Depositphotos_193678068_s-2019

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 27th, 2020

EOS

EOS fell by 0.15% on Wednesday. Following Tuesday’s 7.77% tumble, EOS ended the day at $3.1197.

It was another mixed start to the day. EOS rose to an early morning high $3.1577 before hitting reverse.

Falling short of the first major resistance level at $3.3622, EOS fell to an early afternoon intraday low $3.0578.

Steering clear of the first major support level at $2.9184, EOS rose to a late afternoon intraday high $3.1729.

A bearish end to the day, however, left EOS in the red.

At the time of writing, EOS was up by 0.23% to $3.1269. A mixed start to the day saw EOS fall to an early morning low $3.1128 before rising to a high $3.1338.

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

EOS/USD 27/08/20 Hourly Chart

For the day ahead

EOS would need to avoid a fall through the $3.1168 pivot level to support a run at the first major resistance level at $3.1758.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $3.1729.

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

Failure to avoid a fall through the pivot level at $3.1168 would bring the first major support level at $3.0607 into play.

Barring another extended sell-off, however, EOS should avoid a return to sub-$3.00 levels. The second major support level at $3.0017 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $3.0607

Pivot Level: $3.1168

First Major resistance Level: $3.1758

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Ethereum

Ethereum rose by 0.74% on Wednesday. Partially reversing a 6.02% slide from Tuesday, Ethereum ended the day at $386.1.

It was also a mixed start to the day. Ethereum rose to an early morning high $388.0 before hitting reverse.

Falling short of the first major resistance level at $405.31, Ethereum fell to an early afternoon intraday low $377.56.

Steering clear of the first major support level at $365.36, Ethereum rose to a late afternoon intraday high $393.50.

Falling short of the first major resistance level once more, Ethereum slipped back to sub-$390 to limit the upside.

At the time of writing, Ethereum was up by 0.06% to $386.34. A mixed start to the day saw Ethereum fall to an early morning low $385.63 before rising to a high $387.00.

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

ETH/USD 27/08/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $386 pivot to support a run at the first major resistance level at $394.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $393.50.

Barring an extended crypto rally, the first major resistance level and resistance at $400 would likely cap any upside.

Failure to avoid a fall through the $386 pivot would bring the first major support level at $378 into play.

Barring another extended sell-off, however, Ethereum should continue to steer clear of sub-$370 levels. The second major support level sits at $370.

Looking at the Technical Indicators

First Major Support Level: $378

Pivot Level: $386

First Major Resistance Level: $394

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 0.05% on Wednesday. Partially reversing a 4.22% slide from Tuesday, Ripple’s XRP ended the day at $0.27649.

It was a bearish start to the day. Ripple’s XRP fell to an early morning intraday low $0.27422 before finding support.

Steering clear of the first major support level at $0.2680, Ripple’s XRP rose to a late afternoon intraday high $0.28097.

Falling short of the first major resistance level at $0.2874, however, Ripple’s XRP slipped back to end the day at sub-$0.28 levels.

At the time of writing, Ripple’s XRP was up by 0.42% to $0.27765. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.27654 to a high $0.27765.

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

XRP/USD 27/08/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2772 pivot to support a run at the first major resistance level at $0.2802.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.28 levels.

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

Failure to avoid a fall through the $0.2772 pivot would bring the first major support level at $0.2735 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.27 levels. The second major support level at $0.2705 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2735

Pivot Level: $0.2772

First Major Resistance Level: $0.2802

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