Cryptomania

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 4th, 2020

EOS

EOS took another hit on Thursday. Following on from a 10.55% slide on Wednesday, EOS tumbled by 15.65% to end the day at $2.6182.

It was a bullish start to the day. EOS rose to an early morning intraday high $3.1635 before hitting reverse.

Falling well short of the first major resistance level at $3.4426, EOS tumbled to a mid-day low $2.7954.

EOS fell through the first major support level at $2.8255 before finding support. EOS briefly revisited $2.95 levels before a final hour broad-based sell-off.

The sell-off saw EOS slide to a late intraday low $2.4830. EOS fell back through the first major support level and through the second major support level at $2.5461.

Finding late support, EOS moved back through the second major support level to reduce the deficit on the day.

At the time of writing, EOS was up by 0.24% to $2.6277. A mixed start to the day saw EOS rise to an early morning high $2.6383 before falling to a low $2.5840.

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

EOS/USD 04/09/20 Hourly Chart

For the day ahead

EOS would need to move through the $2.7549 pivot level to support a run at the first major resistance level at $3.0268.

Support from the broader market would be needed, however, for EOS to break back through to $3.00 levels.

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

Failure to move through the pivot level at $2.7549 would bring the first major support level at $2.3463 into play.

Barring another extended sell-off, however, EOS should steer clear of the second major support level at $2.0744.

Looking at the Technical Indicators

First Major Support Level: $2.3463

Pivot Level: $2.7549

First Major resistance Level: $3.0268

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Ethereum

Ethereum tumbled by 12.98% on Thursday. Following on from a 7.48% slide on Wednesday, Ethereum ended the day at $382.87.

It was a mixed start to the day. Ethereum rose to an early morning intraday high $451.0 before hitting reverse.

Falling short of the first major resistance level at $473.95, Ethereum slid to a mid-afternoon low $391.59.

Ethereum fell through the first major support level at $413.33 before briefly revisiting $408 levels.

A late sell-off, however, saw Ethereum slide to an intraday low $370.00. Ethereum fell through the second major support level at $386.65 before wrapping up the day at $382 levels.

At the time of writing, Ethereum was up by 0.41% to $384.43. A mixed start to the day saw Ethereum fall to an early morning low $374.81 before rising to a high $385.54.

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

ETH/USD 04/09/20 Hourly Chart

For the day ahead

Ethereum would need to move through the $401.29 pivot to support a run at the first major resistance level at $432.58.

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

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

Failure to move through the $401.29 pivot would bring the 38.2% FIB of $367 and the first major support level at $351.58 into play.

Barring another extended sell-off, however, Ethereum should avoid sub-$360 levels. The second major support level sits at $320.29.

Looking at the Technical Indicators

First Major Support Level: $351.58

Pivot Level: $401.29

First Major Resistance Level: $432.58

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP tumbled by 11.35% on Thursday. Following on from a 6.53% slide on Wednesday, Ripple’s XRP ended the day at $0.24456.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.27652 before hitting reverse.

Falling well short of the first major resistance level at $0.2988, Ripple’s XRP slid to a mid-day low $0.25416.

Ripple’s XRP fell through the first major support level at $0.2588 before briefly revisiting $0.266 levels.

A late sell-off, however, saw Ripple’s XRP slide to an intraday low $0.23708. Ripple’s XRP fell through the first major support level and the second major support level at $0.2416.

A late move back through the second major support level saw Ripple’s XRP wrap up the day at $0.244 levels.

At the time of writing, Ripple’s XRP was up by 0.94% to $0.24684. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.24080 before rising to a high $0.24706.

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

XRP/USD 04/09/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.2527 pivot to support a run at the first major resistance level at $0.2684.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.26 levels.

Barring an extended crypto rally, resistance at $0.26 would likely leave Ripple’s XRP short of the first major resistance level.

Failure to move through the $0.2527 pivot would bring the first major support level at $0.2289 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.22 levels. The second major support level sits at $0.2133.

Looking at the Technical Indicators

First Major Support Level: $0.2289

Pivot Level: $0.2527

First Major Resistance Level: $0.2684

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