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

By August 4, 2020Ethereum
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EOS

EOS rallied by 3.58% on Monday. Partially reversing Sunday’s 10.93% meltdown, EOS ended the day at $3.0463.

It was a mixed start to the day. EOS fell to an early morning intraday low $2.9022 before making a move.

Steering clear of the first major support level at $2.4578, EOS rallied to a late afternoon intraday high $3.1185.

Falling short of the first major resistance level at $3.4546, EOS fell back to $3.01 levels before finding late support.

EOS moved back through to $3.04 levels to deliver the upside on the day.

At the time of writing, EOS was up by 0.67% to $3.0667. A relatively bullish start to the day saw EOS rise from an early morning low $3.0500 to a high $3.0667.

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

For the day ahead

EOS would need to avoid a fall through the $3.0223 pivot level to support a run at the first major resistance level at $3.1425.

Support from the broader market would be needed, however, for EOS to break back through to $3.10 levels.

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

Failure to avoid a fall through the $3.0223 pivot would bring the first major support level at $2.9262 into play.

Barring an extended sell-off, EOS should steer well clear of the second major support level at $2.8060

Looking at the Technical Indicators

First Major Support Level: $2.9262

Pivot Level: $3.0223

First Major Resistance Level: $3.1425

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 3.77% on Monday. Reversing a 3.92% loss from Sunday, Ethereum ended the day at $386.22.

Tracking the broader market, Ethereum dipped to an early morning intraday low $366.34 before finding support.

Finding support at the 38.2% FIB of $367, Ethereum rallied to an early afternoon intraday high $399.69.

Falling short of the first major resistance level at $416.22, Ethereum fell back to $382 levels before finding late support.

A late move back through to $386 levels delivered the upside on the day.

At the time of writing, Ethereum was up by 0.75% to $389.11. A bullish start to the day saw Ethereum rise from an early morning low $386.20 to a high $389.98.

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

For the day ahead

Ethereum would need to avoid a fall through the $384 pivot to support a run at the first major resistance level at $402.

Support from the broader market would be needed, however, for Ethereum to break out form Monday’s high $399.69.

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

A fall through the $384 pivot would bring the first major support level at $368.5 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$350 levels. The 38.2% FIB of $367 and the second major support level at $350.73 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $368.5

Pivot Level: $384

First Major Resistance Level: $402

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rallied by 7.58% on Monday. Reversing a 1.25% loss from Sunday, Ripple’s XRP ended the day at $0.30974.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.28383 before making a move.

Steering clear of the first major support level at $0.2441, Ripple’s XRP rallied to a late afternoon intraday high $0.31950.

While falling short of the first major resistance level at $0.3287, Ripple’s XRP broke through the 23.6% FIB of $0.3134.

A late pullback saw Ripple’s XRP fall back to $0.3060 levels before wrapping up the day at $0.3090 levels.

At the time of writing, Ripple’s XRP was up by 2.37% to $0.31707. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.31016 to a high $0.31707.

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

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.3044 pivot to support a run at the 23.6% FIB and the first major resistance level at $0.3249.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.3195.

Barring another broad-based crypto rally, the first major resistance level should cap any upside.

In the event of a breakout, Ripple’s XRP would make a run at the second major resistance level at $0.3400.

Failure to avoid a fall through the $0.3044 pivot would bring the first major support level at $0.2892 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.28 levels, however. The second major support level sits at $0.2687.

Looking at the Technical Indicators

First Major Support Level: $0.2892

Pivot Level: $0.3044

First Major Resistance Level: $0.3249

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

This article was originally posted on FX Empire

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EOS rallied by 3.58% on Monday. Partially reversing Sunday’s 10.93% meltdown, EOS ended the day at $3.0463.

It was a mixed start to the day. EOS fell to an […]

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