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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 21st, 2020

EOS

EOS rose by 2.74% on Thursday. Partially reversing a 6.31% slide from Wednesday, EOS ended the day at $3.4440.

It was a mixed start to the day. EOS dipped to an early morning intraday low $3.3451 before finding support.

Steering clear of the first major support level at $3.1646, EOS rose to an early afternoon intraday high $3.4608.

Falling short of the first major resistance level at $3.5822, EOS fell back to $3.37 levels before finding late support.

At the time of writing, EOS was up by 0.07% to $3.4465. A mixed start to the day saw EOS fall to an early morning low $3.4389 before rising to a high $3.4519.

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

EOS/USD 21/08/20 Hourly Chart

For the day ahead

EOS would need to avoid a fall through the $3.4166 pivot level to support a run at the first major resistance level at $3.4882.

Support from the broader market would be needed, however, for EOS to break out from Thursday’s high $3.4608.

Barring an extended crypto rally, the first major resistance level and Thursday’s high would likely cap any upside.

Failure to avoid a fall through the pivot level at $3.4166 would bring the first major support level at $3.3725 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$3.30 levels. The second major support level at $3.3009 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $3.3725

Pivot Level: $3.4166

First Major resistance Level: $3.4882

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 2.04% on Thursday. Partially reversing a 3.49% slide from Wednesday, Ethereum ended the day at $415.92.

It was also a mixed start to the day. Ethereum rose to an early morning high $415.67 before hitting reverse.

Falling short of the first major resistance level at $425.12, Ethereum slid to a mid-morning intraday low $402.3.

Steering clear of the first major support level at $391.90, Ethereum rallied to a late intraday high $419.59.

Coming up short of the first major resistance level, Ethereum slipped back to wrap up the day a $415 levels.

At the time of writing, Ethereum was up by 0.60% to $418.43. A bullish start to the day saw Ethereum rise from an early morning low $415.67 to a high $418.92.

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

ETH/USD 21/08/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $412.60 pivot to support a run at the first major resistance level at $422.90.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $419.58.

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

Failure to avoid a fall through the $412.60 pivot would bring the first major support level at $405.62 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $395.32.

Looking at the Technical Indicators

First Major Support Level: $405.62

Pivot Level: $412.60

First Major Resistance Level: $422.90

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 0.84% on Thursday. Following a 4.29% slide on Wednesday, Ripple’s XRP ended the day at $0.29246.

Tracking the broader market, Ripple’s XRP rose to an early morning high $0.29307 before hitting reverse.

Falling short of the first major resistance level at $0.3043, Ripple’s XRP slid to a mid-morning intraday low $0.28482.

Steering clear of the first major support level at $0.2772, Ripple’s XRP rallied to a late intraday high $0.2950.

Falling short of the first major resistance level once more, Ripple’s XRP fell back $0.2900 before wrapping up the day at $0.292 levels.

At the time of writing, Ripple’s XRP was down by 0.01% to $0.29244. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.29312 before falling to a low $0.29241.

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

XRP/USD 21/08/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.2908 pivot to support a run at the first major resistance level at $0.2967.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.2950.

Barring an extended crypto rally, the first major resistance level and Thursday’s high should cap any upside.

Failure to avoid a fall through the $0.2908 pivot would bring the first major support level at $0.2865 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.28 levels on the day.

The second major support level at $0.2806 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2865

Pivot Level: $0.2908

First Major Resistance Level: $0.2967

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