EOS & Ethereum Daily Tech Analysis – 17/09/19
EOS
EOS rose by 0.33% on Monday. Following on from a 7.81% rally from the previous week, EOS ended the day at $4.1007.
A particularly choppy day saw EOS rise to an early morning intraday high $4.1648. EOS broke through the first major resistance level at $4.1582 before hitting reverse.
Tracking the broader market, EOS slid to an early afternoon intraday low $3.9545. The sell-off saw EOS fall through the first major support level at $4.0158, whilst steering clear of the second major support level at $3.9467.
Finding support from the broader market, EOS bounced back to $4.1 levels late in the day to end the day in the green.
In spite of the upward trend, 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.
At the time of writing, EOS was down by 0.84% to $4.0661. A bearish start to the day saw EOS fall from a morning high $4.1009 to a low $4.0561.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move back through to $4.0750 levels to support a run at the first major resistance level at $4.1922.
Support from the broader market would be needed, however, for EOS to break out from Monday’s high $4.1648.
In the event of a broad-based crypto rally, a break out from $4.19 levels could bring the second major resistance level at $4.2836 into play.
Failure to move back through to $4.0750 levels would bring the first major support level at $3.9819 into play.
Barring an extended sell-off through the day, however, EOS should steer clear of sub-$3.90 support levels.
Looking at the Technical Indicators
Major Support Level: $3.9819
Major Resistance Level: $4.1922
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum
Ethereum rallied by 4.37% on Monday. Following on from last week’s 4.26% gain, Ethereum ended the day at $197.59.
Tracking the broader market, Ethereum rose to an early morning high $195.75. Ethereum broke through the first major resistance level at $191.43 and second major resistance level at $193.55.
Succumbing to market forces, Ethereum slid to an early afternoon intraday low $188.23 before finding support.
Steering clear of the first major support level at $186.74, Ethereum rallied to a late intraday high $199.55.
Ethereum broke through the major resistance levels of the day before easing back through the third major resistance level at $198.24.
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 0.23% to $198.05. A mixed start to the day saw Ethereum rise from an early morning low $197.57 to a high $199.22 before easing back.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through to $199 levels to support a run at the first major resistance level at $202.02.
Support from the broader market would be needed, however, for Ethereum to break through to $200 levels.
In the event of a broad-based crypto rally, a break out from $202 levels would bring the second major resistance level at $206.44 into play.
Failure to move back through to $199 levels could lead to a pullback later in the day. A fall through to $195 levels would bring the first major support level at $190.70 into play before any recovery.
Barring a broad-based crypto sell-off, Etherum should steer well clear of the second major support level at $183.80.
Looking at the Technical Indicators
Major Support Level: $190.70
Major Resistance Level: $202.02
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
