Categories: Ethereum

Ethereum & Monero’s XMR Daily Tech Analysis –02/09/19

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It’s a mixed start for the pair as Monero’s XMR gives up some of Sunday’s gains. A rally could be on the cards if the pair hold onto current levels.

Ethereum

Ethereum slipped by 0.35% on Sunday. Partially reversing a 2.07% gain from Saturday, Ethereum ended the day at $171.29.

A bullish start to the day saw Ethereum strike an early morning intraday high $173.98 before hitting reverse.

Falling well short of the first major resistance level at $176.12, Ethereum slid to a late afternoon intraday low $168.03.

In spite of the reversal, Ethereum held above the first major support level at $166.62.

Finding support from the broader market, Ethereum recovered to $170 levels late on to limit the downside on the day.

For the week, Ethereum fell by 7.83%, with a 7.6% tumble on Wednesday doing the damage.

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 0.2% to $171.64. A choppy start to the day saw Ethereum strike an early morning high $172 before falling to a low $170.54.

Steering clear of the major support and resistance levels, Ethereum moved back through to $171 levels and into the green.

For the day ahead

Ethereum would need to hold onto $171 levels to support a run at the first major resistance level at $174.17.

Support from the broader market would be needed, however, for Ethereum to break through Sunday’s high $173.98.

Barring a broad-based crypto rally, Ethereum would likely fall short of $175 levels for a 2nd consecutive day.

Failure to hold onto $171 levels could see Ethereum slide back into the red. A fall through the morning low $170.54 would bring the first major support level at $168.22 into play.

Barring a crypto meltdown, Ethereum should steer clear of sub-$167 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $168.22

Major Resistance Level: $174.17

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Monero’s XMR

Monero’s XMR rallied by 6.47% on Sunday. Reversing a 0.71% loss from Saturday with interest, Monero’s XMR ended the day at $71.74.

Range-bound through most of the day, Monero’s XMR eased from an early morning high $67.57 to a late afternoon intraday low $66.92.

In spite of the pullback, Monero’s XMR held above the first major support level at $66.35.

Finding support from the broader market, Monero’s XMR rallied to a late intraday high $74.59.

Monero’s XMR broke through the major resistance levels and held above the third major resistance level at $71.17 at the day end.

The Sunday rally reduced the losses for the week to 11.1% and returned Monero’s XMR to the crypto top 10 by market cap.

For Monero’s XMR, the extended bearish trend formed at late April 2018’s swing hi $298 remained intact. The July fall back through the 23.6% FIB of $99, reaffirmed the extended bearish trend, following 15th December’s swing lo $37.18.

At the time of writing, Monero’s XMR was down by 1.1% to $70.95. A bearish start to the day saw Monero’s XMR fall from an early morning high $71.84 to a low $70.70.

Monero’s XMR left the major support and resistance levels untested early on.

For the day ahead

Monero’s XMR would need to move back through to $71.1 levels to take a run at the first major resistance level at $75.25.

Support from the broader market would be needed, however, for Monero’s XMR to break through Sunday’s high $74.59.

Barring a broad-based crypto rebound, Monero’s XMR will likely struggle to break out from $72 levels.

Failure to move back through to $71.10 levels could Monero’s XMR see red through the day.

A slide back through the morning low $70.70 would bring sub-$70 levels back into play. Barring a crypto meltdown, however, Monero’s XMR should steer clear of the first major support level at $67.58.

Looking at the Technical Indicators

Major Support Level: $67.58

Major Resistance Level: $75.25

23.6% FIB Retracement Level: $99

38.2% FIB Retracement Level: $137

62% FIB Retracement Level: $198

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

Thanks, Bob

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

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