EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 18th, 2020

EOS

EOS fell by 2.60% on Monday. Partially reversing a 4.11% gain on Sunday, EOS ended the day at $3.7793.

It was a bearish start to the day. EOS fell to an early afternoon intraday low $3.5750 before finding support.

The pullback saw EOS fall through the first major support level at $3.5790, before striking an intraday high $3.9235.

Falling short of the first major resistance level at $4.0829, EOS fell back to sub-$3.80 levels and into the red.

At the time of writing, EOS was up by 0.52% to $3.7991. A bullish start to the day saw EOS rise from an early morning low $3.7703 to a high $3.8023.

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

For the day ahead

EOS would need to avoid a fall through the $3.7854 pivot level to support a run at the first major resistance level at $3.9174.

Support from the broader market would be needed, however, for EOS to break back through to $3.90 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $3.9235 would likely cap any upside.

Failure to avoid a fall through the pivot level at $3.7854 would bring the first major support level at $3.6473 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$3.60 levels. The second major support level sits at $3.5153.

Looking at the Technical Indicators

First Major Support Level: $3.6473

Pivot Level: $3.7854

First Major Resistance Level: $3.9174

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 0.51% on Monday. Reversing a 0.24% gain on Sunday, Ethereum ended the day at $431.5.

A bearish start to the day saw Ethereum fall to a mid-morning intraday low $420.50 before finding support.

Steering clear of the first major support level at $418.47, EOS rallied to a late afternoon intraday high $447.50.

Ethereum broke through the first major resistance level at $442.96 before falling back to sub-$432 levels and into the red.

At the time of writing, Ethereum was up by 0.27% to $432.67. It was a mixed start to the day. Ethereum fell to an early morning low $430.86 before rising to a high $433.00.

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

For the day ahead

Ethereum would need to move through the $433.17 pivot to support a run at the first major resistance level at $445.83.

Support from the broader market would be needed, however, for Ethereum to break back through to $440 levels.

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

Failure to move through the $433.17 pivot would bring the first major support level at $418.83 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$410 levels. The second major support level sits at $406.17.

Looking at the Technical Indicators

First Major Support Level: $418.83

Pivot Level: $433.17

First Major Resistance Level: $445.83

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 3.51% on Monday. Following on from a 1.93% gain on Sunday, Ripple’s XRP ended the day at $0.3155.

A bearish start to the day saw Ripple’s XRP slip to an early morning intraday low $0.29734 before making a move.

Steering clear of the first major support level at $0.2962, Ripple’s XRP rallied to a late afternoon intraday high $0.32757.

Ripple’s XRP broke through the day’s major resistance levels and the 23.6% FIB of $0.3134. A late pullback saw Ripple’s XRP fall through the third major resistance level at $0.3261 to wrap up the day at sub-$0.32 levels.

At the time of writing, Ripple’s XRP was up by 0.78% to $0.31796. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.31507 before rising to a high $0.313817.

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 $0.3142 pivot to support a run at the first major resistance level at $0.3289.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.32757.

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

Failure to avoid a fall through the $0.3142 pivot would bring the 23.6% FIB of $0.3134 and the first major support level at $0.3008 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.30 levels on the day.

The second major support level sits at $0.2860.

Looking at the Technical Indicators

First Major Support Level: $0.3008

Pivot Level: $0.3142

First Major Resistance Level: $0.3289

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