Categories: Ethereum

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

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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.

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 […]

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