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

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.