EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 24th, 2020

For the day ahead

Ethereum would need to move through the $391.45 pivot to support a run at the first major resistance level at $399.22.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $391.00.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $400.0 would likely cap any upside.

Failure to move through the $391.45 pivot would bring the first major support level at $382.89 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the 38.2% FIB of $367. The second major support level at $375.12 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $382.89

Pivot Level: $391.45

First Major Resistance Level: $399.22

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 0.42% on Sunday. Partially reversing a 2.50% gain from Sunday, Ripple’s XRP ended the week down by 6.52% to $0.28493.

It was a mixed start to the day. Ripple’s XRP rose to an early morning high $0.2811 before hitting reverse.

Falling short of the first major resistance level at $0.2909, Ripple’s XRP slid to a late morning intraday low $0.27773.

Finding support at the first major support level at $0.2773, Ripple’s XRP recovered to $0.287 levels before falling back into the red.

At the time of writing, Ripple’s XRP was down by 0.64% to $0.28310. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.28476 to a low $0.28310.

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