U.S. markets close in 3 hours 11 minutes
  • S&P 500

    3,613.70
    -24.65 (-0.68%)
     
  • Dow 30

    29,584.33
    -326.04 (-1.09%)
     
  • Nasdaq

    12,141.29
    -64.55 (-0.53%)
     
  • Russell 2000

    1,828.37
    -26.90 (-1.45%)
     
  • Crude Oil

    44.80
    -0.73 (-1.60%)
     
  • Gold

    1,783.70
    -4.40 (-0.25%)
     
  • Silver

    22.66
    +0.02 (+0.07%)
     
  • EUR/USD

    1.1952
    -0.0019 (-0.16%)
     
  • 10-Yr Bond

    0.8470
    +0.0050 (+0.59%)
     
  • GBP/USD

    1.3350
    +0.0036 (+0.27%)
     
  • USD/JPY

    104.3200
    +0.2350 (+0.23%)
     
  • BTC-USD

    19,380.09
    +1,028.64 (+5.61%)
     
  • CMC Crypto 200

    380.61
    +16.01 (+4.39%)
     
  • FTSE 100

    6,266.19
    -101.39 (-1.59%)
     
  • Nikkei 225

    26,433.62
    -211.09 (-0.79%)
     

Ethereum and Stellar’s Lumen Daily Tech Analysis – 05/12/19

Bob Mason

Ethereum

Ethereum fell by 1.24% on Wednesday. Following on from a 1.01% decline on Tuesday, Ethereum ended the day at $145.5.

A bearish start to the day saw Ethereum fall to an early morning intraday low $143.17 before finding support.

Ethereum fell through the first major support level at $145.33 and the second major support level at $143.34.

Through the late morning, Ethereum found support to strike an early afternoon intraday high $153.0.

Ethereum broke through the first major resistance level at $149.66 and the second major resistance level at $152.0.

Sentiment from across the broader market ultimately weighed, however, with Ethereum sliding back to sub-$145 levels late on.

The pullback saw Ethereum fall back through the first major support level at $145.33 before closing out the day at $145 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 0.60% to $144.62. A mixed start to the day saw Ethereum fall from an early morning high $146.64 to a low $143.8.

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

For the day ahead

Ethereum would need to move through to $147.2 levels to support a run at the first major resistance level at $151.28.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $146.64.

Barring a broad-based crypto rally on the day, we would expect Ethereum to come up short of $150 levels.

Failure to move through to $147.2 levels could see Ethereum slide deeper into the red.

A fall through the morning low $143.8 would bring the first major support level at $141.45 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$140 levels.

Looking at the Technical Indicators

Major Support Level: $141.35

Major Resistance Level: $151.28

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 0.84% on Wednesday. Reversing a 0.67% gain from Tuesday, Stellar’s Lumen ended the day at $0.054966.

A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.054347 before finding support.

Stellar’s Lumen fell through the first major support level at $0.0557 and second major support level at $0.0549 before striking an early afternoon intraday high $0.57776.

Stellar’s Lumen broke through the first major resistance level at $0.0569 and the second major resistance level at $0.0574.

Tracking the broader market, an afternoon sell-off saw Stellar’s Lumen fall back through the first and second major support levels.

Finding late support, Stellar’s Lumen managed to break back through the second major support level at $0.0549.

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 down by 0.55% to $0.054662. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.055049 before falling to a low $0.054662.

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 $0.05570 levels to support a run at the first major resistance level at $0.0570.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.055 levels

Barring a broad-based crypto rally, resistance at $0.056 levels would likely pin Stellar’s Lumen back on the day.

Failure to move through to $0.0570 levels could see Stellar’s Lumen slide deeper into the red.

A fall through the morning low $0.054662 would bring the first major support level at $0.05360 into play.

Barring an extended sell-off through the day, however, Stellar’s Lumen should steer clear of sub-$0.054 levels.

Looking at the Technical Indicators

Major Support Level: $0.05360

Major Resistance Level: $0.0570

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: