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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 17th, 2020

EOS

EOS rallied by 4.11% on Sunday. Following on from a 14% jump on Saturday, EOS ended the week up by 28.09% to $3.8792.

It was a mixed start to the day. EOS rose to an early morning high $3.8724 before hitting reverse.

Falling short of the major resistance levels, EOS slid to a mid-day intraday low $3.4824 before making a move.

Steering clear of the first major support level at $3.3450, EOS rallied to a mid-afternoon intraday high $3.9863.

Falling short of the first major resistance level at $3.9922, EOS eased back to wrap up the week at $3.8 levels.

At the time of writing, EOS was down by 0.05% to $3.8771. A mixed start to the day saw EOS rise to an early morning high $3.8985 before falling to a low $3.8532.

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

EOS/USD 17/08/20 Hourly Chart

For the day ahead

EOS would need to avoid a fall through the $3.7826 pivot level to support a run at the first major resistance level at $4.0829.

Support from the broader market would be needed, however, for EOS to breakout from Sunday’s high $3.9863.

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

A fall through the pivot level at $3.7826 would bring the first major support level at $3.5790 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$3.50 levels. The second major support level sits at $3.2787.

Looking at the Technical Indicators

First Major Support Level: $3.5790

Pivot Level: $3.7826

First Major Resistance Level: $4.0829

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.24% on Sunday. Following a 1.43% decline on Saturday, Ethereum ended the week up by 11.09% to $433.70.

A bearish start to the day saw Ethereum fall to a mid-day intraday low $412.51 before finding support.

Ethereum fell through the first major support level at $425.92 and the second major support level at $419.30.

Finding support in the afternoon, Ethereum rose to a late afternoon intraday high $437.00.

Falling short of the first major resistance level at $441.25, Ethereum slipped back to end the day at sub-$435 levels.

At the time of writing, Ethereum was down by 0.30% to $432.41. A mixed start to the day saw Ethereum rise to an early morning high $434.96 before falling to a low $432.01.

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

ETH/USD 17/08/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $427.74 pivot to support a run at the first major resistance level at $442.96.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $437.00.

Barring an extended crypto rally, the first major resistance level should continue to cap any upside.

A fall through the $427.74 pivot would bring the first major support level at $418.47 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$400 levels. The second major support level at $403.25 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $418.47

Pivot Level: $427.74

First Major Resistance Level: $442.96

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 1.93% on Sunday. Reversing a 0.55% loss from Saturday, Ripple’s XRP ended the week up by 5.71% to $0.30467.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.3048 before hitting reverse.

Falling short of the first major resistance level at $0.3061, Ripple’s XRP fell to a mid-day intraday low $0.2920

Steering clear of the first major support level at $0.2912, Ripple’s XRP recovered to $0.30 levels to end the day in the green.

At the time of writing, Ripple’s XRP was down by 1.21% to $0.30099. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.30598 before sliding to a low $0.30099.

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

XRP/USD 17/08/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.3005 pivot to support another run at the first major resistance level at $0.3090.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $0.3048.

Barring an extended crypto rally, the first major resistance level should cap any upside.

A fall through the $0.3005 pivot would bring the first major support level at $0.2962 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.29 levels on the day.

The second major support level sits at $0.2877.

Looking at the Technical Indicators

First Major Support Level: $0.2962

Pivot Level: $0.3005

First Major Resistance Level: $0.3090

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