Ethereum and Stellar’s Lumen Daily Tech Analysis – 03/10/19

Ethereum

Ethereum rallied by 2.66% on Wednesday. Reversing a 2.8% slide from Tuesday, Ethereum ended the day at $180.82.

A choppy start to the day saw Ethereum rise from an early morning intraday low $174.15 to an early morning high $178.05.

Falling short of the first major resistance level at $183.41, Ethereum fell back to the intraday low $174.15 before finding support.

Holding above the first major support level at $171.37, Ethereum rose to a late intraday high $181.66.

While falling short of the first major resistance level at $183.41, the afternoon moves reversed losses from earlier in the day.

The extended bearish trend, formed in 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 0.61% to $179.72. A bearish start to the day saw Ethereum fall from an early morning high $181.26 to a low $179.45.

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

For the day ahead

Ethereum would need to move back through to $181 levels to support a run at the first major resistance level at $183.60.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $181.66.

Barring a broad-based crypto rebound, Ethereum would likely come up short of the second major resistance level at $186.39.

Failure to move back through to $181 levels could see Ethereum slide deeper into the red. A fall through the morning low $179.45 to $178 levels would bring the first major support level at $176.09 into play.

Barring a crypto meltdown, Ethereum should steer well clear of the second major support level at $171.37.

Looking at the Technical Indicators

Major Support Level: $176.09

Major Resistance Level: $183.60

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen rose by 2.68% on Wednesday. Partially reversing a 4.35% slide from Tuesday, Stellar’s Lumen ended the day at $0.060199.

A bearish start to the day saw Stellar’s Lumen fall to a mid-morning intraday low $0.057787.

Finding support at the first major support level at $0.0577, Stellar’s Lumen rallied to a late intraday high $0.060199.

In spite of the afternoon rally, Stellar’s Lumen came up short of the first major resistance level at $0.0616.

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 down by 1.16% to $0.059499. Tracking the broader market, Stellar’s Lumen fell from an early morning high $0.060129 to a low $0.059499.

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

For the day ahead

Stellar’s Lumen would need to move back through to $0.0600 levels to support a run at the first major resistance level at $0.0610.

Support from the broader market would be needed, however, to break out from $0.05990 levels.

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

In the event of a broad-based rebound, the second major resistance level at $0.0618 could come back into play before any pullback.

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

A fall through to sub-$0.05900 levels would bring the first major support level at $0.05860 into play before any recovery.

Barring an extended sell-off through the day, Stellar’s Lumen should steer clear of sub-$0.0580 support levels.

Looking at the Technical Indicators

Major Support Level: $0.05860

Major Resistance Level: $0.0610

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