EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 7th, 2020

Fibo Quantum

For the day ahead

Ethereum would need to move through the $396.77 pivot to support a run at the first major resistance level at $402.54.

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 should cap any upside.

Failure to move through the $396.77 pivot would bring the first major support level at $389.51 into play.

Barring an extended sell-off, however, Ethereum should continue to steer clear of the second major support level at $383.74.

Looking at the Technical Indicators

First Major Support Level: $389.51

Pivot Level: $396.77

First Major Resistance Level: $402.54

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 0.19% on Thursday. Following on from a 0.38% gain on Wednesday, Ripple’s XRP ended the day at $0.30296.

A bearish start to the day saw Ripple’s XRP fall to an early morning intraday low $0.29712 before finding support.

Steering clear of the first major support level at $0.2929, Ripple’s XRP rose to a mid-afternoon intraday high $0.3112.

Ripple’s XRP broke through the first major resistance level at $0.3099 before falling back to sub-$0.30 levels.

Finding late support, Ripple’s XRP moved back through to $0.3029 levels to deliver the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.18% to $0.3024. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.30303 to a low $0.30171.

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