EOS & Ethereum Daily Tech Analysis – 10/12/19

EOS

EOS slid by 3.16% on Monday. Following on from a 1.25% loss from last week, EOS ended the day at $2.6712.

A mixed start to the day saw EOS rise to an early morning intraday high $2.7673 before falling to a late morning low $2.7268.

EOS left the major support and resistance levels untested through the morning. Finding support from the broader market, EOS recovered to $2.76 levels in the early afternoon, before hitting reverse.

Falling well short of the major resistance levels, EOS tumbled to a late intraday low $2.6251.

The sell-off saw EOS slide through the first major support level at $2.7118 and the second major support level at $2.6652.

In spite of finding support late in the day, a failure to break back through the first major support level left EOS deep in the red on the day.

At the time of writing, EOS was up by 0.18% to $2.6759. A bearish start to the day saw EOS fall to an early morning low $2.6617 before striking a high $2.6851.

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

For the day ahead

EOS would need to move through to $2.6880 levels to support a run at the first major resistance level at $7.7502.

Support from the broader market would be needed, however, for EOS to break back through to $2.70 levels.

Barring a broad-based crypto rally, the first major resistance level would likely pin EOS Back on the day.

Failure to move through to $2.6880 levels could EOS slide back into the red.

A fall through the early morning low $2.6617 would bring the first major support level at $2.6080 into play.

Barring a crypto meltdown, however, EOS should steer clear of sub-$2.60 levels.

Looking at the Technical Indicators

Major Support Level: $2.6080

Major Resistance Level: $2.7502

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 2.25% on Monday. Following on from a 0.17% decline from last week and reversing a 2.22% rally from Sunday, Ethereum ended the day at $147.3.

Tracking the broader market, Ethereum rose to an early morning high $151.25 before falling to a late morning low $148.84.

Steering clear of the major support and resistance levels, Ethereum bounced back to an early afternoon intraday high $151.47.

Falling short of the first major resistance level at $153.0, Ethereum slid through to a late intraday low $146.69.

The sell-off saw Ethereum fall through the first major support level at $147.36 before finding support.

While failing to break back through the first major support level, the move through to $147 levels limited the downside.

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 0.22% to $146.98. A mixed start to the day saw Ethereum fall to an early morning low $146.29 before striking a high $148.22.

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

For the day ahead

Ethereum would need to move through to $148.50 levels to support a run at the first major resistance level at $150.28.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $148.22.

Barring a broad-based crypto rebound, resistance at $150 would likely limit any upside on the day.

Failure to move through to $148.50 levels could see Ethereum take another hit.

A fall through the morning low $146.29 would bring the first major support level at $145.50 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $143.71.

Looking at the Technical Indicators

Major Support Level: $145.50

Major Resistance Level: $150.28

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