EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 11th, 2020

Fibo Quantum

For the day ahead

Ethereum would need to avoid a fall through the $393.81 pivot to support a run at the first major resistance level at $402.18.

Support from the broader market would be needed, however, for Ethereum to break back through to $400 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $400.21 should cap any upside.

A fall through the $393.81 pivot would bring the first major support level at $387.41 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$380 and the second major support level at $379.04.

Looking at the Technical Indicators

First Major Support Level: $387.41

Pivot Level: $393.81

First Major Resistance Level: $402.18

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 2.28% on Monday. Partially reversing a 2.56% fall from Sunday, Ripple’s XRP ended the day at $0.29478.

Tracking the broader market, Ripple’s XRP rallied to a mid-morning intraday high $0.30053 before hitting reverse.

Breaking through the first major resistance level at $0.2969, Ripple’s XRP came up against the second major resistance level at $0.3059.

The reversal saw Ripple’s XRP slide to a late morning intraday low $0.28400.

Steering clear of the first major support level at $0.2804, Ripple’s XRP bounced back to $0.29 levels.

The first major resistance level at $0.2969 capped the upside late on.

At the time of writing, Ripple’s XRP was up by 0.07% to $0.29499. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.29578 before falling to a low $0.29444.

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