EOS & Ethereum Daily Tech Analysis –12/09/19

EOS

EOS fell by 0.49% on Wednesday. Following on from a 2.49% fall from Tuesday, EOS ended the day at $3.7614.

A bullish start to the day saw EOS rise to an early morning intraday high $3.8227 before hitting reverse.

Falling short of the first major resistance level at $3.9163, EOS slid to a late afternoon intraday low $3.6503.

The pull-back saw EOS slide through the first major support level at $3.6559 before finding support from the broader market.

A partial recovery to $3.7 levels, late on, reduced the deficit on the day.

While up by 5.23% for the current week, the extended bearish trend formed back at April 2018’s swing hi $23.03, remained firmly intact. EOS continued to fall short of the 23.6% FIB of $6.62 following a pullback from $8.65 levels in late June.

At the time of writing, EOS was down by 1.79% to $3.6941. Bearish through the morning, EOS fell from an early morning high $3.7801 to a low $3.6899 before finding support.

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

For the day ahead

EOS would need to move back through to $3.7450 levels to support another run at $3.8 levels later in the day.

EOS would need the support of the broader market, however, to break out from this morning’s high $3.7801.

Barring a broad-based crypto rebound, EOS would likely come up short of the first major resistance level at $3.8393.

Failure to recover to $3.745 levels could see EOS slide deeper into the red. A fall through the morning low $3.6899  to $3.6700 levels would bring the first major support level at $3.6669 into play.

Barring a crypto meltdown, however, EOS should continue to steer clear of sub-$3.6 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $3.6669

Major Resistance Level: $3.8393

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 0.75% on Wednesday. Following on from a 0.55% decline on Tuesday, Ethereum ended the day at $178.3.

Tracking the…

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