EOS, Ethereum and MATIC Daily Tech Analysis – 11/12/19

MATIC finds early support as the rest of the pack struggles in the early hours. A move through to key levels is needed to avoid more losses…
Bob Mason
Cryptocurrency Ethereum with One Dollar Bill as financial concept.

EOS

EOS fell by 2.04% on Tuesday. Following on from a 3.16% slide on Monday, EOS ended the day at $2.6161.

A range-bound start to the day saw EOS strike an early morning intraday high $2.6851 before falling back to a late morning low $2.6430.

Steering clear of the major support and resistance levels, EOS slid to a late afternoon intraday low $2.5762.

EOS fell through the first major support level at $2.6080 before finding support late in the day to close out at $2.61 levels.

At the time of writing, EOS was down by 0.1% to $2.6135. A mixed start saw EOS rise to an early morning high $2.6275 before falling to a low $2.6080.

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

For the day ahead

EOS would need to move back through to $2.6250 levels to support a run at the first major resistance level at $2.6742.

Support from the broader market would be needed, however, for EOS to break back through to $2.62 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 $2.6250 levels could EOS slide deeper into the red.

A fall through the early morning low $2.6080 would bring the first major support level at $2.5653 into play.

Barring a crypto meltdown, however, EOS should steer well clear of the second major support level at $2.5163.

Looking at the Technical Indicators

Major Support Level: $2.5653

Major Resistance Level: $2.6742

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.18% on Tuesday. Following on from a 2.25% decline on Monday, Ethereum ended the day at $145.54.

Tracking the broader market, Ethereum rose to an early morning high $148.22 before hitting reverse.

Falling short of the first major resistance level at $150.28, Ethereum slid through to a late intraday low $143.81.

The sell-off saw Ethereum fall through the first major support level at $145.50 before finding support.

Finding late support, Ethereum broke back through the first major support level ahead of the day end.

At the time of writing, Ethereum was up by 0.01% to $145.56. A mixed start to the day saw Ethereum rise to an early morning high $146.29 before falling to a low $144.98.

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

For the day ahead

Ethereum would need to move through to $145.90 levels to support a run at the first major resistance level at $147.90.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $146.29.

Barring a broad-based crypto rebound, resistance at $147 would likely limit any upside on the day.

Failure to move through to $145.90 levels could see Ethereum take another hit.

A fall through the morning low $144.98 would bring the first major support level at $143.49 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $141.45.

Looking at the Technical Indicators

Major Support Level: $143.49

Major Resistance Level: $147.90

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

MATIC Network’s MATIC

MATIC tumbled by 49.52% on Tuesday. Following on from a 17.38% slide on Monday, MATIC ended the day at $0.017246.

It was a particularly bearish start to the day. MATIC slid from an early morning intraday high $0.034856 to an early morning intraday low and swing lo $0.011187.

The meltdown saw MATIC slide through the day’s major support levels before finding support.

A move back through to $0.02 levels by mid-morning was short-lived, however, with MATIC wrapping up the day at sub-$0.02 levels.

Tuesday’s sell-off led to the formation of a near-term bearish trend formed at 9th December’s swing hi $0.042821

At the time of writing, MATIC was up by 2.82% to $0.017733. A mixed start to the day saw MATIC rise from an early morning low $0.016876 to a high $0.018541 before easing back.

Steering clear of the major support and resistance levels, MATIC came up against the 23.6% FIB of $0.0186 before falling back.

For the day ahead

MATIC would need to move through to $0.0211 levels to support a run at the first major resistance level at $0.0310.

Support from the broader market would be needed, however, for MATIC to break out from the 23.6% FIB of $0.01860.

Barring a broad-based crypto rebound, resistance at $0.02 would likely limit any upside on the day.

Failure to move through to $0.0211 levels could see MATIC reverse the early upside.

A fall through the morning low $0.016876 would bring the Tuesday’s low $0.011187 into play before any recovery.

Barring another meltdown, however, MATIC should steer clear of sub-$0.01 levels.

Looking at the Technical Indicators

Major Support Level: $0.0073

Major Resistance Level: $0.0310

23.6% FIB Retracement Level: $0.0186

38.2% FIB Retracement Level: $0.0233

62% FIB Retracement Level: $0.0307

Please let us know what you think in the comments below.

Thanks, Bob

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