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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 18th, 2020

By:
Bob Mason
Updated: Sep 18, 2020, 00:37 UTC

It's a bullish start to the day for the majors. Steering clear of the pivot levels would be needed, however, to support further upside.

Golden bitcoins on the black background closeup. Cryptocurrency virtual money

EOS

EOS rose by 0.96% on Thursday. Following on from a 0.30% gain on Wednesday, EOS ended the day at $2.7384.

It was a particularly bullish start to the day. EOS rallied to an early morning intraday high $2.7770 before hitting reverse.

Falling short of the first major resistance level at $2.7868, EOS fell to a late morning intraday low $2.6918

Steering clear of the first major support level at $2.6071, EOS recovered to a late high $2.7621 before easing back.

At the time of writing, EOS was up by 0.16% to $2.7428. A mixed start to the day saw EOS fall to an early morning low $2.7368 before rising to a high $2.7466.

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

EOS/USD 18/09/20 Hourly Chart

For the day ahead

EOS would need to avoid a fall through the $2.7357 pivot level to support a run at the first major resistance level at $2.7797.

Support from the broader market would be needed, however, for EOS to break out from Thursday’s high $2.7770.

Barring an extended crypto rally, the first major resistance level and resistance at $2.80 would likely cap any upside.

Failure to avoid a fall through the pivot level at $2.7357 would bring the first major support level at $2.6945 into play.

Barring an extended sell-off, however, EOS should continue to steer clear of sub-$2.60 levels. The second major support level at $2.6505 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $2.6945

Pivot Level: $2.7357

First Major resistance Level: $2.7797

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Ethereum

Ethereum rallied by 6.63% on Thursday. Following on from a 0.32% gain on Wednesday, Ethereum ended the day at $389.45.

Bullish for the day, Ethereum rallied from an early morning intraday low $363.40 to a late intraday high $394.55.

Ethereum broke through the first major resistance level at $374.07 and the second major resistance level at $382.90.

On the day, Ethereum also broke through the 38.2% FIB of $367 to visit $390 levels for the 1st time since Sunday.

A late pullback left Ethereum at sub-$390 at the day end, however.

At the time of writing, Ethereum was up by 0.67% to $392.06. A mixed start to the day saw Ethereum fall to an early morning low $389.07 before rising to a high $392.69.

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

ETH/USD 18/09/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $382.47 pivot to support a run at the first major resistance level at $401.53.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $394.55.

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

Failure to avoid a fall through the $382.47 pivot would bring the first major support level at $370.38 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of sub-$350 levels. The 38.2% FIB and the second major support level at $351.32 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $370.38

Pivot Level: $382.47

First Major Resistance Level: $401.53

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 2.07% on Thursday. Following on from a 1.66% gain on Wednesday, Ripple’s XRP ended the day at $0.25222.

It was a particularly bullish start to the day. Ripple’s XRP rallied to an early morning intraday high $0.25849 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2538 before sliding back to a late morning intraday low $0.24613.

Steering clear of the first major support level at $0.2372, however, Ripple’s XRP bounced back to a late high $0.25531.

Ripple’s XRP broke back through the first major resistance level at $0.2538 before easing back to sub-$0.2530 levels.

At the time of writing, Ripple’s XRP was up by 0.54% to $0.25359. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.25205 to a high $0.25367.

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

XRP/USD 18/09/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2523 pivot to support a run at the first major resistance level at $0.2584.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2580 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $0.26 would likely limit any upside.

Failure to avoid a fall through the $0.2523 pivot would bring the first major support level at $0.2461 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub $0.24 levels. The second major support level sits at $0.2399.

Looking at the Technical Indicators

First Major Support Level: $0.2461

Pivot Level: $0.2523

First Major Resistance Level: $0.2584

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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