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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 09/05/20

Bob Mason
·5 min read

EOS

EOS fell by 0.64% on Friday. Partially reversing a 4.14% rally from Thursday, EOS ended the day at $2.7500.

A mixed start to the day saw EOS strike an early morning intraday high $2.8249 before hitting reverse.

Falling short of the first major resistance level at $2.8415, EOS slid to a mid-morning intraday low $2.7002.

Steering clear of the first major support level at $2.6342, EOS recovered to a late high $2.8079 before falling back into the red.

At the time of writing, EOS was up by 1.46% to $2.7902. A mixed start to the day saw EOS fall to an early morning low $2.7328 before striking a high $2.7995.

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

For the day ahead

EOS would need to move back through to $2.80 levels to bring the first major resistance level at $2.8165 into play.

Support from the broader market would be needed, however, for EOS to break out from the morning high $2.7995.

Barring another extended crypto rally, the first major resistance level at $2.8165 would likely limit any upside.

Failure to move back through to $2.80 levels would see EOS hit reverse.

A fall back through to sub-$2.7580 levels would bring the first major support level at $2.6918 into play.

Barring an extended crypto sell-off, however, EOS should steer clear of the second major support level at $2.6337.

Looking at the Technical Indicators

Major Support Level: $2.6918

Major Resistance Level: $2.8165

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum slipped by 0.43% on Friday. Following a 6.72% rally on Thursday, Ethereum ended the day at $211.59.

Tracking the broader market, Ethereum rose to an early morning intraday high $217.00 before hitting reverse.

Falling short of the first major resistance level at $220.03, Ethereum slid to a mid-morning intraday low $207.20.

Steering clear of the first major support level at $200.86, Ethereum recovered to $215 levels before a late pullback into the red.

At the time of writing, Ethereum was up by 1.21% to $214.15. A mixed start to the day saw Ethereum fall to an early morning low $209.25 before striking a high $214.37.

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

For the day ahead

Ethereum would need to move back through to $215 levels to bring the first major resistance level at $216.66 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $214.37.

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

Failure to move back through to $215 levels could see Ethereum hit reverse.

A fall back through to sub-$212 levels would bring the first major support level at $206.86 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $202.13.

Looking at the Technical Indicators

Major Support Level: $206.86

Major Resistance Level: $216.66

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 0.05% on Friday. Following a 3.23% gain on Thursday, Ripple’s XRP ended the day at $0.21868.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $0.22231 before hitting reverse.

Falling short of the first major resistance level at $0.2237, Ripple’s XRP slid to a mid-morning intraday low $0.21429.

Steering clear of the first major support level at $0.2118, Ripple’s XRP bounced back to $0.22 levels before a late pullback.

At the time of writing, Ripple’s XRP was up by 0.90% to $0.22065. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.21663 before striking a high $0.22137.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will need to move back through to $0.2210 levels to support a run at the first major resistance level at $0.2226.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.22137.

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

Failure to move through to $0.2210 levels could see Ripple’s XRP give up the early gains.

A fall back through to sub-$0.2185 levels would bring the first major support level at $0.2145 into play.

Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.2104.

Looking at the Technical Indicators

Major Support Level: $0.2145

Major Resistance Level: $0.2226

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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