EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 3rd, 2020
EOS
EOS tumbled by 10.55% on Wednesday. Reversing an 8.11% rally from Tuesday, EOS ended the day at $3.1049.
It was a particularly bearish start to the day. EOS slid from an early morning intraday high $3.5009 to a late morning intraday low $2.8838.
EOS fell through the first major support level at $3.2242 and the second major support level at $2.9773.
Finding support going into the afternoon, EOS revisited $3.13 levels before sliding back to sub-$3.00 levels.
Avoiding a fall back through the second major support level, however, EOS found late support to wrap the day at $3.10 levels.
At the time of writing, EOS was down by 0.71% to $3.0829. A bearish start to the day saw EOS fall from an early morning high $3.1063 to a low $3.0816.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through the $3.1632 pivot level to support a run at the first major resistance level at $3.4426.
Support from the broader market would be needed, however, for EOS to break out from $3.20 levels.
Barring an extended crypto rally, EOS would likely fall well short of the first major resistance level and Wednesday’s high $3.5009.
Failure to move through the pivot level at $3.1632 would bring the first major support level at $2.8255 into play.
Barring another extended sell-off, however, EOS should avoid sub-$2.80 levels. The second major support level sits at $2.5461.
Looking at the Technical Indicators
First Major Support Level: $2.8255
Pivot Level: $3.1632
First Major resistance Level: $3.4426
23.6% FIB Retracement Level: $6.52
38% FIB Retracement Level: $9.68
62% FIB Retracement Level: $14.77
Ethereum
Ethereum slid by 7.48% on Wednesday. Reversing a 9.61% rally from Tuesday, Ethereum ended the day at $440.02.
It was a mixed start to the day. Ethereum rose to an early morning intraday high $481.20 before hitting reverse.
Falling short of the first major resistance level at $499.79, Ethereum slid to a late morning intraday low $420.58.
Ethereum fell through the first major support level at $440.50 before briefly revisiting $448 levels.
A 2nd pullback saw Ethereum fall back through the first major support level to $421 levels before finding late support.
Ethereum moved back through to $445 levels before easing back to wrap up the day at $440 levels.
At the time of writing, Ethereum was down by 0.08% to $439.68. A bearish start to the day saw Ethereum fall from an early morning high $440.58 to a low $437.50.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $447.27 pivot to support a run at the first major resistance level at $473.95.
Support from the broader market would be needed, however, for Ethereum to break out from $450 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
Failure to move through the $447.27 pivot would bring the first major support level at $413.33 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$400 levels and the second major support level at $386.65.
Looking at the Technical Indicators
First Major Support Level: $413.33
Pivot Level: $447.27
First Major Resistance Level: $473.95
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 6.53% on Wednesday. Reversing a 4.97% rally from Tuesday, Ripple’s XRP ended the day at $0.2760.
It was a bullish start to the day. Ripple’s XRP rose to an early morning intraday high $0.30432 before hitting reverse.
Falling short of the first major resistance level at $0.3050, Ripple’s XRP slid to a late morning intraday low $0.26434.
Falling through the first major support level at $0.2802, Ripple’s XRP found support at the second major support level at $0.2650.
Ripple’s XRP briefly revisited $0.28 levels before a 2nd pullback to an afternoon low $0.26732. The first major support level at $0.2802 pinned Ripple’s XRP back.
Steering clear of the second major support level, Ripple’s XRP found late support to wrap up the day at $0.276 levels.
At the time of writing, Ripple’s XRP was down by 0.53% to $0.27454. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.27588 to a low $0.27370.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move through the $0.2816 pivot to support a run at the first major resistance level at $0.2988.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.29 levels.
Barring an extended crypto rally, resistance at $0.29 would likely leave Ripple’s XRP short of the first major resistance level.
Failure to move through the $0.2816 pivot would bring the first major support level at $0.2588 into play.
Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.25 levels. The second major support level sits at $0.2416.
Looking at the Technical Indicators
First Major Support Level: $0.2588
Pivot Level: $0.2816
First Major Resistance Level: $0.2988
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
