EOS & Ethereum Daily Tech Analysis –11/09/19
EOS
EOS slid by 2.49% on Tuesday. Reversing a 2.39% gain from Monday, EOS ended the day at $3.7826.
A bullish start to the day saw EOS rise to an early morning intraday high $3.9233 before hitting reverse.
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Falling short of the first major resistance level at $4.0233, EOS slid to an early evening intraday low $36.629.
The reversal saw EOS fall through the first major support level at $3.6797. EOS found late support from the broader market to limit the downside on the day.
In spite of the last week’s gains and a bullish start to the week, the extended bearish trend formed back at April 2018’s swing hi $23.03, remained firmly intact. EOS continued to fall short of the 23.6% FIB of $6.62 following a pullback from $8.65 levels in late June.
For the current week, EOS was up by 5.82%.
At the time of writing, EOS was down by 0.79% to $3.7527. A relatively bullish start to the day saw EOS rise to an early morning high $3.8227 before falling to a low $3.7168.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through to $3.79 levels to bring the first major resistance level at $3.9163 into play.
EOS would need the support of the broader market, however, to break out from this morning’s high $3.8227.
Barring an extended crypto rally through the day, the first major resistance level and Tuesday’s high $3.9233 would likely limit any upside on the day.
Failure to move through to $3.79 levels could see EOS slide deeper into the red.
A fall back through the morning low $3.7168 to sub-$3.7 levels would bring the first major support level at $3.6559 into play.
Barring a crypto meltdown, EOS should steer clear of sub-$3.6 levels on the day.
Looking at the Technical Indicators
Major Support Level: $3.6559
Major Resistance Level: $3.9163
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum fell by 0.55% on Tuesday. Following on from a 0.51% decline on Monday, Ethereum ended the day at $179.64.
A particularly bullish start to the day saw Ethereum rally to an early morning intraday high $184.55.
Falling short of the first major resistance level at $185.72, Ethereum slid to an early evening intraday low $176.6.
Despite the extended sell-off through the day, Ethereum steered clear of the first major support level at $175.83.
Finding support late on, Ethereum moved back through to $179 levels to cut the deficit on the day.
The extended bearish trend, formed at late April 2018’s swing hi $828.97, remained firmly intact. A reversal from June’s current year high $364.49 back through the 23.6% FIB of $257 reaffirmed the extended bearish trend.
At the time of writing, Ethereum was up by 0.07% to $179.76. Another bullish start to the day saw Ethereum rise to an early morning high $182.49 before falling to a low $179.08.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through to $180 levels to support another run at the first major resistance level at $183.93.
Support from the broader market would be needed, however, for Ethereum to break out from the morning high $182.49.
Barring a broad-based crypto rebound, Ethereum would likely come up short of $184 levels struck on Tuesday.
In the event of an extended crypto rally, the second major resistance level at $188.21 could come into play before any pullback.
Failure to move back through to $180 levels could see Ethereum slide back into the red.
A fall through the morning low $179.08 to $178 levels would bring the first major support level at $175.98 into play
Barring a crypto meltdown, however, Ethereum should steer clear of sub-$175 support levels on the day.
Looking at the Technical Indicators
Major Support Level: $175.98
Major Resistance Level: $183.93
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
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Thanks, Bob