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Ethereum and Stellar’s Lumen Daily Tech Analysis – 27/11/19

Bob Mason

Ethereum

Ethereum rose by 1.14% on Tuesday. Following on from a 4.15% rally on Monday, Ethereum ended the day at $147.83.

A bullish start to the day saw Ethereum rise to an early morning intraday high $149.90 before hitting reverse.

Falling well short of the first major resistance level at $154.47, Ethereum fell to a late morning intraday low $143.57.

Steering clear of the first major support level at $134.58, Ethereum bounced back to $148 levels late in the day before easing back.

In spite of the final hour pullback, Ethereum managed to hold onto gains from early in the day.

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 2.27% to $144.48. A mixed start to the day saw Ethereum rise to an early morning high $148.80 before sliding to a low $143.80.

Coming up short of the major resistance levels, Ethereum fell through the first major support level at $144.30 early on.

For the day ahead

Ethereum would need to move back through to $147 levels to bring the first major resistance level at $150.63 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $149.90.

Barring a broad-based crypto rebound, Ethereum would likely come up short of $150 levels for a 2nd consecutive day.

Failure to move back through to $147 levels could see Ethereum fall deeper into the red. A fall back through the first major support level would bring $143 levels back into play before any recovery.

Barring an extended sell-off through the day, however, Ethereum should steer clear of the second major support level at $140.77.

Looking at the Technical Indicators

Major Support Level: $144.30

Major Resistance Level: $150.63

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen fell by 0.17% on Tuesday. Partially reversing a 3.22% gain from Monday, Stellar’s Lumen ended the day at $0.05730.

A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.058318 before hitting reverse.

Falling short of the first major resistance level at $0.06050, Stellar’s Lumen fell to a late morning intraday low $0.056145.

In spite of the reversal, Stellar’s Lumen steered clear of the first major support level at $0.0546.

Finding support through the late morning, Stellar’s Lumen moved back through to $0.0576 levels before falling back into the red.

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 0.25% to $0.057441. Bucking the trend early on, Stellar’s Lumen rose from an end of Tuesday $0.0573 to a morning high $0.057441.

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

For the day ahead

Stellar’s Lumen would need to steer clear of sub-$0.0573 levels to support a run at the first major resistance level at $0.0584.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Tuesday’s high $0.058318.

Barring a broad-based crypto rebound, resistance at $0.0580 would likely limit any upside on the day.

Failure to steer clear of sub-$0.0573 levels could see Stellar’s Lumen slide into the deep red.

A fall through to sub-$0.057 levels would bring the first major support level at $0.0562 into play before any recovery.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.056 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.05620

Major Resistance Level: $0.05840

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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