EOS & Ethereum Daily Tech Analysis –16/09/19

EOS

EOS rose by 1.04% on Sunday. Following on from an 8.26% rally on Saturday, EOS ended the week up 7.81% at $4.0849.

A mixed start to the day saw EOS fall to an early morning intraday low $4.02. Steering well clear of the first major support level at $3.7937, EOS rallied to a late morning intraday high $4.1624.

Falling short of the first major resistance level at $4.2075, EOS slid back to an early afternoon low $4.022.

Finding support late in the day, EOS moved back into the green to buck the trend on the day.

In spite of a particularly bullish 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.

At the time of writing, EOS was up by 0.6% to $4.1093. A bullish start to the morning saw EOS rise from an early morning low $4.0843 to a high $4.1304.

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

For the day ahead

EOS would need to steer clear of sub-$4.10 levels to support another run at the first major resistance level at $4.1582.

Following last week’s gains, EOS would need the support of the broader market, however, to break out from the morning high $4.1304.

Barring a broad-based crypto rally, Sunday’s high $4.1624 and first major resistance level at $4.1582 would likely limit any upside.

Failure to steer clear of sub-$4.10 levels could see EOS test the first major support level at $4.0158 before any recovery.

Barring a crypto meltdown, EIS should steer clear sub-$4.00 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $4.0158

Major Resistance Level: $4.1582

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum rose by 0.22% on Sunday. Following on from a 3.96% gain from Saturday, Ethereum ended the week up 4.26% at $189.30.

A choppy start to the day saw Ethereum strike an early morning intraday high $190.99 before hitting reverse.

Falling short of the first major resistance level at $191.98, Ethereum slid to an early morning intraday low $186.3.

Holding well above the first major support level at $183.06, Ethereum revisited $190 levels for the second time in the day.

Resistance at $190 proved to be too great on the day, with a 3^rd visit late on seeing Ethereum fail to break out to $191 levels.

Finding support late in the day, Ethereum managed to close out the day in the green.

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 1.56% to $192.26. A particularly bullish start to the day saw Ethereum rally from a morning low $189.31 to a high $193 before easing back.

The early rally saw Ethereum break through the first major resistance level at $191.43 to come within range of the second major resistance level at $193.55.

Ethereum steered well clear of the first major support level at $186.74 early on.

For the day ahead

Ethereum would need to hold above the first major resistance level at $191.43 to support another move through to $193 levels.

Support from the broader market would be needed, however, for Ethereum to take a run at the second major resistance level at $193.55.

In the event of an extended rally through the day, the third major resistance level at $198.24 could come into play.

Failure to hold above the first major resistance level could see a pullback to sub-$190 levels. A fall through to $188 levels would bring the first major support level at $186.73 into play before any recovery.

Barring a crypto meltdown, Ethereum should steer clear of sub-$186 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $186.74

Major Resistance Level: $191.43

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