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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 1st, 2020

Bob Mason
·5-min read

EOS

EOS rose by 1.36% on Friday, Following on from a 0.90% gain on Thursday, EOS ended the month up by 30.56% to $3.0950.

It was a mixed start to the day. EOS fell to an early morning intraday low $3.0163 before making a move.

Steering clear of the first major support level at $2.9763, EOS rallied to a late afternoon intraday high $3.1481

EOS broke through the first major resistance level at $3.1191 before easing back to sub-$3.10 levels.

At the time of writing, EOS was down by 0.17% to $3.0896. A mixed start to the day saw EOS rise to an early morning high $3.1155 before falling to a low $3.0896.

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

For the day ahead

EOS would need to avoid a fall through the $3.0865 pivot level to support a run at the first major resistance level at $3.1566.

Support from the broader market would be needed, however, for EOS to break back out from Friday’s high $3.1481.

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

Failure to avoid a fall through the $3.0865 pivot would bring the first major support level at $3.0248 into play.

Barring an extended sell-off, EOS should steer clear of the second major support level at $2.9547.

Looking at the Technical Indicators

First Major Support Level: $3.0248

Pivot Level: $3.0865

First Major Resistance Level: $3.1566

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 3.46% on Friday. Following on from a 5.39% rally on Thursday, Ethereum ended the month up by 53.82% to $346.86.

Another mixed start saw Ethereum fall to an early morning intraday low $328.35 before making a move.

Steering clear of the first major support level at $319.09, Ethereum rallied to a late intraday high $349.74.

Ethereum broke through the first major resistance level at $346.97 to test resistance at $350 before easing back.

Ethereum slipped back through the first major resistance level at $346.97 late in the day.

At the time of writing, Ethereum was down by 0.28% to $345.88. A mixed start to the day saw Ethereum rise to an early morning high $347.99 before falling to a low $345.56.

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

For the day ahead

Ethereum would need to avoid a fall through the $341.65 pivot to support a run at the first major resistance level at $354.95.

Support from the broader market would be needed, however, for Ethereum to break out form Friday’s high $349.74.

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

A fall through the $341.65 pivot would bring the first major support level at $333.56 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of the second major support level at $320.26.

Looking at the Technical Indicators

First Major Support Level: $333.56

Pivot Level: $341.65

First Major Resistance Level: $354.95

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP rallied by 6.22% on Friday. Following on from a 0.36% gain on Thursday, Ripple’s XRP ended the month up by 48.21% to $0.25983.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.24201 before finding support.

Steering clear of the first major support level at $0.2359, Ripple’s XRP rallied to a late intraday high $0.26078.

Ripple’s XRP broke through the first major resistance level at $0.2517 and the second major resistance level at $0.2587.

On the day, it was the first visit to $0.26 levels since early February before wrapping up the day at $0.2590 levels.

At the time of writing, Ripple’s XRP was down by 0.28% to $0.25909. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.26021 before falling to a low $0.25833.

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 $0.2542 pivot to support a run at the first major resistance level at $0.2664.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.26078.

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

In the event of a breakout, Ripple’s XRP would likely test the second major resistance level at $0.0.2730 before any pullback.

Failure to avoid a fall through the $0.2542 pivot would bring the first major support level at $0.2476 into play.

Barring an extended crypto sell-off, Ripple’s XRP should avoid sub-$0.25 levels, however.

Looking at the Technical Indicators

First Major Support Level: $0.2476

Pivot Level: $0.2542

First Major Resistance Level: $0.2664

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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