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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 5th, 2020

EOS

EOS fell by 0.53% on Tuesday. Following Monday’s 3.58% rally, EOS ended the day at $3.0339.

A bullish start to the day saw EOS rise to an early morning intraday high $3.0987 before hitting reverse.

Falling short of the first major resistance level at $3.1435, EOS fell to an early afternoon intraday low $2.9488.

Steering clear of the first major support level at $2.9262, EOS revisited $3.00 levels before easing back into the red.

At the time of writing, EOS was down by 0.68% to $3.0133. A bearish start to the day saw EOS fall from an early morning high $3.0311 to a low $3.0015.

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

EOS/USD 05/08/20 Hourly Chart

For the day ahead

EOS would need to move the $3.0271 pivot level to support a run at the first major resistance level at $3.1055.

Support from the broader market would be needed, however, for EOS to break out from Tuesday’s high $3.0987.

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

Failure to move through the $3.0271 pivot would bring the first major support level at $2.9556 into play.

Barring an extended sell-off, EOS should steer clear of the second major support level at $2.8772

Looking at the Technical Indicators

First Major Support Level: $2.9556

Pivot Level: $3.0271

First Major Resistance Level: $3.1055

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.92% on Tuesday. Following on from a 3.77% rally on Monday, Ethereum ended the day at $389.82.

A bullish start to the day saw Ethereum rally to an early morning intraday high $403.64 before hitting reverse.

Ethereum broke through the first major resistance level at $401.83 before sliding to an early afternoon intraday low $380.67.

Steering clear of the first major support level at $368.48, Ethereum revisited $390 levels before easing back.

At the time of writing, Ethereum was down by 0.81% to $386.65. A bearish start to the day saw Ethereum fall from an early morning high $392.24 to a low $383.86.

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

ETH/USD 05/08/20 Hourly Chart

For the day ahead

Ethereum would need to move through the $391.38 pivot to support a run at the first major resistance level at $402.08.

Support from the broader market would be needed, however, for Ethereum to break back through to $400 levels.

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

A fall through the $391.38 pivot would bring the first major support level at $379.11 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$360 levels. The second major support level at $368.41 and the 38.2% FIB of $367 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $379.11

Pivot Level: $391.38

First Major Resistance Level: $402.08

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 2.90% on Tuesday. Partially reversing Monday’s 7.58% rally, Ripple’s XRP ended the day at $0.30124.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.3190 before hitting reverse.

Falling short of the first major resistance level at $0.3249, Ripple’s XRP fell to an early afternoon intraday low $0.29026.

While steering clear of the first major support level at $0.2892, Ripple’s XRP fell through the 23.6% FIB of $0.3134.

Finding late support, Ripple’s XRP recovered to $0.30 levels to cut the deficit on the day.

At the time of writing, Ripple’s XRP was down by 1.46% to $0.29685. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.30239 to a low $0.29418

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

XRP/USD 05/08/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.3035 pivot to support a run at the 23.6% FIB of 0.3134 and the first major resistance level at $0.3167.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.31 levels.

Barring another broad-based crypto rally, the first major resistance level should cap any upside.

In the event of a breakout, Ripple’s XRP could revisit $0.32 levels before any pullback.

Failure to move through the $0.3035 pivot would bring the first major support level at $0.2880 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.28 levels, however. The second major support level sits at $0.2748.

Looking at the Technical Indicators

First Major Support Level: $0.2880

Pivot Level: $0.3035

First Major Resistance Level: $0.3167

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