EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 25th, 2020

For the day ahead

Ethereum would need to avoid a fall through the $402.56 pivot to support a run at the first major resistance level at $417.39.

Support from the broader market would be needed, however, for Ethereum to break out from the Monday’s high $411.97.

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

Failure to avoid a fall through the $402.56 pivot would bring the first major support level at $393.14 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of the 38.2% FIB of $367. The second major support level at $378.31 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $393.14

Pivot Level: $402.56

First Major Resistance Level: $417.39

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 1.38% on Monday. Reversing a 0.42% decline from Sunday, Ripple’s XRP ended the day at $0.2887.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.28238 before making a move.

Steering clear of the first major support level at $0.2791, Ripple’s XRP rallied to a late morning intraday high $0.2920.

Ripple’s XRP broke through the first major resistance level at $0.2895 before falling back to sub-$0.2860 levels.

Finding late support, however, Ripple’s XRP revisited $0.2890 levels before easing back. The first major resistance level pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was up by $0.26% to $0.28945. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.28870 before rising to a high $0.28971.

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