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

EOS

EOS rose by 0.30% on Wednesday. Partially reversing a 0.92% fall from Tuesday, EOS ended the day at $2.7130.

It was a particularly bearish start to the day. EOS tumbled to an early morning intraday low $2.5750 before making a move.

The sell-off saw EOS fall through the first major support level at $2.6685 and the second major support level at $2.6325.

Finding support through the day, EOS rallied to a late afternoon intraday high $2.7547 before easing back.

In spite of the rebound, EOS came up short of the first major resistance level at $2.7641 on the day.

At the time of writing, EOS was down by 0.18% to $2.7078. A bearish start to the day saw EOS fall from an early morning high $2.7145 to a low $2.7056.

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

EOS/USD 17/09/20 Hourly Chart

For the day ahead

EOS would need to avoid a fall through the $2.6809 pivot level to support a run at the first major resistance level at $2.7868.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $2.7547.

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 $2.6809 would bring the first major support level at $2.6071 into play.

Barring an extended sell-off, however, EOS should continue to steer clear of the second major support level at $2.5012.

Looking at the Technical Indicators

First Major Support Level: $2.6071

Pivot Level: $2.6809

First Major resistance Level: $2.7868

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Ethereum

Ethereum rose by 0.32% on Wednesday. Following a 3.46% slide from Tuesday, Ethereum ended the day at $365.23.

Tracking the broader market, Ethereum tumbled to an early morning intraday low $355.00 before making a move.

Ethereum fell through the first major support level at $356.88 before striking a late afternoon intraday high $373.37.

While falling short of the first major resistance level at $377.14, Ethereum briefly broke through the 38.2% FIB of $367.

A late pullback, however, saw Ethereum fall back through the 38.2% FIB to wrap up the day at $365 levels.

At the time of writing, Ethereum was down by 0.37% to $363.89. A bearish start to the day saw Ethereum fall from an early morning high $365.22 to a low $363.40

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

ETH/USD 17/09/20 Hourly Chart

For the day ahead

Ethereum would need to move through the $364.54 pivot and 38.2% FIB to support a run at the first major resistance level at $374.07.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $373.37.

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

Failure to move through the $364.53 pivot and the 38.2% FIB would bring the first major support level at $355.70 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$350 levels. The second major support level sits at $346.16.

Looking at the Technical Indicators

First Major Support Level: $355.70

Pivot Level: $364.53

First Major Resistance Level: $374.07

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 1.66% on Wednesday. Reversing a 0.92% decline from Tuesday, Ripple’s XRP ended the day at $0.24688.

It was a particularly bearish start to the day. Ripple’s XRP slumped to an early morning intraday low $0.23441 before making a move.

Ripple’s XRP fell through the first major support level at $0.2409 and the second major support level at $0.2384.

Steering clear of the third major support level at $0.2318, Ripple’s XRP bounced back to a late intraday high $0.2510.

Ripple’s XRP broke through the first major resistance level at $0.2475, before falling back to wrap up the day at sub-$0.2470 levels.

At the time of writing, Ripple’s XRP was up by 0.69% to $0.24858.  A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.24710 to a high $0.24858.

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

XRP/USD 17/09/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2441 pivot to support a run at the first major resistance level at $0.2538.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.2510.

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

Failure to avoid a fall through the $0.2441 pivot would bring the first major support level at $0.2372 into play.

Barring an extended crypto sell-off, Ripple’s XRP should continue to steer clear of sub $0.23 levels. The second major support level sits at $0.2275.

Looking at the Technical Indicators

First Major Support Level: $0.2371

Pivot Level: $0.2441

First Major Resistance Level: $0.2538

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