Categories: Ethereum

Ethereum & Monero’s XMR Daily Tech Analysis – 05/09/19

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Ethereum

Ethereum slid by 2.38 on Wednesday. Reversing a 0.08% gain from Tuesday, Ethereum ended the day at $174.82.

A relatively bullish start to the day saw Ethereum strike an early morning high $180.33 before hitting reverse.

Coming up against the first major resistance level at $183.03, Ethereum fell to a late intraday low $173.29.

The reversal saw Ethereum fall through the first major support level at $175.02.

Finding support from the broader market, Ethereum closed out the day at $174 levels to limit the day’s loss.

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 down by 0.47% to $174.0. A relatively bearish start to the day saw Ethereum fall from an early morning high $174.95 to a low $173.75.

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

For the day ahead

Ethereum would need to move through the morning high $174.95 to $176 levels would support a run at the first major resistance level at $179.03.

Ethereum would need the support of the broader market, however, to break out from $176 levels later today.

Barring a broad-based crypto rally, Wednesday’s high $180.33 and first major resistance level would likely cap any upside.

Failure to move back through the morning high to $176 levels could see Ethereum struggle on the day.

A fall back through the morning low $173.75 to $172 levels would bring the first major support level at $171.96 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$170 support levels.

Looking at the Technical Indicators

Major Support Level: $171.96

Major Resistance Level: $179.00

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Monero’s XMR

Monero’s XMR fell by 1.21% on Wednesday. Partially reversing a 2.35% gain from Tuesday, Monero’s XMR ended the day at $74.00.

A bearish start to the day saw Monero’s XMR fall from an early morning intraday high $74.97 to an early afternoon intraday low $71.74.

The sell-off saw Monero’s XMR fall through the first major support level at $73.70 and second major support level at $72.13.

Steering clear of sub-$70 support levels, Monero’s XMR found strong support through the afternoon to wrap up the day at $74 levels. Monero’s XMR left the major resistance levels untested throughout the day.

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 up by 0.01% to $74.01. A mixed start to the day saw Monero’s XMR rise from an early morning low $73.55 to a high $74.48 before easing back.

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

Ethereum slid by 2.38 on Wednesday. Reversing a 0.08% gain from Tuesday, Ethereum ended the day at $174.82.

A relatively bullish start to the day saw Ethereum strike an […]

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