EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 28th, 2020

EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 28th, 2020

EOS slid by 4.47% on Thursday. Following on from a 0.15% decline on Wednesday, EOS ended the day at $2.9775.

It was another mixed start to the day. EOS rose to an early morning intraday high $3.1505 before hitting reverse.

Falling short of the first major resistance level at $3.1758, EOS fell to a late afternoon intraday low $2.8487.

The reversal saw EOS fall through the day’s major support levels before briefly revisiting $2.97 levels.

While moving back through the third major support level at $2.8866, resistance at $3.00 pinned EOS back late on.

At the time of writing, EOS was down by 0.26% to $2.9697. A bearish start to the day saw EOS fall from an early morning high $2.9849 to a low $2.9668.

EOS left the major support and resistance levels untested early on.

View photos

EOS would need to move through the $2.9922 pivot level to support a run at the first major resistance level at $3.1358.

Support from the broader market would be needed, however, for EOS to break back through to $3.10 levels.

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

Failure to move through the pivot level at $2.9922 would bring the first major support level at $2.8340 into play.

Barring another extended sell-off, however, EOS should avoid sub-$2.80 levels. The second major support level sits at $2.6904.

First Major Support Level: $2.8340

Pivot Level: $2.9922

First Major resistance Level: $3.1358

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Ethereum fell by 0.74% on Thursday. Reversing a 0.74% gain from Wednesday, Ethereum ended the day at $383.25.

It was also a mixed start to the day. Ethereum fell to a mid-morning low $380.37 before making a move.

Steering clear of the first major support level at $377.94, Ethereum struck an early afternoon intraday high $397.15.

Ethereum broke through the first major resistance level at $393.88 before sliding to a late afternoon intraday low $371.5.

Ethereum fell through the first major support level at $377.94 before recovering to $380 levels.

At the time of writing, Ethereum was down by 0.45% to $381.52. A bearish start to the day saw Ethereum fall from an early morning high $383.87 to a low $381.46.

Ethereum left the major support and resistance levels untested early on.

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Ethereum would need to move through the $383.97 pivot to support a run at the first major resistance level at $396.43.

Support from the broader market would be needed, however, for Ethereum to break back through to $390 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $400 would likely cap any upside.

Failure to move through the $383.97 pivot would bring the first major support level at $370.78 and 38.2% FIB of $367 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$360 levels. The second major support level sits at $358.32.

First Major Support Level: $378.78

Pivot Level: $383.97

First Major Resistance Level: $396.43

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP slid by 4.37% on Thursday. Reversing a 0.05% gain from Wednesday, Ripple’s XRP ended the day at $0.2645.

It was a mixed start to the day. Ripple’s XRP rose to an early morning intraday high $0.27836 before hitting reverse.

Falling short of the first major resistance level at $0.2802, Ripple’s XRP slid to a late afternoon intraday low $0.25355.

The sell-off saw Ripple’s XRP slide through the day’s major support levels before partially recovering to $0.26 levels.

The partial recovery saw Ripple’s XRP break back through the third major support level at $0.2637.

At the time of writing, Ripple’s XRP was down by 0.77% to $0.26247. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.26499 to a low $0.26181.

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

View photos

Ripple’s XRP will need to move through the $0.2655 pivot to support a run at the first major resistance level at $0.2774.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.27 levels.

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

Failure to move through the $0.2655 pivot would bring the first major support level at $0.2526 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of the second major support level at $0.2407.

First Major Support Level: $0.2526

Pivot Level: $0.2655

First Major Resistance Level: $0.2774

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

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  • EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 28th, 2020
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Source: finance.yahoo.com

Author: Bob Mason


How BTC, ETH, and LINK Are Likely To Perform Following Huge Price Retracements

How BTC, ETH, and LINK Are Likely To Perform Following Huge Price Retracements

How BTC, ETH, and LINK Are Likely To Perform Following Huge Price Retracements

Despite analysts’ bullish sentiment, the recent dump in the crypto market has seen Bitcoin and key altcoins making lower highs and lows.

This week’s most-watched coins include Bitcoin, Ethereum, and Chainlink, whose trend reversals will have a fairly accurate estimate on the direction of the crypto market.

Technical analyst Crypto Michael indicates the following price movement for all three coins as telltale signs for predicting the crypto market’s performance in the next few days.

Bitcoin’s price has been rejected at both the $11,900 and $11,800 resistance levels, dropping down to the most essential level to hold at $11,300.

