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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 4th, 2020

By:
Bob Mason
Updated: Sep 4, 2020, 00:44 UTC

It's a bullish start to the day. The majors will need to move through the day's pivot levels, however, to avoid another sell-off.

Cryptomania

EOS

EOS took another hit on Thursday. Following on from a 10.55% slide on Wednesday, EOS tumbled by 15.65% to end the day at $2.6182.

It was a bullish start to the day. EOS rose to an early morning intraday high $3.1635 before hitting reverse.

Falling well short of the first major resistance level at $3.4426, EOS tumbled to a mid-day low $2.7954.

EOS fell through the first major support level at $2.8255 before finding support. EOS briefly revisited $2.95 levels before a final hour broad-based sell-off.

The sell-off saw EOS slide to a late intraday low $2.4830. EOS fell back through the first major support level and through the second major support level at $2.5461.

Finding late support, EOS moved back through the second major support level to reduce the deficit on the day.

At the time of writing, EOS was up by 0.24% to $2.6277. A mixed start to the day saw EOS rise to an early morning high $2.6383 before falling to a low $2.5840.

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

EOS/USD 04/09/20 Hourly Chart

For the day ahead

EOS would need to move through the $2.7549 pivot level to support a run at the first major resistance level at $3.0268.

Support from the broader market would be needed, however, for EOS to break back through to $3.00 levels.

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

Failure to move through the pivot level at $2.7549 would bring the first major support level at $2.3463 into play.

Barring another extended sell-off, however, EOS should steer clear of the second major support level at $2.0744.

Looking at the Technical Indicators

First Major Support Level: $2.3463

Pivot Level: $2.7549

First Major resistance Level: $3.0268

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Ethereum

Ethereum tumbled by 12.98% on Thursday. Following on from a 7.48% slide on Wednesday, Ethereum ended the day at $382.87.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $451.0 before hitting reverse.

Falling short of the first major resistance level at $473.95, Ethereum slid to a mid-afternoon low $391.59.

Ethereum fell through the first major support level at $413.33 before briefly revisiting $408 levels.

A late sell-off, however, saw Ethereum slide to an intraday low $370.00. Ethereum fell through the second major support level at $386.65 before wrapping up the day at $382 levels.

At the time of writing, Ethereum was up by 0.41% to $384.43. A mixed start to the day saw Ethereum fall to an early morning low $374.81 before rising to a high $385.54.

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

ETH/USD 04/09/20 Hourly Chart

For the day ahead

Ethereum would need to move through the $401.29 pivot to support a run at the first major resistance level at $432.58.

Support from the broader market would be needed, however, for Ethereum to break out from $400 levels.

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

Failure to move through the $401.29 pivot would bring the 38.2% FIB of $367 and the first major support level at $351.58 into play.

Barring another extended sell-off, however, Ethereum should avoid sub-$360 levels. The second major support level sits at $320.29.

Looking at the Technical Indicators

First Major Support Level: $351.58

Pivot Level: $401.29

First Major Resistance Level: $432.58

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP tumbled by 11.35% on Thursday. Following on from a 6.53% slide on Wednesday, Ripple’s XRP ended the day at $0.24456.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.27652 before hitting reverse.

Falling well short of the first major resistance level at $0.2988, Ripple’s XRP slid to a mid-day low $0.25416.

Ripple’s XRP fell through the first major support level at $0.2588 before briefly revisiting $0.266 levels.

A late sell-off, however, saw Ripple’s XRP slide to an intraday low $0.23708. Ripple’s XRP fell through the first major support level and the second major support level at $0.2416.

A late move back through the second major support level saw Ripple’s XRP wrap up the day at $0.244 levels.

At the time of writing, Ripple’s XRP was up by 0.94% to $0.24684. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.24080 before rising to a high $0.24706.

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

XRP/USD 04/09/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.2527 pivot to support a run at the first major resistance level at $0.2684.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.26 levels.

Barring an extended crypto rally, resistance at $0.26 would likely leave Ripple’s XRP short of the first major resistance level.

Failure to move through the $0.2527 pivot would bring the first major support level at $0.2289 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.22 levels. The second major support level sits at $0.2133.

Looking at the Technical Indicators

First Major Support Level: $0.2289

Pivot Level: $0.2527

First Major Resistance Level: $0.2684

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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