EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 26th, 2020
EOS
EOS slid by 7.77% on Tuesday. Reversing a 1.99% gain from Monday, EOS ended the day at $3.1234.
A mixed start to the day saw EOS rise to an early morning intraday high $3.3961 before hitting reverse.
Falling short of the first major resistance level at $3.4516, EOS tumbled to a late afternoon intraday low $2.9523.
EOS fell through the day’s major support levels before moving back through to $3.14 levels late in the day.
The late partial recovery saw EOS move back through the third major support level at $3.0717.
At the time of writing, EOS was down by 0.68% to $3.1020. A bearish start to the day saw EOS fall from an early morning high $3.1269 to a low $3.0895.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through the $3.1573 pivot level to support a run at the first major resistance level at $3.3622.
Support from the broader market would be needed, however, for EOS to break out from the morning high $3.1269.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
Failure to move through the pivot level at $3.1573 would bring the first major support level at $2.9184 into play.
Barring another extended sell-off, however, EOS should steer clear of the second major support level at $2.7135.
Looking at the Technical Indicators
First Major Support Level: $2.9184
Pivot Level: $3.1573
First Major resistance Level: $3.3622
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum slid by 6.02% on Tuesday. Reversing a 4.37% rally from Monday, Ethereum ended the day at $383.33.
It was also a mixed start to the day. Ethereum rose to an early morning intraday high $409.31 before hitting reverse.
Falling short of the first major resistance level at $417.39, Ethereum slid to a late afternoon intraday low $369.36.
Ethereum fell through the first major support level at $393.14 and the second major support level at $378.31.
Holding above the 38.2% FIB of $367, Ethereum moved back through the second major support level to end the day at $383 levels.
At the time of writing, Ethereum was down by 0.66% to $380.81. A bearish start to the day saw Ethereum fall from an early morning high $383.29 to a low $377.84.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the $387.33 pivot to support a run at the first major resistance level at $405.31.
Support from the broader market would be needed, however, for Ethereum to break back through to $400 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
Failure to move through the $387.33 pivot would bring the 38.2% FIB of $367 and the first major support level at $365.36 into play.
Barring another extended sell-off, however, Ethereum should continue to steer clear of sub-$350 levels. The second major support level sits at $347.38.
Looking at the Technical Indicators
First Major Support Level: $365.36
Pivot Level: $387.33
First Major Resistance Level: $405.31
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP
Ripple’s XRP fell by 4.22% on Tuesday. Reversing a 1.38% gain from Monday, Ripple’s XRP ended the day at $0.27653.
It was a bearish day. Ripple’s XRP slid from an early morning intraday high $0.28971 to a late afternoon intraday low $0.27035.
The sell-off saw Ripple’s XRP fall through the first major support level at $0.2834 and the second major support level at $0.2781.
Finding late support, Ripple’s XRP briefly revisited $0.2780 levels before easing back. The second major support level at $0.2781 pinned Ripple’s XRP back late in the day.
At the time of writing, Ripple’s XRP was down by 0.06% to $0.27637. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.27645 to a low $0.27422.
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 $0.2789 pivot to support a run at the first major resistance level at $0.2874.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.28 levels.
Barring an extended crypto rally, the first major resistance level should cap any upside.
Failure to move through the $0.2789 pivot would bring the first major support level at $0.2680 into play.
Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.26 and the second major support level at $0.2595.
Looking at the Technical Indicators
First Major Support Level: $0.2680
Pivot Level: $0.2789
First Major Resistance Level: $0.2874
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
article was originally posted on FX Empire” data-reactid=”131″>This article was originally posted on FX Empire
