EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 1st, 2020
EOS
EOS fell by 1.29% on Monday. Partially reversing a 4.20% gain from Sunday, EOS ended August up by 3.58% to $3.2086.
It was a bullish start to the day. EOS rose to an early morning high $3.3000 before hitting reverse.
Falling short of the first major resistance level at $3.3162, EOS fell to a mid-morning low $3.1922.
Steering clear of the first major support level at $3.1641, EOS bounced back to $3.28 levels before a 2nd sell-off.
The late sell-off saw EOS slide to a late intraday low $3.1888 before moving back through to $3.20 levels.
In spite of the late pullback EOS, avoided the first major support level at $3.1641.
At the time of writing, EOS was down by 0.55% to $3.1910. A mixed start to the day saw EOS rise to an early morning high $3.2196 before falling to a low $3.1778.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through the $3.2325 pivot level to support a run at the first major resistance level at $3.2761.
Support from the broader market would be needed, however, for EOS to break out from $3.25 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $3.3000 would likely cap any upside.
Failure to move through the pivot level at $3.2325 would bring the first major support level at $3.1649 into play.
Barring an extended sell-off, however, EOS should avoid a return to sub-$3.10 levels. The second major support level at $3.1213 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $3.1649
Pivot Level: $3.2325
First Major resistance Level: $3.2761
23.6% FIB Retracement Level: $6.52
38% FIB Retracement Level: $9.68
62% FIB Retracement Level: $14.77
Ethereum
Ethereum rose by 1.16% on Monday. Following on from a 7.62% rally on Sunday, Ethereum ended the month up by 25.09% to $433.89.
It was a bearish start to the day. Ethereum fell to a mid-morning intraday low $418.16 before making a move.
Steering clear of the first major support level at $408.15, Ethereum rallied to an early afternoon intraday high $439.00.
Coming within range of the first major resistance level at $439.81, Ethereum fell back to sub-$430 before finding late support.
A late move back through to $433 levels delivered the upside on the day.
At the time of writing, Ethereum was down by 0.21% to $432.98. A mixed start to the day saw Ethereum rise to an early morning high $435.64 before falling to a low $432.19.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to avoid a fall through the $430.35 pivot to support a run at the first major resistance level at $442.54.
Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $439.00.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
Failure to avoid a fall through the $430.35 pivot would bring the first major support level at $421.70 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$410 levels and the second major support level at $409.51.
Looking at the Technical Indicators
First Major Support Level: $421.70
Pivot Level: $430.35
First Major Resistance Level: $442.54
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 0.59% on Monday. Partially reversing a 3.28% gain from Sunday, Ripple’s XRP ended the month up by 8.32% to $0.28132.
It was a bullish start to the day. Ripple’s XRP rose to an early morning intraday high $0.28465 before hitting reverse.
Falling short of the first major resistance level at $0.2865, Ripple’s XRP slid to a mid-morning intraday low $0.27804.
Steering clear of the first major support level at $0.2767, Ripple’s XRP revisited $0.2830 levels before a 2nd pullback.
The 2nd pullback saw Ripple’s XRP fall to $0.2780 levels before bouncing back to $0.2813 levels to limit the loss.
At the time of writing, Ripple’s XRP was down by 0.09% to $0.28108. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.28140 to a low $0.28108.
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 $0.2813 pivot to support a run at the first major resistance level at $0.2846.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2840 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $0.28465 should cap any upside.
Failure to move through the $0.2813 pivot would bring the first major support level at $0.2780 into play.
Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.27 levels. The second major support level at $0.2747 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $0.2780
Pivot Level: $0.2813
First Major Resistance Level: $0.2846
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