For the day ahead

Ethereum would need to move through the $380.40 pivot to support a run at the first major resistance level at $397.92.

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 Friday’s high $398.57 should cap any upside.

Failure to move through the $380.40 pivot would bring the 38.2% FIB and the first major support level at $362.23 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$360 levels. The second major support level sits at $344.71.

Looking at the Technical Indicators

First Major Support Level: $362.23

Pivot Level: $380.40

First Major Resistance Level: $397.92

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripple’s XRP

Ripple’s XRP slid by 2.87% on Friday. Following a 0.19% gain from Thursday, Ripple’s XRP ended the day at $0.29427.

A bullish start to the day saw Ripple’s XRP rally to a late morning intraday high $0.3100 before hitting reverse.

Ripple’s XRP came up against the first major resistance level at $0.3104 before sliding to a late afternoon intraday low $0.27742.

The reversal saw Ripple’s XRP fall through the first major support level at $0.2963 and the second major support level at $0.2897.

Late in the day, Ripple’s XRP briefly revisited $0.2963 levels before easing back into the deep red. The first major resistance level at $0.2963 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 0.37% to $0.29317. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.29430 to a low $0.29219.

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

(Excerpt) Read more Here | 2020-08-08 00:23:13
Image credit: source

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