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

The majors are back after a bearish start to the morning. Stellar’s Lumen and Ethereum impressed on Monday. Holding onto current levels will be key…
Bob Mason
Stellar coin trading chart for monitoring XLM values of stellar and buying crypto currency on the exchange. Copy space.

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

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