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2383

Pivot Level: $0.2414

First Major Resistance Level: $0.2459

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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