EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 08/02/20

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EOS

EOS rose by 0.08% on Friday. Following on from a 1.12% gain on Thursday, EOS ended the day at $4.5891.

A bullish start to the day saw EOS rally to an early morning intraday high $4.6945 before hitting reverse.

EOS broke through the first major resistance level at $4.6913 before falling to a mid-day intraday low $4.5030.

Steering clear of the first major support level at $4.4541, EOS broke back through the first major resistance level before easing back.

At the time of writing, EOS was down by 2.5% to $4.4745. A particularly bearish start to the day saw EOS slide from an early morning high $4.5913 to a low $4.4338.

Steering clear of the major resistance levels, EOS fell through the first major support level at $4.4966.

EOS would need to move back through the first major support level to $4.5960 levels to support a run at the first major resistance level at $4.6881.

Support from the broader market would be needed, however, for EOS to break back through to $4.60 levels.

Barring a broad-based crypto rebound, resistance at $4.60 would likely leave EOS short of the first major resistance level at $4.6881.

Failure to move through to $4.5960 levels would likely see EOS struggle throughout the day.

A fall back through the morning low $4.4338 would bring the second major support level at $4.4040 into play.

Barring an extended crypto sell-off, however, EOS should continue to steer of sub-$4.40 levels.

Major Support Level: $4.4966

Major Resistance Level: $4.6881

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 4.83% on Friday. Following on from a 4.38% breakout on Thursday, Ethereum ended the day at $223.22.

A bullish start to the day saw Ethereum rise from an early morning intraday low $212.94 to a late morning intraday high $224.78.

Steering clear of the major support levels, Ethereum broke through the first major resistance level at $219.45.

A pullback back to sub-$220 levels was brief, with Ethereum finding support in the 2nd half of the day. A late rally saw Ethereum break back through the first major resistance level to wrap up the day at $223 levels.

At the time of writing, Ethereum was down by 2.75% to $217.09. A bearish start to the day saw Ethereum slide from an early morning high $224.29 to a low $213.24.

Steering clear of the major resistance levels, Ethereum fell through the first major support level at $215.85 before finding support.