Ethereum and Stellar’s Lumen Daily Tech Analysis – 31/10/19

Ethereum

Ethereum slid by 4% on Wednesday. Partially reversing a 4.98% rally from Tuesday, Ethereum ended the day at $183.38.

A bullish start to the day saw Ethereum rise to an early morning intraday high $192.2 before hitting reverse.

Falling short of the first major resistance level at $195.77, Ethereum slid to an early afternoon intraday low $180.05.

The reversal saw Ethereum fall through the first major support at $184.08 before finding support.

Steering clear of sub-$180, Ethereum moved back through the first major support level before falling back to close the day at $183 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 0.46% to $182.54. A bullish start to the day saw Ethereum rise to an early morning high $185.47 before falling to a low $181.23.

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

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

For the day ahead

Ethereum would need to move back through to $185.20 levels to support a run at the first major resistance level at $190.37.

Support from the broader market would be needed, however, for Ethereum to break back through to $190 levels

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $192.2 would likely limit any upside.

Failure to move back through to $185.20 levels could see Ethereum fall deeper into the red.

A fall back through to $181 levels would bring the first major support level at $178.22 into play.

Barring an extended sell-off through the day, however, Ethereum should steer clear of sub-$178 levels on the day.

Looking at the Technical Indicators

Major Support Level: $178.22

Major Resistance Level: $190.37

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen slid by 5.03% on Wednesday. Reversing a 2.18% gain from Tuesday, Stellar’s Lumen ended the day at $0.063702.

A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday low $0.067176 before hitting reverse.

Falling short of the first major resistance level at $0.06970, Stellar’s Lumen slid to a late afternoon intraday low $0.063129.

Stellar’s Lumen fell through the first major support level at $0.06440 before steadying.

In a relatively range-bound late part of the day, Stellar’s Lumen failed to break back through the first major support level.

The extended bearish trend remained firmly intact, reaffirmed by 24^th 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 0.2% to $0.063572. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.064778 before falling to a low $0.063230.

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

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

For the day ahead

Stellar’s Lumen would need to move back through to $0.06470 levels to support a run at $0.066 levels later in the day.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through the first major resistance level at $0.06620.

Barring a broad-based crypto rally through the day, Stellar’s Lumen would likely fall short of Wednesday’s high $0.067176.

Failure to move through to $0.06470 levels could see Stellar’s Lumen struggle throughout the day.

A fall back through the morning low $0.063230 would bring sub-$0.0630 levels into play before any recovery.

Barring an extended sell-off through the day, Stellar’s Lumen should steer clear of the first major support level at $0.06220.

Looking at the Technical Indicators

Major Support Level: $0.06220

Major Resistance Level: $0.06620

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

More From FXEMPIRE:

• Fed Cuts Rates but Hits Pause Button on Future Moves

• China Manufacturing Slumps; New Zealand Business Confidence Up; BOJ Holds Rates Steady

• Wait and See?

• USD/JPY Price Forecast – US Dollar Pressing Top Of Range

• Natural Gas Price Prediction – Prices Surge Ahead of EIA Data

• Powell Sees End to ‘Midcycle’ Adjustment; Policy ‘Likely to Remain Appropriate’