Ethereum and Stellar’s Lumen Daily Tech Analysis – 09/10/19

Bob Mason
0
In this article:

Ethereum

Ethereum rose by 0.29% on Tuesday. Following on from a 5.92% rally on Monday, Ethereum ended the day at $180.82.

A bullish start to the day saw Ethereum rally to an early morning intraday high $185.3 before hitting reverse.

Ethereum came up against the first major resistance level at $185.64 before sliding to a late intraday low $177.42.

Steering well clear of the first major support level at $171.75, Ethereum recovered to $180 levels to end the day in the green.

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 0.24% to $181.15. A bullish start to the day saw Ethereum rise from an early morning low $180.73 to a high $182.54.

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

For the day ahead

Ethereum would need to hold onto $181 levels to support another run at the first major resistance level at $184.94.

Support from the broader market would be needed, however, for Ethereum to break through to $183 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $185.3 should cap any upside.

Failure to hold onto $181 levels could see Ethereum hit reverse. A fall through to sub-$180 levels would bring the first major support level at $177.06 into play.

Barring a broad-based crypto sell-off, however, we would expect Ethereum to steer clear of the second major support level at $173.30.

Looking at the Technical Indicators

Major Support Level: $177.06

Major Resistance Level: $184.94

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen slipped by 0.41% on Tuesday. Partially reversing 7.87% rally on Monday, Stellar’s Lumen ended the day at $0.062087.

Tracking the broader market, Stellar’s Lumen rallied to an early morning intraday high $0.064129.

Falling short of the first major resistance level at $0.06480, Stellar’s Lumen slid to a late intraday low $0.060934.

Stellar’s Lumen came within range of the first major support level at $0.0593 before finding support.

A late recovery to $0.062 levels limited the downside on the day.

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 0.41% to $0.062344. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.062152 to a high $0.062630.

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

For the day ahead

Stellar’s Lumen would need to move back through to $0.06240 levels to support a run at the first major resistance level at $0.0638.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.0630 levels.

Barring a broad-based crypto rally, resistance at $0.0630 would likely limit any upside on the day.

Failure to move back through to $0.06240 levels could see Stellar’s Lumen hit reverse. A fall through the morning low $0.062152 would bring $0.0610 levels into play before any recovery.

Barring a crypto meltdown, we would expect the first major support level at $0.06060 to limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.06060

Major Resistance Level: $0.06380

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:

Advertisement

Recommended Stories