If bitcoin’s price falls below the $11,200 and $11,300 support levels which served as a critical sentimental mark when it was breaking out above $11,000, the price could further plummet to $10,800.

This will most likely be followed by a few rejections up at $11,300 to create hoping lower lows until a full market bottom is confirmed. The reversal will potentially shoot Bitcoin’s price up above $11,900, ready to regain higher levels above $12,000.

At the time of writing this, Bitcoin is up 1.24% trading sideways near $11,400 for the past 24 hours, with its next key resistance levels at $11,600 and $11,800.

Ethereum dropped from $440 down to a crucial support area at $363 to $375. ETH’s failure to hold this level could lead to a further drop to the next support level at $320 to $310.

The price has recovered well above the support area after gaining 1.2% trading at $387. ETH will likely retest the $400 level a few times with the next two key resistance levels at $415 and $430.

However, failure to hold above $300 could land ETH at the $290 level, which is considered a healthy trend that traders are anticipating to buy the dip in bulk.

“The majority of people were looking for dips, and now we’re getting dips, and I only see fear all across social media, and I think these dips are essentially there to buy.”

LINK is looking good, currently up 5.94% to trade at $15, and facing its next resistance level at $16, with a support area down at $14.

Meanwhile, altcoins with the lowest market caps have shed the heaviest as BTC’s falling prices lead to more liquidation from other long positions as data from Santiment shows.

“Today’s $crypto market dump indicates that low market cap #altcoins are being punished hardest. The top 100 # blockchains are down a median of -7.7% and $BTC, as has historically been the case, is holding up relatively well.”

Source: cryptomoneyteam.co

Author: By TeamMMG


Filecoin tests pave way for Ethereum fee restructure

Filecoin tests pave way for Ethereum fee restructure

A long anticipated Ethereum Improvement Proposal (EIP) which aims to tackle high network fees is currently being tested on the Filecoin network.

A proposal to change Ethereum’s fee structure has been in the pipeline since first being suggested in April 2019. A surge in network fees in recent months has brought the spotlight back on to EIP 1559, and it is being trialled on the digital storage platform Filecoin.

Ethereum co-founder, Vitalik Buterin, tweeted an update as more information and research is piled into the proposed upgrade.

In case you missed it: recent writing on fee market reform (EIP 1559)

* My FAQ: https://t.co/E9JvIUkazS
* @MicahZoltu on safety: https://t.co/uNOEqSDNxV
* @bluepintail on fairness: https://t.co/bJYJSR1b0o

Oh and it seems to be working great on filecoin:https://t.co/sgWLPF1VXg

— vitalik.eth (@VitalikButerin) August 26, 2020

What cryptocurrency will become the main one in a year?
BitcoinEthereum

Filecoin software engineer, Jeromy Johnson, said the EIP code ‘appears to be doing its job’ on an ongoing test on the network. He added that there had been a couple of spikes in “base fee”, which is the new network fee architecture, but there was very little delay in messages making it into the chain.

Filecoin is a decentralized storage platform that is in the testnet phase. It has targeted September for the mainnet launch according to its August progress update. Sharing technology with Ethereum makes it a good testbed for EIP 1559.

On August 22, PegaSys developer Tim Beiko tweeted that two Ethereum clients are currently privately testing the code, Vulcanize’s geth fork and Besu. He added that he would personally like to see EIP 1559 implemented on a network with a large state, such as Ropsten, to see if larger blocks are an issue.

The proposal introduces the ‘base fee’ mechanism that dynamically adjusts fees based on the current network congestion levels. Currently, Ethereum network fees are calculated in an auction-type system where users ‘bid’ how much they’re willing to pay to have their transaction picked up by a miner. Naturally, the miners prioritize the higher bids first which leads to congestion and high gas prices under heavy load.

Under the new proposal, if the blockchain is more than 50% utilized then the base fee increases automatically, but if it is under 50% utilized, then it would decrease. Ethereum users would still be able to ‘jump the queue’ by paying a ‘tip’ on top of the base fee. All of the fees in ETH that are paid via the base fee are burnt and only the ‘tip’ is paid to miners.

The maximum difference in base fee from block to block would then be predictable because these increments are constrained. This would then allow wallets and dApps to automatically set the gas fees for users more reliably rather than simply estimate them.

It may be a while before EIP 1559 is rolled out on the Ethereum mainnet however. ETHhub founder Anthony Sassano predicted at least 6-12 months in his Daily Gwei newsletter on August 24.

Source: otcpm24.com

Author: News Bureau


EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 28th, 2020


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