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

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.

For the day ahead

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.

Looking at the Technical Indicators

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 2^nd 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.

For the day ahead

Ethereum would need to move back through to $220.50 levels to support a run at the first major resistance level at $227.69.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $224.78.

In the event of a broad-based crypto rebound, the first major resistance level would likely cap any upside.

Failure to move through to $220.50 levels could see Ethereum spend the day in the red.

A fall back through the first major support level at $215.85 would bring sub-$210 levels into play before any recovery.

Barring an extended crypto sell-off, however, Ethereum should steer clear of the second major resistance level at $208.47.

Looking at the Technical Indicators

Major Support Level: $215.85

Major Resistance Level: $227.69

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 1.36% on Friday. Partially reversing a 1.84% gain from Thursday, Ripple’s XRP ended the day at $0.27910.

A relatively bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.28715 before hitting reverse.

Falling short of the first major resistance level at $0.2935, Ripple’s XRP slid to a late intraday low $0.27670.

Steering clear of the first major support level at $0.2667, Ripple’s XRP recovered to $0.2790 levels to limit the loss on the day.

At the time of writing, Ripple’s XRP was down by 3.86% to $0.26832. A bearish start to the day saw Ripple’s XRP slide from an early morning high $0.27909 to a low $0.26420.

Steering clear of the major resistance levels, Ripple’s XRP fell through the first major support level at $0.2748 and the second major support level at $0.2705.

For the day ahead

Ripple’s XRP will need to break back through support levels to $0.2810 levels to support a run at the first major resistance level at $0.2853.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through the morning high $0.27909.

Barring an extended crypto rebound, resistance at $0.28 would likely leave Ripple’s XRP short of the first major resistance level at $0.2853.

In the event of an extended crypto rally, the first major resistance level would likely leave Ripple’s XRP short of $0.29 levels.

Failure to move back through the morning high to $0.2810 levels could see Ripple’s XRP struggle throughout the day.

A fall back through the morning low $0.26420 would bring the third major support level at $0.2601 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should steer clear of sub-$0.26 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.2748

Major Resistance Level: $0.2853

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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