EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 28th, 2020

EOS

EOS slid by 4.47% on Thursday. Following on from a 0.15% decline on Wednesday, EOS ended the day at $2.9775.

It was another mixed start to the day. EOS rose to an early morning intraday high $3.1505 before hitting reverse.

Falling short of the first major resistance level at $3.1758, EOS fell to a late afternoon intraday low $2.8487.

The reversal saw EOS fall through the day’s major support levels before briefly revisiting $2.97 levels.

While moving back through the third major support level at $2.8866, resistance at $3.00 pinned EOS back late on.

At the time of writing, EOS was down by 0.26% to $2.9697. A bearish start to the day saw EOS fall from an early morning high $2.9849 to a low $2.9668.

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

For the day ahead

EOS would need to move through the $2.9922 pivot level to support a run at the first major resistance level at $3.1358.

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

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

Failure to move through the pivot level at $2.9922 would bring the first major support level at $2.8340 into play.

Barring another extended sell-off, however, EOS should avoid sub-$2.80 levels. The second major support level sits at $2.6904.

Looking at the Technical Indicators

First Major Support Level: $2.8340

Pivot Level: $2.9922

First Major resistance Level: $3.1358

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Ethereum

Ethereum fell by 0.74% on Thursday. Reversing a 0.74% gain from Wednesday, Ethereum ended the day at $383.25.

It was also a mixed start to the day. Ethereum fell to a mid-morning low $380.37 before making a move.

Steering clear of the first major support level at $377.94, Ethereum struck an early afternoon intraday high $397.15.

Ethereum broke through the first major resistance level at $393.88 before sliding to a late afternoon intraday low $371.5.

Ethereum fell through the first major support level at $377.94 before recovering to $380 levels.

At the time of writing, Ethereum was down by 0.45% to $381.52. A bearish start to the day saw Ethereum fall from an early morning high $383.87 to a low $381.46.

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

For the day ahead

Ethereum would need to move through the $383.97 pivot to support a run at the first major resistance level at $396.43.

Support from the broader market would be needed, however, for Ethereum to break back through to $390 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $400 would likely cap any upside.

Failure to move through the $383.97 pivot would bring the first major support level at $370.78 and 38.2% FIB of $367 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$360 levels. The second major support level sits at $358.32.

Looking at the Technical Indicators

First Major Support Level: $378.78

Pivot Level: $383.97

First Major Resistance Level: $396.43

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slid by 4.37% on Thursday. Reversing a 0.05% gain from Wednesday, Ripple’s XRP ended the day at $0.2645.

It was a mixed start to the day. Ripple’s XRP rose to an early morning intraday high $0.27836 before hitting reverse.

Falling short of the first major resistance level at $0.2802, Ripple’s XRP slid to a late afternoon intraday low $0.25355.

The sell-off saw Ripple’s XRP slide through the day’s major support levels before partially recovering to $0.26 levels.

The partial recovery saw Ripple’s XRP break back through the third major support level at $0.2637.

At the time of writing, Ripple’s XRP was down by 0.77% to $0.26247. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.26499 to a low $0.26181.

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 $0.2655 pivot to support a run at the first major resistance level at $0.2774.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.27 levels.

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

Failure to move through the $0.2655 pivot would bring the first major support level at $0.2526 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of the second major support level at $0.2407.

Looking at the Technical Indicators

First Major Support Level: $0.2526

Pivot Level: $0.2655

First Major Resistance Level: $0.2774

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