Advertisement
Advertisement

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 22nd, 2020

By:
Bob Mason
Updated: Sep 22, 2020, 00:46 UTC

It's a bullish start to the day. The majors will need to break through the day's pivot levels, however, to avoid another pullback.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

EOS

EOS slid by 6.31% on Monday. Following on from a 1.05% decline on Sunday, EOS ended the day at $2.5039.

It was a mixed start to the day. EOS rose to an early morning intraday high $2.6908 before hitting reverse.

Falling short of the first major resistance level at $2.7116, EOS tumbled to an early afternoon intraday low $2.4811.

EOS fell through the first major support level at $2.6239 and the second major support level at $2.5759.

Finding support at the third major support level at $2.4882, EOS briefly recovered to $2.54 levels before falling back.

At the time of writing, EOS was up by 0.30% to $2.5115. A mixed start to the day saw EOS fall to an early morning low $2.4859 before rising to a high $2.5178.

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

EOS/USD 22/09/20 Hourly Chart

For the day ahead

EOS would need to move through the $2.5586 pivot level to support a run at the first major resistance level at $2.6361.

Support from the broader market would be needed, however, for EOS to break back through to $2.60 levels.

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

Failure to move through the pivot level at $2.5586 would bring the first major support level at $2.4264 into play.

Barring another extended sell-off, however, EOS should steer of the second major support level at $2.3489.

Looking at the Technical Indicators

First Major Support Level: $2.4264

Pivot Level: $2.5586

First Major resistance Level: $2.6361

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Ethereum

Ethereum tumbled by 8.33% on Monday. Following on from a 3.78% slide on Sunday, Ethereum ended the day at $340.11.

Tracking the broader market, Ethereum rose to an early morning intraday high $376.76 before hitting reverse.

Falling short of the first major resistance level at $382.37, Ethereum tumbled to an early afternoon intraday low $331.00.

The sell-off saw Ethereum slide through the day’s major support levels and the 38.2% FIB of $367.

Finding late support, Ethereum broke back through the third major support level at $332.79 to visit $350 levels.

A bearish end to the day, however, left Ethereum back at $340 levels at the day end.

At the time of writing, Ethereum was up by 1.14% to $343.99. A mixed start to the day saw Ethereum dip to an early morning low $337.47 before rising to a high $344.00.

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

ETH/USD 22/09/20 Hourly Chart

For the day ahead

Ethereum would need to move through the $349.29 pivot to support a run at the first major resistance level at $367.58.

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

Barring an extended crypto rally, the 38.2% FIB and the first major resistance level would likely cap any upside.

Failure to move through the $349.29 pivot would bring the first major support level at $321.82 into play.

Barring another extended sell-off, however, Ethereum should steer clear the second major support level at $303.53 and sub-$300.

Looking at the Technical Indicators

First Major Support Level: $321.82

Pivot Level: $349.29

First Major Resistance Level: $367.58

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slid by 6.39% on Monday. Following on from a 1.79% fall on Sunday, Ripple’s XRP ended the day at $0.23075.

It was also a mixed start to the day. Ripple’s XRP rose an early morning intraday high $0.24790 before hitting reverse.

Falling short of the first major resistance level at $0.2510, Ripple’s XRP slid to a late afternoon intraday low $0.2293.

Ripple’s XRP fell through the first major support level at $0.2423 and the second major support level at $0.2380.

Finding support at the third major support level at $0.2293, Ripple’s XRP briefly revisited $0.2336 levels before easing back.

At the time of writing, Ripple’s XRP was up by 0.34% to $0.23153. Tracking the broader market, Ripple’s XRP fell to an early morning low $0.22950 before rising to a high $0.23156.

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

XRP/USD 22/09/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.2360 pivot to support a run at the first major resistance level at $0.2427.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.24 levels.

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

Failure to move through the $0.2360 pivot would bring the first major support level at $0.2241 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of the second major support level at $0.2174.

Looking at the Technical Indicators

First Major Support Level: $0.2241

Pivot Level: $0.2360

First Major Resistance Level: $0.2427

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.

Did you find this article useful?

Advertisement