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Ethereum and Stellar’s Lumen Daily Tech Analysis – 30/10/19

Bob Mason

Ethereum

Ethereum rallied by 4.98% on Tuesday. Reversing a 1.25% fall from Monday, Ethereum ended the day at $191.1.

Bullish through the day, Ethereum rallied from an early morning intraday low $181.72 to a late morning high $189.19.

Steering clear of the major support levels, Ethereum broke through the first major resistance level at $187.68.

A pullback to sub-$185 levels was short-lived, with a late rally seeing Ethereum strike an intraday high $193.41.

Breaking back through the first major resistance level, Ethereum came up against the second major resistance level at $193.34 before easing back.

It was Ethereum’s first hold onto $190 levels since 10th October.

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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 0.21% to $190.69. A bearish start to the day saw Ethereum fall from an early morning high $192.2 to a low $188.48 before finding support.

Ethereum left the major support and resistance untested early on.

[fx-image src=https://www.tradingview.com/x/pWdM0ZWj/ originalWidth=761 ratio=1.23 data-zoom-target=https://www.tradingview.com/x/pWdM0ZWj/]

For the day ahead

Ethereum would need to hold onto $190 levels to support a run at the first major resistance level at $195.77.

Support from the broader market would be needed, however, for Ethereum to breakout from Tuesday’s high $193.41.

In the event of a broad-based crypto rebound, Ethereum could test the second major resistance level at $200.43.

Failure to hold onto $190 levels could see Ethereum slide deeper into the red. A fall through to sub-$188.8 levels would bring the first major support level at $183.08 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$180 levels on the day.

Looking at the Technical Indicators

Major Support Level: $184.08

Major Resistance Level: $195.77

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 2.18% on Tuesday. Reversing a 1.16% fall from Monday, Stellar’s Lumen ended the day at $0.06670.

Another particularly bullish start to the day saw Stellar’s Lumen rise from an early intraday low $0.06505 to a mid-day intraday high $0.07030.

Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.0677.

Coming up against the second major resistance level at $0.0709, Stellar’s Lumen slid back to $0.065 levels before finding support.

Finding support from the broader market, Stellar’s Lumen recovered to $0.066 levels to end the day in the green.

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 down by 0.15% to $0.06660. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.67176 to a low $0.06656.

Stellar’s Lumen left the major support and resistance levels untested early on.

[fx-image src=https://www.tradingview.com/x/bVuCvZSz/ originalWidth=761 ratio=1.23 data-zoom-target=https://www.tradingview.com/x/bVuCvZSz/]

For the day ahead

Stellar’s Lumen would need to move back through to $0.06730 levels to support a run at the first major resistance level at $0.0697.

Support from the border market would be needed, however, for Stellar’s Lumen to break out from $0.067 levels.

Barring another broad-based crypto rally on the day, Stellar’s Lumen would likely come up short of Tuesday’s high $0.0703.

Failure to move back through to $0.06730 levels could see Stellar’s Lumen spend the day in the red. A pullback through to $0.065 levels would bring the first major support level at $0.0644 into play.

Barring a broad-based crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.066 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.0644

Major Resistance Level: $0.0697

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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