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

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It’s a mixed start to the day for the majors. Failure to move through key levels could pressure the pair further as the day progresses.

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.

For the day ahead

Monero’s XMR would need to move back through the morning high $74.48 to support another run at the first major resistance level at $75.4.

Support from the broader market would be needed, however, for Monero’s XMR to break out from Wednesday’s high $74.97.

Barring a broad-based crypto rally, the first major resistance level at $75.4 would likely cap any upside.

In the event of a breakout, Monero’s XMR would target the second major resistance level at $76.8 before any pullback.

Failure to move back through the morning high could see Monero’s XMR spend another day in the red.

A fall through the morning low $73.55 would bring the first major support level at $72.17 into play.

Barring a broad-based crypto sell-off, Monero’s XMR should continue to steer clear of sub-$71 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $72.17

Major Resistance Level: $75.4

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