Ethereum & Monero’s XMR Daily Tech Analysis – 22/08/19

It’back in the red for 2 of the biggest crypto losers on Wednesday. Failure to recover to key levels would lead to another day of heavy losses.
Bob Mason
Bitcoin coin on white keyboard

Ethereum and Monero’s XMR were amongst the worst-performing top 10 crypto’s on Wednesday…

Ethereum

Key Highlights

  • Ethereum slid by 4.68% on Wednesday. Following on from a 2.85% fall on Tuesday, Ethereum ended the day at $187.37.
  • An early morning intraday high $197.17 saw Ethereum fall well short of the first major resistance level at $201.41.
  • A mid-day intraday low $180 saw Ethereum fall through the major support levels of the day.
  • 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 slid by 4.68% on Wednesday. Following on from a 2.85% fall from Tuesday, Ethereum ended the day at $187.37.

A particularly bearish morning saw Ethereum slide from an early intraday high $197.17 to a mid-day intraday low $180.

The sell-off saw Ethereum slide through the major support levels of the day.

Finding support at $180, Ethereum managed to break back through the third major support level at $181.38 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 down by 1.75% to $184.09. Tracking the broader market, Ethereum fell from an early morning high $190.1 to a low $182.53.

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

For the day ahead

Ethereum would need to move back through to $188 levels to take a run at the first major resistance level at $196.36.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $190.1.

Barring a broad-based crypto rebound, Ethereum would likely come up short of $190 levels on the day.

Failure to move back through to $188 levels would see Ethereum see another day in the red. A fall back through the morning low $182.53 would bring the first major support level at $179.19 into play.

Barring another crypto meltdown, Ethereum should steer clear of sub-$170 levels. The second major support level at $171 would likely limit any downside.

Looking at the Technical Indicators

Major Support Level: $179.19

Major Resistance Level: $196.36

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Monero’s XMR

Key Highlights

  • Monero’s XMR tumbled by 6.11% on Wednesday. Following on from a 4.71% slide on Tuesday, Monero’s XMR ended the day at $80.65.
  • An early morning intraday high $86.41 saw Monero’s XMR fall well short of the first major resistance level at $89.74.
  • An early afternoon intraday low $79 saw Monero’s XMR fall through the first major support level at $83.24 and second major support level at $80.59.
  • The extended bearish trend, formed at late April 2018’s swing hi $298, remained firmly intact. The July reversal through the 23.6% FIB of $99 reaffirmed the extended bearish.

 

Monero’s XMR Price Support

Monero’s XMR tumbled by 6.11% on Wednesday. Following on from a 4.71% slide on Tuesday, Monero’s XMR ended the day at $80.65.

A particularly bearish morning saw Monero’s XMR slide from an early intraday high $86.41 to an early afternoon intraday low $79.

The sell-off saw Monero’s XMR fell through the first major support level at $83.24 and second major support level at $80.59.

Finding support at sub-$80, Monero’s XMR managed to briefly visit $82 levels before falling back to $80 levels.

For Monero’s XMR, the extended bearish trend formed at late April 2018’s swing hi $298 remained intact. The July fall back through the 23.6% FIB of $99, reaffirmed the extended bearish trend, following 15th December’s swing lo $37.18.

At the time of writing, Monero’s XMR was down by 1.92% to $79.1. Another bearish start to the day saw Monero’s XMR slide from a morning high $80.97 to a low $78.6 before finding support.

Monero’s XMR left the major support and resistance levels untested early on.

For the day ahead

Monero’s XMR would need to move through to $82 levels to take a run at the first major resistance level at $85.04.

Support from the broader market would be needed, however, for Monero’s XMR to break out from $83 levels.

Barring a broad-based crypto rebound, Monero’s XMR will likely struggle to break out from $82 levels.

Failure to move back through to $82 levels could Monero’s XMR struggle through the day.

A slide back through the morning low $78.6 would bring the first major support level at $77.63 into play.

Barring another crypto meltdown, Monero’s XMR should steer clear of sub-$76 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $77.63

Major Resistance Level: $85.04

23.6% FIB Retracement Level: $99

38.2% FIB Retracement Level: $137

62% FIB Retracement Level: $198

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

Thanks, Bob

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