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Ethereum and Stellar’s Lumen Daily Tech Analysis – 03/12/19

It’s a mixed start to the day after Monday’s sell-off. Failure to test resistance levels by the early afternoon could lead to another reversal.
Bob Mason
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Ethereum

Ethereum fell by 1.31% on Monday. Following on from a 0.42% decline on Sunday, Ethereum ended the day at $148.97.

Another bearish start to the day saw Ethereum slide from an early morning intraday high $151.65 to a mid-morning intraday low $146.82.

Steering clear of the major resistance levels, Ethereum fell through the first major support level at $147.07.

Finding support in the late morning, Ethereum briefly recovered to $150 levels before sliding back through the first major support level.

Off the back of a late afternoon low $146.91, Ethereum recovered to $149 levels before wrapping up the day at $148 levels.

Whilst closing out the day in the red, a move back through the first major support level was key.

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 0.01% to $148.96. A mixed start to the day saw Ethereum rise to an early morning high $150.0 before falling to a low $148.7.

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

For the day ahead

Ethereum would need to move back through to $149.2 levels to support a run at the first major resistance level at $151.47.

Support from the broader market would be needed, however, for Ethereum to break out from $150 levels.

Barring a broad-based crypto rally on the day, the first major resistance level and Monday high $151.65 would likely limit any upside.

Failure to move through to $149.20 levels could see Ethereum spend a 4th consecutive day in the red.

A fall through to $148.5 levels would bring the first major support level at $146.64 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$145 levels on the day.

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Looking at the Technical Indicators

Major Support Level: $146.64

Major Resistance Level: $151.47

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 2.64% on Monday. Reversing a 0.84% gain from Sunday, Stellar’s Lumen ended the day at $0.056228.

Tracking the broader market, Stellar’s Lumen slid from an early morning intraday high $0.05775 to a late morning low $0.056067.

Steering clear of the major resistance levels, Stellar’s Lumen fell through the first major support level at $0.0564.

Finding support in the late morning, Stellar’s Lumen recovered to $0.0572 levels before hitting reverse for a 2nd time.

The reversal saw Stellar’s Lumen slide to a late intraday low $0.05600. Stellar’s Lumen fell back through the first major support level at $0.05640.

Whilst finding support in the final hour to move back through to $0.05620 levels, Stellar’s Lumen failed to break back through the first major resistance level.

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 0.34% to $0.056036. At the start of the day, Stellar’s Lumen fell from an end of Monday $0.056228 to an early morning low $0.056036.

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 $0.0567 levels to support a run at the first major resistance level at $0.0573.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.057 levels.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside on the day.

In the event of a breakout, the second major resistance level at $0.0584 would likely come into play.

Failure to move through to $0.0567 levels could see Stellar’s Lumen struggle throughout the day.

A fall back to sub-$0.056 levels would bring the first major support level at $0.0556 into play before any recovery.

Barring an extended sell-off, however, Stellar’s Lumen should steer clear of sub-$0.055 levels.

The second major support level at $0.0550 would likely limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.05560

Major Resistance Level: $0.05730

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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