EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 29th, 2020

Fibo Quantum

For the day ahead

Ethereum would need to avoid a fall through the $391 pivot to support a run at the first major resistance level at $402.53.

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 would likely cap any upside.

Failure to avoid a fall through the $384.04 pivot would bring the first major support level at $384.04 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$370 levels. The second major support level at $372.61 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $384.04

Pivot Level: $391

First Major Resistance Level: $402.53

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 2.59% on Friday. Partially reversing a 4.37% slide from Thursday, Ripple’s XRP ended the day at $0.27178.

It was a mixed start to the day. Ripple’s XRP fell to an early morning intraday low $0.26004 before making a move.

Steering clear of the first major support level at $0.2526, Ripple’s XRP rallied to a late intraday high $0.27318.

Falling short of the first major resistance level at $0.2774, Ripple’s XRP slipped back to sub-$0.27 levels.

A final hour move back through to $0.27 levels, however, delivered the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.57% to $0.27022. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.27393 to a low $0.26865.

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