Yahoo Finance Ethereum & Monero’s XMR Daily Tech Analysis – 05/09/19
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
This article was originally posted on FX Empire
