Ethereum and Stellar’s Lumen Daily Tech Analysis – 01/10/19

Ethereum

Ethereum rallied by 6.95% on Monday. Reversing a 2.60% slide from Sunday, Ethereum ended the month up 5.4% at $181.17.

Bearish through the early morning, Ethereum slid to an early intraday low $165.2 before making a move.

Steering clear of the first major support level at $164.06, Ethereum rallied to a late afternoon high $181.31.

Ethereum broke through the first major resistance level at $174.98 and second major resistance level at $180.58.

Through the late afternoon, Ethereum fell back to $175 levels before a late rally to an intraday high $181.85.

Ethereum broke back through the second major resistance level to hold onto $181 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 up by 0.9% to $182.80. A bearish start to the day saw Ethereum fall to an early morning low $178.4 before finding support.

Steering clear of the first major support level at $170.30, Ethereum struck a morning high $183.6.

In spite of the early rally, Ethereum came up short of the first major resistance level at $186.95.

For the day ahead

Ethereum would need to hold onto $180 levels to support a run at the first major resistance level at $186.95.

Support from the broader market would be needed, however, for Ethereum to break through to $186 levels.

Barring an extended rally through the morning, Ethereum would likely struggle to break clear of $184 levels.

Failure to hold onto $180 levels could see Ethereum test the first major support level at $170.30 before any recovery.

Barring a crypto rebound, Bitcoin should steer well clear of Monday’s low $165.

Looking at the Technical Indicators

Major Support Level: $170.30

Major Resistance Level: $186.95

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen surged by 7.97% on Monday. Reversing a 1.08% fall from Sunday, Stellar’s Lumen ended the month down 0.35% at $0.061984.

Tracking the broader market in the early hours, Stellar’s Lumen fell to an early morning intraday low $0.05667.

Finding support at the first major resistance level at $0.0571, Stellar’s Lumen rallied to a late afternoon intraday high $0.062046.

Stellar’s Lumen broke through the day’s major resistance levels before easing back through the third major resistance level at $0.0613.

Steering clear of sub-$0.60 levels, Stellar’s Lumen broke back through and held above the third major resistance level at the day end.

The extended bearish trend remained firmly intact, reaffirmed by last Tuesday’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 0.17% to $0.062092. A bearish start to the day saw Stellar’s Lumen fall to an early morning low $0.060769 before striking a morning high $0.062092.

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-$0.060 levels to support another 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 out from this morning’s high $0.062092.

In the event of a crypto rebound, Stellar’s Lumen could visit $0.065 levels before any pullback. We would expect the second major resistance level at $0.0656 to limit the upside on the day, however.

Failure to hold onto $0.060 levels could see Stellar’s Lumen hit reverse. A reversal would bring the first major support level at $0.0584 into play before any recovery.

Barring a crypto meltdown, however, we would expect Stellar’s Lumen to steer clear of the second major support level at $0.0549.

Looking at the Technical Indicators

Major Support Level: $0.0584

Major Resistance Level: $0.0638

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