Ethereum and Stellar’s Lumen Daily Tech Analysis – 04/12/19

Ethereum

Ethereum fell by 1.01% on Tuesday. Following on from a 1.31% decline from Monday, Ethereum ended the day at $147.33.

A mixed start to the day saw Ethereum rise to an early morning intraday high $150 before hitting reverse.

Falling short of the first major resistance level at $151.47, Ethereum fell to a late morning intraday low $145.67.

Ethereum fell through the first major support level at $146.64 before finding support. Breaking back through the first major support level, Ethereum struck an afternoon high $149.17 before falling back into the red.

In spite of the late pullback, Ethereum steered clear of the major support levels late in the day.

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 1.55% to $145.04. A bearish start to the day saw Ethereum fall from an early morning high $147.35 to a low $143.17.

Ethereum fell through the first major support level at $145.33 and the second major support level at $143.34.

For the day ahead

Ethereum would need to break back through the first major support level at $145.33 to support a rebound.

A move through the morning high to $147.70 levels would bring the first major resistance level at $149.66 into play.

Barring a broad-based crypto rebound, however, Ethereum would likely come up short of $149 levels on the day.

Failure to move through to $147 levels could see Ethereum slide back through to $143 levels before any recovery.

Barring an extended sell-off through the day, however, the second major support level at $143.34 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $145.33

Major Resistance Level: $149.66

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 0.67% on Tuesday. Partially reversing a 2.64% slide from Monday, Stellar’s Lumen ended the day at $0.056414.

A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.056313 before sliding to a mid-morning intraday low $0.055389.

Falling short of the major resistance levels, Stellar’s Lumen fell through the first major support level at $0.0556.

Finding support in the late morning, Stellar’s Lumen moved through to a mid-afternoon intraday high $0.056643.

Stellar’s Lumen failed to break through to $0.05670 levels, however, leaving the major resistance levels untested on the day.

A pullback to sub-$0.0560 levels saw Stellar’s Lumen fall back into the red before finding late support.

The extended bearish trend remained firmly intact, reaffirmed by 24^th 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 2.22% to $0.055163. A bearish start to the day saw Stellar’s Lumen slide from an early morning high $0.055435 to a low $0.054552.

Stellar’s Lumen fell through the first major support level at $0.0557 and the second major support level at $0.0549. The major resistance levels were left untested at the start of the day.

For the day ahead

Stellar’s Lumen would need to move the first major support level at $0.5570 to signal a rebound.

A move through the morning high to $0.05610 levels would bring the first major resistance level at $0.05690 into play.

Support from the broader market would be needed for Stellar’s Lumen to break back through to $0.0560 levels.

Barring a broad-based crypto rebound later in the day, however, resistance at $0.0560 levels would likely leave the major resistance levels out of reach.

Failure to move through the first major support level could see Stellar’s Lumen slide deeper into the red.

A fall back through the second major support level at $0.0549 would bring the third major support level at $0.0536 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.053 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.05570

Major Resistance Level: $0.05690

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