Ethereum and Stellar’s Lumen Daily Tech Analysis – 21/10/19
Ethereum
Ethereum rallied by 2% on Sunday. Reversing a 0.5% decline on Saturday, Ethereum ended the week down by 3.11% to $175.49.
A bearish start to the day saw Ethereum fall to an early morning intraday low $169.11 before making a move.
Finding support at the first major support level at $169.37, Ethereum bounced back to a late intraday high $176.80.
Ethereum broke through the first major resistance level at $175.15 before easing back to $175 levels.
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 0.72% to $174.22. A mixed start to the day saw Ethereum fall to an early morning low $174.16 before striking a high $175.5.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through to $175 levels to bring the first major resistance level at $179.49 into play.
Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $176.8.
Barring a broad-based crypto rebound, Ethereum would likely come up short of $180 levels on the day.
Failure to move back through to $175 levels could see Ethereum fall deeper into the red.
A fall through to $173.80 levels would bring the first major support level at $170.80 into play.
Barring an extended sell-off through the day, Ethereum should steer clear of the second major support level at $166.11.
Looking at the Technical Indicators
Major Support Level: $170.80
Major Resistance Level: $178.49
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Stellar’s Lumen
Stellar’s Lumen rose by 1.61% on Sunday. Following on from a 4.6% gain on Saturday, Stellar’s Lumen ended the week up 2.75% to $0.063173.
Bullish through the day, Stellar’s Lumen rallied from an early morning intraday low $0.062172 to a late afternoon intraday high $0.064.
Steering clear of the major support levels, Stellar’s Lumen came up against the first major resistance level at $0.0638 before easing back.
The extended bearish trend remained firmly intact, reaffirmed by 24th September’s new swing lo $0.051614. Stellar’s Lumen continued to fall short of the 23.6% FIB of $0.1310 following a pullback from $0.13 levels in late June.
At the time of writing, Stellar’s Lumen was up by 0.1% to $0.063238. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.063066 to a high $0.063709.
Stellar’s Lumen left the major support and resistance levels untested early on.
For the day ahead
Stellar’s Lumen would need to hold onto $0.063 levels to support a run at the first major resistance level at $0.0641.
Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.063709.
Barring a broad-based crypto rebound, the first major support level and Sunday’s high $0.064 would likely limit any upside.
Failure to hold onto $0.063 levels could see Stellar’s Lumen hit reverse.
A fall through the morning low $0.063066 would bring the first major support level at $0.0622 into play.
Barring a broad-based crypto meltdown, however, Stellar’s Lumen should steer clear of the second major support level at $0.0613.
Looking at the Technical Indicators
Major Support Level: $0.06220
Major Resistance Level: $0.06410
23.6% FIB Retracement Level: $0.1114
38% FIB Retracement Level: $0.1484
62% FIB Retracement Level: $0.2082
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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