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EOS & Ethereum Daily Tech Analysis –11/09/19

By:
Bob Mason
Published: Sep 11, 2019, 04:09 UTC

It's a mixed start to the day for the pair. A move back through early highs would signal a breakout later in the day.

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

EOS

EOS slid by 2.49% on Tuesday. Reversing a 2.39% gain from Monday, EOS ended the day at $3.7826.

A bullish start to the day saw EOS rise to an early morning intraday high $3.9233 before hitting reverse.

Falling short of the first major resistance level at $4.0233, EOS slid to an early evening intraday low $36.629.

The reversal saw EOS fall through the first major support level at $3.6797. EOS found late support from the broader market to limit the downside on the day.

In spite of the last week’s gains and a bullish start to the week, 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.

For the current week, EOS was up by 5.82%.

At the time of writing, EOS was down by 0.79% to $3.7527. A relatively bullish start to the day saw EOS rise to an early morning high $3.8227 before falling to a low $3.7168.

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

EOS/USD 11/09/19 Daily Chart

For the day ahead

EOS would need to move through to $3.79 levels to bring the first major resistance level at $3.9163 into play.

EOS would need the support of the broader market, however, to break out from this morning’s high $3.8227.

Barring an extended crypto rally through the day, the first major resistance level and Tuesday’s high $3.9233 would likely limit any upside on the day.

Failure to move through to $3.79 levels could see EOS slide deeper into the red.

A fall back through the morning low $3.7168 to sub-$3.7 levels would bring the first major support level at $3.6559 into play.

Barring a crypto meltdown, EOS should steer clear of sub-$3.6 levels on the day.

Looking at the Technical Indicators

Major Support Level: $3.6559

Major Resistance Level: $3.9163

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 0.55% on Tuesday. Following on from a 0.51% decline on Monday, Ethereum ended the day at $179.64.

A particularly bullish start to the day saw Ethereum rally to an early morning intraday high $184.55.

Falling short of the first major resistance level at $185.72, Ethereum slid to an early evening intraday low $176.6.

Despite the extended sell-off through the day, Ethereum steered clear of the first major support level at $175.83.

Finding support late on, Ethereum moved back through to $179 levels to cut the deficit on the day.

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 0.07% to $179.76. Another bullish start to the day saw Ethereum rise to an early morning high $182.49 before falling to a low $179.08.

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

ETH/USD 11/09/19 Daily Chart

For the day ahead

Ethereum would need to move back through to $180 levels to support another run at the first major resistance level at $183.93.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $182.49.

Barring a broad-based crypto rebound, Ethereum would likely come up short of $184 levels struck on Tuesday.

In the event of an extended crypto rally, the second major resistance level at $188.21 could come into play before any pullback.

Failure to move back through to $180 levels could see Ethereum slide back into the red.

A fall through the morning low $179.08 to $178 levels would bring the first major support level at $175.98 into play

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$175 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $175.98

Major Resistance Level: $183.93

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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