Home Ripple EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 5th, 2020 – FX Empire

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 5th, 2020 – FX Empire

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For the day ahead

Ethereum would need to move through the $391.38 pivot to support a run at the first major resistance level at $402.08.

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.

A fall through the $391.38 pivot would bring the first major support level at $379.11 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$360 levels. The second major support level at $368.41 and the 38.2% FIB of $367 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $379.11

Pivot Level: $391.38

First Major Resistance Level: $402.08

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP fell by 2.90% on Tuesday. Partially reversing Monday’s 7.58% rally, Ripple’s XRP ended the day at $0.30124.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.3190 before hitting reverse.

Falling short of the first major resistance level at $0.3249, Ripple’s XRP fell to an early afternoon intraday low $0.29026.

While steering clear of the first major support level at $0.2892, Ripple’s XRP fell through the 23.6% FIB of $0.3134.

Finding late support, Ripple’s XRP recovered to $0.30 levels to cut the deficit on the day.

At the time of writing, Ripple’s XRP was down by 1.46% to $0.29685. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.30239 to a low $0.29418

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

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