Ethereum & Stellar’s Lumen Daily Tech Analysis – 24/09/19
Ethereum
Ethereum slid by 4.91% on Monday. Following on from a 1.75% fall on Sunday, Ethereum ended the day at $200.8.
A mixed start to the day saw Ethereum fall from an early morning intraday high $211.6 to an early afternoon low $203.51. Ethereum slid through the first major support level at $206.26 before recovering to $210 levels.
The recovery was short-lived, however, with Ethereum sliding to a late intraday low $198.18. Ethereum fell through the first major support level at $206.26 and second major support level at $201.43.
Finding support late on, Ethereum managed to recover to $200 levels to limit the downside on 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 up by 0.42% to $201.64. A mixed start to the day saw Ethereum fall to an early morning low $199.16 before striking an early high $202.72.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through to $203.50 levels to support a run at the first major resistance level at $208.87.
Support from the broader market would be needed, however, for Ethereum to break out from $205 levels.
Barring a broad-based crypto rally, the first major resistance level would likely pin Ethereum back from $210 levels.
Failure to move through to $203.50 levels could see Ethereum fall back into the red. A fall through Monday’s low $198.18 would bring the first major support level at $195.45 into play.
Barring a crypto meltdown, Ethereum should steer clear of the second major support level at $190.11.
Looking at the Technical Indicators
Major Support Level: $195.45
Major Resistance Level: $208.87
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 7.55% on Monday. Following on from a 2% fall on Sunday, Stellar’s Lumen ended the day at $0.063435.
A bearish start to the day saw Stellar’s Lumen slide from an early morning high $0.068895 to a mid-morning low $0.065250.
The reversal saw Stellar’s Lumen slide through the first major support level at $0.0668. Finding support at the second major support level at $0.0653, Stellar’s Lumen recovered to an early afternoon intraday high $0.06936.
In spite of the breakout, Stellar’s Lumen fell short of the first major resistance level at $0.0699.
The recovery was short-lived, however, with Stellar’s Lumen sliding to a late intraday low $0.063435. Stellar’s Lumen fell back through the first major support level at $0.0668 and second major support level at $0.0653.
The extended bearish trend remained firmly intact in spite of solid gains from last week. 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 1.02% to $0.06408. A choppy start to the day saw Stellar’s Lumen fall to an early morning low $0.062416 before striking a high $0.064343.
Stellar’s Lumen left the major support and resistance levels untested early on
For the day ahead
Stellar’s Lumen would need to move through to $0.06540 levels to support a run at the first major resistance level at $0.0674.
Support from the broader market would be needed, however, for Stellar’s Lumen to break out from $0.065 levels.
Barring a broad-based crypto rebound, we would expect Stellar’s Lumen to fall short of Monday’s high $0.06936.
Failure to move through to $0.06540 levels could see Stellar’s Lumen take another hit on the day.
A fall through the morning low $0.062416 would bring the first major support level at $0.0615 into play.
Barring another crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.060 support levels on the day.
Looking at the Technical Indicators
Major Support Level: $0.0615
Major Resistance Level: $0.0674
23.6% FIB Retracement Level: $0.1155
38% FIB Retracement Level: $0.1517
62% FIB Retracement Level: $0.2103
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
