Ethereum and Stellar’s Lumen Daily Tech Analysis – 04/11/19

Stellar’s Lumen finds early support, while Ethereum struggles early on. Failure to move through key levels could test the pair later this morning.
Bob Mason
Stellar coin trading chart for monitoring XLM values of stellar and buying crypto currency on the exchange. Copy space.

Ethereum

Ethereum fell by 0.83% on Sunday. Following a 0.01% loss on Saturday, Ethereum ended the week down 1.41% at $181.73.

A bullish start to the day saw Ethereum rally to an early morning intraday high $185.00 before hitting reverse.

Falling short of the first major resistance level at $185.66, Ethereum slid to a late afternoon intraday low $179.11.

Ethereum fell below the first major support level at $181.38 and the second major support level at $179.50.

Finding support late in the day, Ethereum recovered to $182 levels before a final hour pullback to $181 levels.

In spite of the pullback, Ethereum avoided another fall through the major support 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 down by 0.18% to $181.41. A relatively bearish start to the day saw Ethereum fall from an early morning high $181.95 to a low $180.75.

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

For the day ahead

Ethereum would need to move through to $182 levels to support a run at the first major resistance level at $184.78.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $181.95.

Barring a broad-based crypto rebound, Sunday’s high $185.0 and first major resistance level would likely limit any upside.

Failure to move through to $182 levels could see Ethereum slide deeper into the red.

A fall back to sub-$181 levels would bring the first major support level at $178.89 into play before any recovery.

Barring an extended sell-off through the day, Ethereum should steer clear of sub-$178 levels.

Looking at the Technical Indicators

Major Support Level: $178.89

Major Resistance Level: $184.78

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 4.77% on Sunday. Reversing a 1.19% rise from Saturday, Stellar’s Lumen ended the week up 4.66% at $0.068373.

A relatively bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.072499.

Stellar’s Lumen broke through the first major resistance level at $0.0719 before hitting reverse.

Falling short of the second major resistance level at $0.0728, Stellar’s Lumen slid to a late morning intraday low $0.068313.

Stellar’s Lumen fell through the first major support level at $0.0697 and the second major support level at $0.0685.

Through the 2nd half of the day, Stellar’s Lumen recovered to $0.06940 levels before sliding back to $0.06830 levels.

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 up 0.19% at $0.068505. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.069083 before falling to a low $0.068377.

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 $0.06970 to support a run at the first major resistance level at $0.07110.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.069083.

Barring a broad-based crypto rebound through the day, the first major resistance level would likely cap any upside.

In the event of a crypto rebound, Stellar’s Lumen would likely revisit Sunday’s high $0.072499 before any pullback.

Failure to move through to $0.06970 levels could see Stellar’s Lumen hit reverse.

A fall through the morning low to sub-$0.068 levels would bring the first major support level at $0.0670 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.0670 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.0670

Major Resistance Level: $0.0711

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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