EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 09/04/20

Bob Mason
·5-min read

EOS

EOS rallied by 4.01% on Wednesday. Reversing most of a 4.66% slide from Tuesday, EOS ended the day at $2.7436.

It was a bullish start to the day. EOS rallied from an early morning intraday low $2.5891 to a mid-morning intraday high $2.7979 before easing back.

Steering clear of the major support levels, EOS came up against the first major resistance level at $2.7929.

The pullback saw EOS fall back to sub-$2.65 levels before finding late support to reverse Tuesday’s slide.

At the time of writing, EOS was down by 0.82% to $2.7212. A mixed start to the day saw EOS rise to an early morning high $2.7577 before falling to a low $2.7153.

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

For the day ahead

EOS would need to avoid sub-$2.71 levels to support another run at the first major resistance level at $2.8313.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.7979.

Barring another extended crypto rally, resistance at $2.80 would likely leave EOS short of the first major resistance level at $2.8313.

Failure to avoid sub-$2.71 levels could see EOS fall deeper into the red before any recovery.

A fall back through to sub-$2.71 levels would bring the first major support level at $2.6225 into play.

Barring a crypto meltdown, however, EOS should continue to steer clear of sub-$2.60 support levels.

Looking at the Technical Indicators

Major Support Level: $2.6225

Major Resistance Level: $2.8313

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rallied by 5.36% on Wednesday. Reversing a 4.07% slide from Tuesday, Ethereum ended the day at $173.36.

Tracking the broader market, Ethereum rallied from an early intraday low $163.49 to a mid-morning intraday high $174.77 before easing back.

The pullback saw Ethereum fall back to $166 levels before bouncing back to $173 levels.

At the time of writing, Ethereum was down by 1.35% to $171.02. A mixed start to the day saw Ethereum rise to an early morning high $173.50 before falling to a low $170.28.

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

For the day ahead

Ethereum would need to move back through the morning high $173.50 to support another run at the first major resistance level at $177.59.

Support from the broader market would be needed, however, for Ethereum to breakout from Wednesday’s high $174.77.

Barring an extended crypto rally, resistance at $175 would likely leave Ethereum short of the first major resistance level.

Failure to move back through the morning high $173.50 could see Ethereum struggle throughout the day.

A fall through to sub-$170.50 levels would bring the first major support level at $166.31 into play.

Barring an extended crypto sell-off, however, Ethereum should continue to steer clear of sub-$160 levels on the day.

Looking at the Technical Indicators

Major Support Level: $166.31

Major Resistance Level: $177.59

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rallied by 4.77% on Wednesday. Reversing a 2.57% fall from Tuesday, Ripple’s XRP ended the day at $0.20219.

It was also a bullish start to the day. Ripple’s XRP rallied from an early morning intraday low $0.19176 to a mid-morning intraday high $0.20330.

Steering clear of the major support levels, Ripple’s XRP broke through the first major resistance level at $0.2021.

A late morning pullback to $0.1950 levels was brief. Ripple’s XRP broke back through the first major resistance level to wrap up the day at $0.2030 levels.

At the time of writing, Ripple’s XRP was down by 1.35% to $0.19946. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.20233 before falling to a low $0.19868.

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 $0.20 levels to support another run at the first major resistance level at $0.2064.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.2033.

Barring an extended crypto rally, the first major resistance level at $0.2064 would likely limit any upside on the day.

In the event of a breakout, the second major resistance level at $0.2106 would likely come into play.

Failure to move back through to $0.20 levels could see Ripple’s XRP fall deeper into the red.

A fall back through to sub-$0.1990 levels would bring the first major support level at $0.1949 into play.

Barring an extended crypto sell-off, however, Ripple’s XRP should continue to steer clear of sub-$0.19 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.1949

Major Resistance Level: $0.2064

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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