EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 13th, 2020

Bob Mason
·5 mins read

EOS

EOS rose by 0.69% on Wednesday. Following Tuesday’s 7.30% slide, EOS ended the day at $3.0255.

It was a bearish start to the day. EOS fell to a mid-morning intraday low $2.8823 before making a move.

Steering clear of the first major support level at $2.8177, EOS rose to an early afternoon intraday high $3.0551.

Falling short of the first major resistance level at $3.2480, EOS fell back to sub-$3.00 levels before finding late support.

The late move back through to $3.00 levels delivered the upside for the day.

At the time of writing, EOS was up by 0.13% to $3.0296. A mixed start to the day saw EOS fall to an early morning low $3.0148 before rising to a high $3.0331

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

For the day ahead

EOS would need to avoid a fall through the $2.9876 pivot level to support a run at the first major resistance level at $3.0930.

Support from the broader market would be needed, however, for EOS to break out from Wednesday’s high $3.0551.

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

A fall through the $2.9876 pivot would bring the first major support level at $2.9202 into play.

Barring another extended sell-off, however, EOS should steer clear of the second major support level at $2.8148.

Looking at the Technical Indicators

First Major Support Level: $2.9202

Pivot Level: $2.9876

First Major Resistance Level: $3.0930

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 2.20% on Wednesday. Partially reversing a 4.27% slide from Tuesday, Ethereum ended the day at $387.27.

A bearish start to the day saw Ethereum fall to a mid-morning intraday low $365.19 before finding support.

While steering clear of the first major support level at $363.00, Ethereum fell through the 38.2% FIB of $367.00.

Finding support through the rest of the day, Ethereum rallied to a late intraday high $389.57.

Falling short of the first major resistance level at $396.53, Ethereum eased back to limit the upside on the day.

At the time of writing, Ethereum was up by 0.30% to $388.42. A mixed start to the day saw Ethereum fall to an early morning low $386.55 before rising to a high $388.52.

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

For the day ahead

Ethereum would need to avoid a fall through the $380.68 pivot to support a run at the first major resistance level at $396.16.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $389.57.

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

A fall through the $380.68 pivot would bring the first major support level at $371.78 and the 38.2% FIB of $367 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $356.30.

Looking at the Technical Indicators

First Major Support Level: $371.78

Pivot Level: $380.68

First Major Resistance Level: $396.16

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 0.21% on Wednesday. Following on from Tuesday’s 4.02% slide, Ripple’s XRP ended the day at $0.28233.

Tracking the broader market, Ripple’s XRP fell a mid-morning intraday low $0.27205 before making a move.

Steering clear of the first major support level at $0.2647, Ripple’s XRP rose to a late morning intraday high $0.28755.

Falling well short the first major resistance level at $0.3043, Ripple’s XRP fell back to sub-$0.28 levels before finding late support.

In spite of the late recovery, however, Ripple’s XRP failed to move back into the green.

At the time of writing, Ripple’s XRP was up by 0.24% to $0.2830. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.28167 before rising to a high $0.28305.

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

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2806 pivot to support a run at the first major resistance level at $0.2892.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.28755.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high should cap any upside.

A fall through the $0.2806 pivot would bring the first major support level at $0.2737 into play.

Barring another extended crypto sell-off, Ripple’s XRP should avoid sub-$0.27 and the second major support level at $0.2651.

Looking at the Technical Indicators

First Major Support Level: $0.2737

Pivot Level: $0.2806

First Major Resistance Level: $0.2892

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

This article was originally posted on FX Empire

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