EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 11th, 2020

EOS

EOS rallied by 6.91% on Monday. Reversing a 1.20% fall from Sunday, EOS ended the day at $3.2377.

It was a mixed start to the day. EOS rose to a late morning high $3.1264 before hitting reverse.

EOS broke through the first major resistance level at $3.0959 before falling to a late morning intraday low $2.9992.

Steering clear of the first major support level at $2.9456, EOS rallied to a late afternoon intraday high $3.2966.

EOS broke through the first major resistance level and the second major resistance level at $3.1642.

In spite of a late pullback, EOS avoided a fall back through the second major resistance level.

At the time of writing, EOS was up by 0.25% to $3.2457. A bullish start to the day saw EOS rise from an early morning low $3.2402 to a high $3.2502.

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

For the day ahead

EOS would need to avoid a fall through the $3.1778 pivot level to support a run at the first major resistance level at $3.3565.

Support from the broader market would be needed, however, for EOS to break out from Monday’s high $3.2966.

Barring an extended crypto rally, however, the major first resistance level at $3.3565 would likely cap any upside.

A fall through the $3.1778 pivot would bring the first major support level at $3.0591 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$3.00 levels and the second major support level at $2.8804.

Looking at the Technical Indicators

First Major Support Level: $3.0591

Pivot Level: $3.1778

First Major Resistance Level: $3.3565

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 1.38% on Monday. Partially reversing a 1.78% loss from Sunday, Ethereum ended the day at $395.78.

A bullish start to the day saw Ethereum rise to an early morning intraday high $400.21 before seeing red.

Ethereum broke through the first major resistance level at $399.60 before sliding to a late morning intraday low $385.44.

Steering clear of the first major support level at $382.62, Ethereum recovered to $399 levels before easing back.

The first major resistance level at $399.60 capped the upside on the day.

At the time of writing, Ethereum was down by 0.26% to $394.76. A mixed start to the day saw Ethereum rise to an early morning high $396.76 before falling to a low $394.39.

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

For the day ahead

Ethereum would need to avoid a fall through the $393.81 pivot to support a run at the first major resistance level at $402.18.

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 and Monday’s high $400.21 should cap any upside.

A fall through the $393.81 pivot would bring the first major support level at $387.41 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$380 and the second major support level at $379.04.

Looking at the Technical Indicators

First Major Support Level: $387.41

Pivot Level: $393.81

First Major Resistance Level: $402.18

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rose by 2.28% on Monday. Partially reversing a 2.56% fall from Sunday, Ripple’s XRP ended the day at $0.29478.

Tracking the broader market, Ripple’s XRP rallied to a mid-morning intraday high $0.30053 before hitting reverse.

Breaking through the first major resistance level at $0.2969, Ripple’s XRP came up against the second major resistance level at $0.3059.

The reversal saw Ripple’s XRP slide to a late morning intraday low $0.28400.

Steering clear of the first major support level at $0.2804, Ripple’s XRP bounced back to $0.29 levels.

The first major resistance level at $0.2969 capped the upside late on.

At the time of writing, Ripple’s XRP was up by 0.07% to $0.29499. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.29578 before falling to a low $0.29444.

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 $0.2931 pivot to support a run at the first major resistance level at $0.3022.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.30053.

Barring another broad-based crypto rally, the first major resistance level and Monday’s high should cap any upside.

In the event of a breakout, the second major resistance level at $0.3096 could come into play.

Failure to avoid a fall through the $0.2931 pivot would bring the first major support level at $0.2857 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.28 and the second major support level at $0.2766.

Looking at the Technical Indicators

First Major Support Level: $0.2857

Pivot Level: $0.2931

First Major Resistance Level: $0.3022

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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