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Ethereum & Monero’s XMR Daily Tech Analysis – 04/09/19

Bob Mason

Ethereum

Ethereum rose by just 0.08% on Tuesday. Following a 4.37% rally on Monday, Ethereum ended the day at $178.96.

A particularly choppy morning saw Ethereum strike an early morning high $180.89 before hitting reverse.

Falling short of the first major resistance level at $183.54, Ethereum fell to a late morning intraday low $175.14.

In spite of the sell-off, Ethereum steered clear of the first major support level at $172.30.

Finding support from the broader market, Ethereum rallied to an early afternoon intraday high $183.15. Ethereum came up short of the first major resistance level at $183.54 before easing back to sub-$180 levels.

A late move through to $181 levels was short-lived, with Ethereum falling back to sub-$180 levels at the day end.

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 0.54% to $178.0. A mixed start to the day saw Ethereum rise to an early morning high $179.47 before falling to a low $177.37.

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

For the day ahead

Ethereum would need to move back through to $179 levels to take a run at the first major resistance level at $183.03.

Support from the broader market would be needed, however, for Ethereum to break through to $180 levels.

Barring a broad-based crypto rally, Tuesday’s high $183.15 and first major resistance level should cap any upside.

Failure to move back through to $179 levels could see Ethereum slide back through the morning low to S176 levels.

Barring an extended sell-off through the day, however, Ethereum should steer clear of the first major support level at $175.02.

Looking at the Technical Indicators

Major Support Level: $175.02

Major Resistance Level: $183.03

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Monero’s XMR

Monero’s XMR gained 2.35% on Tuesday. Following on from a 2.41% rise on Monday, Monero’s XMR ended the day at $75.26.

A relatively range-bound morning saw Monero’s XMR fall to a late morning intraday low $73.18 before finding support from the broader market.

Holding well above the first major support level at $70.71, Monero’s XMR rallied to an early afternoon intraday high $75.79.

Monero’s XMR came up against the first major resistance level at $75.51 before easing back to $74 levels.

A late move back through to $75 levels saw Monero’s XMR come within range of the first major resistance level at $75.51.

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 1.95% to $73.79. A bearish start to the day saw Monero’s XMR fall from an early morning high $74.97 to a low $73.61.

Steering clear of the major resistance levels, Monero’s XMR tested the first major support level at $73.7 early on.

For the day ahead

Monero’s XMR would need to move back through to $74.7 levels to take a run at the first major resistance level at $76.31.

Support from the broader market would be needed, however, for Monero’s XMR to break through Tuesday’s high $75.79.

Barring a broad-based crypto rebound, Monero’s XMR will likely struggle to break out from $74 levels.

Failure to move back through to $74.7 levels could see Monero’s XMR fall deeper into the red

A slide back through the first major support level at $73.7 would bring the second major support level at $72.13 into play.

Barring a crypto meltdown, however, Monero’s XMR should steer clear of sub-$70 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $73.70

Major Resistance Level: $76.31

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

This article was originally posted on FX Empire

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