Ethereum Daily Tech Analysis – 28/08/19

Key Highlights

• Ethereum fell by 0.7% on Tuesday. Partially reversing a 0.91% gain from Monday, Ethereum ended the day at $186.94.
• An early afternoon intraday high $189 saw Ethereum fall well short of the first major resistance level at $193.22.
• A late intraday low $184.33 saw Ethereum fall through the first major support level at $184.45.
• The extended bearish trend, formed at late April 2018’s swing hi $828.97, remained firmly intact. The reversal from June’s current year high $364.49 back through the 23.6% FIB of $257 reaffirmed the extended bearish trend.

Ethereum Price Support

Ethereum fell by 0.7% on Tuesday. Partially reversing a 0.91% gain from Monday, Ethereum ended the day at $186.94.

A choppy morning saw Ethereum fall from an early morning high $188.37 to an early low $184.47.

Finding support at the first major support level at $184.45, Ethereum rallied to an early afternoon intraday high $189.0

Falling short of $190 levels and the first major resistance level at $193.22, Ethereum slid to a late intraday low $184.33.

Ethereum tested the first major support level at $184.45 for a second time before closing out the day at $186 levels.

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 0.15% to $186.66. Another choppy start to the day saw Ethereum slide from an early morning high $187.10 to a low $183.83.

The reversal saw Ethereum fall through the first major support level at $184.51 before bouncing back to $186 levels. Ethereum fell short of the first major resistance level at $189.18 at the start of the day

For the day ahead

Ethereum would need to move through to $186.80 levels to support a run at the first major resistance level at $189.18.

Support from the broader market would be needed, however, for Ethereum to break out from $187 levels.

In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $191.42 before any pullback.

Failure to move through to $186.80 levels could see Ethereum take another hit later in the day.

A fall back through the first major support level at $184.51 to $183 levels would bring the second major support level at $182.09 into play.

Barring a  crypto meltdown, however, we would expect Ethereum to steer clear of sub-$180 levels on the day.

Looking at the Technical Indicators

Major Support Level: $184.51

Major Resistance Level: $189.18

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