EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 9th, 2020

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 9th, 2020. Bob Mason. FX Empire …

Support from the broader market would be needed, however, for Ethereum to break back through to $350 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

Failure to move through the $340 pivot would bring the first major support level at $322.89 into play.

Barring an extended sell-off, however, Ethereum should continue to avoid sub-$300 levels. The second major support level at $308.30 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $322.89

Pivot Level: $340.00

First Major Resistance Level: $354.54

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 2.42% on Tuesday. Reversing a 1.02% gain from Monday, Ripple’s XRP ended the day at $0.23671.

Tracking the broader market, Ripple’s XRP rose to an early morning high $0.24334 before hitting reverse.

Falling short of the first major resistance level at $0.2467, Ripple’s XRP slid to a late intraday low $0.2310.

The reversal saw Ripple’s XRP fall through the first major support level at $0.2337 before support kicked in.

A late move back through the first major support level to $0.2360 levels cut the deficit on the day.

At the time of writing, Ripple’s XRP was down by 0.60% to $0.23528. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.23657 to a low $0.23528.

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

View photos

For the day ahead

Ripple’s XRP will need to move through the $0.2370 pivot to support a run at the first major resistance level at $0.2430.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.24 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.24334 would likely cap any upside.

Failure to move through the $0.2370 pivot would bring the first major support level at $0.2307 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub $0.22 levels. The second major support level at $0.2247 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2307

Pivot Level: $0.2370

First Major Resistance Level: $0.2430

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

More From FXEMPIRE: