EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 09/02/20
In This Article:
EOS
EOS rallied by 3.64% on Saturday. Following on from a 0.08% gain on Friday, EOS ended the day at $4.7560.
A mixed start to the day saw EOS fall to an early morning intraday low $4.4338 before making a move.
EOS fell through the first major support level at $4.4966 before rallying to an early afternoon intraday high $4.8493.
The rally saw EOS break through the first major resistance level at $4.6881 and second major resistance level at $4.7870.
A relatively bearish end to the day saw EOS fall back through the second major resistance level.
At the time of writing, EOS was up by 3.72% to $4.9327. A particularly bullish start to the day saw EOS rally from an early morning low $4.7532 to a high $4.9468.
Steering clear of the major support levels, EOS fell through the first major resistance level at $4.9256.
For the day ahead
EOS would need to move back through the morning high $4.9468 to support a run at the second major resistance level at $5.0952.
Support from the broader market would be needed, however, for EOS to break through to $5.00 levels.
Barring a broad-based crypto rebound, the first major resistance would likely the upside on the day.
Failure to move through the morning high $4.9468 could hit reverse.
A fall back through the morning low $4.7532 to sub-$4.68 levels would bring the second major support level at $4.5101 into play.
Barring an extended crypto sell-off, however, EOS should continue to steer of sub-$4.70 levels.
Looking at the Technical Indicators
Major Support Level: $4.5101
Major Resistance Level: $4.9256
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum rose by 0.07% on Saturday. Following on from a 4.83% rally on Friday, Ethereum ended the day at $223.37.
A bearish start to the day saw Ethereum fall to an early morning intraday low $213.24 before making a move.
Ethereum fell through the first major support level at $215.85 before rallying to an early afternoon intraday high $228.40.
The rally saw Ethereum break through the first major resistance level at $227.69 before reversing the gains late on.
At the time of writing, Ethereum was up by 1.97% to $227.76. A bullish start to the day saw Ethereum rally from an early morning low $223.16 to a high $229.29.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back the morning high $229.29 to support a run at the first major resistance level at $230.10.
Support from the broader market would be needed, however, for Ethereum to break back through to $229 levels.