EOS slid by 2.36% on Wednesday. Reversing a 1.09% gain from Tuesday, EOS ended the day at $2.4888.
Bearish from the start of the day, EOS fell from an early morning intraday high $2.5541 to an early afternoon intraday low $2.4580.
Steering clear of the resistance levels, EOS fell through the first major support level at $2.5025. A partial recovery to $2.50 levels late in the day was short-lived, with EOS closing out at sub-$2.50.
At the time of writing, EOS was up by 0.12% to $2.4919. A range-bound start to the day saw EOS rise from an early morning low $2.4833 to a high $2.4929.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move through to $2.50 levels to support a run at the first major resistance level at $2.5426.
Support from the broader market would be needed, however, for EOS to break back through to $2.50 levels.
Barring an extended broad-based crypto rally, the first major resistance level and Wednesday’s high $2.5541 would likely limit any upside on the day.
Failure to move through to $2.50 levels could see EOS hit reverse. A fall through the morning low $2.4833 would bring the first major support level at $2.4465 into play.
Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.4042.
Looking at the Technical Indicators
Major Support Level: $2.4465
Major Resistance Level: $2.5426
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum fell by 2.12% on Wednesday. Following on from a 0.03% decline on Tuesday, Ethereum ended the day at $124.96.
A bearish start to the day saw Ethereum fall from an early morning intraday high $127.77 to a mid-day intraday low $123.16.
Steering clear of the major resistance levels, Ethereum fell through the first major support level at $126.31 and second major support level at $124.90.
Finding support late in the day, Ethereum broke back through the second major support level to…