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

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 15^th 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