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Ethereum and Stellar’s Lumen Daily Tech Analysis – 02/10/19

By:
Bob Mason

The pair see red early. Failure to move through to key levels will weigh heavily on the majors later in the day.

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Ethereum

Ethereum fell by 2.8% on Tuesday. Partially reversing a 6.95% rally from Monday, Ethereum ended the day at $176.15.

A particularly bullish start to the day saw Ethereum rally to an early morning intraday high $185.89.

Despite the early breakout, Ethereum came up short of the first major resistance level at $186.95.

Succumbing to market forces, Ethereum tumbled to a late afternoon intraday low $173.85 before finding support.

Ethereum recovered to $178 levels late in the day before a pullback to $173 levels in the final hour.

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 0.03% to $176.1. A bullish start to the day saw Ethereum rise from an early morning low $174.15 to a high $178.05 before easing back.

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

ETH/USD 02/10/19 Daily Chart

For the day ahead

Ethereum would need to move back through the morning high $178.05 to $178.7 levels to bring $180 levels into play.

Support from the broader market would be needed, however, for Ethereum to break through the first major resistance level at $183.41.

Barring a broad-based crypto rally, we would expect Ethereum to come up short of the second major resistance level at $190.67.

Failure to move through to $178.7 levels could see Ethereum slide deeper into the red. A fall through the morning low $174.15 to $173 levels would bring the first major support level at $171.37 into play.

Barring an extended sell-off through the day, however, Ethereum should steer clear of sub-$170 levels.

Looking at the Technical Indicators

Major Support Level: $171.37

Major Resistance Level: $183.41

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 4.35% on Tuesday. Partially reversing a 7.97% rally from Monday, Stellar’s Lumen ended the day at $0.05929.

Tracking the broader market in the early hours, Stellar’s Lumen rallied to an early morning intraday high $0.062372.

Falling short of the first major resistance level at $0.0638, Stellar’s Lumen tumbled to a late afternoon intraday low $0.05841.

Finding support at the first major support level at $0.0584, Stellar’s Lumen recovered to $0.059 levels late in the day.

The extended bearish trend remained firmly intact, reaffirmed by 27th 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 1.84% to $0.058198. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.058648 to a low $0.058198.

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

XLM/USD 02/10/19 Daily Chart

For the day ahead

Stellar’s Lumen would need to move through to $0.0600 levels to support a run at the first major resistance level at $0.06160.

Support from the broader market would be needed, however, to break out from $0.0590 levels.

Barring a broad-based crypto rebound, Stellar’s Lumen would likely face strong resistance at $0.0600 to limit any upside.

In the event of a broad-based rebound, $0.0620 levels could come back into play before any pullback.

Failure to move through to $0.0600 levels could see Stellar’s Lumen struggle throughout the day.

A fall through to Tuesday’s low $0.058409 would bring the first major support level at $0.0577 into play before any recovery.

Barring an extended sell-off through the day, Stellar’s Lumen should steer clear of sub-$0.0570 support levels.

Looking at the Technical Indicators

Major Support Level: $0.0577

Major Resistance Level: $0.0616

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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