Ethereum and Stellar’s Lumen Daily Tech Analysis – 28/10/19
Ethereum
Ethereum rose by 2.44% on Sunday. Reversing a 0.90% fall from Saturday, Ethereum ended the week up 5.08% at $184.41.
A mixed start to the day saw Ethereum fall to an early morning intraday low $176.84 before making a move.
Steering clear of the first major support level at $169.43, Ethereum rallied to an early evening intraday high $189.18.
Falling short of the first major resistance level at $195.07, Ethereum eased back to $183 levels before closing out the day at $184.
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 up by 0.34% to $185.03. A choppy start to the day saw Ethereum rose to an early morning high $190 before falling to a low $183.15.
While steering clear of the major support levels, Ethereum came up against the first major resistance level at $190.11.
[fx-image src=https://www.tradingview.com/x/kC5uH7uE/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/kC5uH7uE/]
For the day ahead
Ethereum would steer clear of sub-$184 levels to support another run at the first major resistance level at $190.11.
Support from the broader market would be needed, however, for Ethereum to break back through to $190 levels.
Barring an extended rally through the day, the first major resistance level would likely cap any upside.
Failure to steer clear of sub-$184 levels could see Ethereum pullback through to sub-$180 levels before any recovery.
Barring a broad-based crypto sell-off, however, Ethereum should steer clear of the first major support level at $177.77.
Looking at the Technical Indicators
Major Support Level: $177.77
Major Resistance Level: $190.11
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 3.18% on Sunday. Reversing a 2.48% fall from Saturday, Stellar’s Lumen ended the week up 3.28% at $0.6516.
Tracking the broader market, Stellar’s Lumen fell to an early morning intraday low $0.06216 before finding support.
Holding above the first major support level at $0.0594, Stellar’s Lumen rallied to a late afternoon intraday high $0.06585.
Falling short of the first major resistance level at $0.0669, Stellar’s Lumen fell back to $0.064 levels before closing out the day at $0.065.
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 2.78% to $0.06697. A bullish start to the day saw Stellar’s Lumen rally from an early morning low $0.06533 to a high $0.06898.
Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.0666 and the second major resistance level at $0.0681.
[fx-image src=https://www.tradingview.com/x/YwRtqdUy/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/YwRtqdUy/]
For the day ahead
Stellar’s Lumen would need to hold above the first major resistance level at $0.0666 to support another run at $0.068 levels.
Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.067 levels.
Barring an extended rally through the day, Stellar’s Lumen would likely come up short of $0.068 levels.
Failure to hold above the first major resistance level could see Stellar’s Lumen hit reverse. A fall through to sub-$0.06440 levels would bring the first major support level at $0.0629 into play.
Barring a broad-based crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.065 levels on the day.
Looking at the Technical Indicators
Major Support Level: $0.0629
Major Resistance Level: $0.0666
23.6% FIB Retracement Level: $0.1114
38% FIB Retracement Level: $0.1484
62% FIB Retracement Level: $0.2082
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Thanks, Bob
This article was originally posted on FX Empire