It's back into the red, with more losses on the cards should the pair fail to hit key levels by late morning.
Ethereum fell by 1.24% on Wednesday. Following on from a 1.01% decline on Tuesday, Ethereum ended the day at $145.5.
A bearish start to the day saw Ethereum fall to an early morning intraday low $143.17 before finding support.
Ethereum fell through the first major support level at $145.33 and the second major support level at $143.34.
Through the late morning, Ethereum found support to strike an early afternoon intraday high $153.0.
Ethereum broke through the first major resistance level at $149.66 and the second major resistance level at $152.0.
Sentiment from across the broader market ultimately weighed, however, with Ethereum sliding back to sub-$145 levels late on.
The pullback saw Ethereum fall back through the first major support level at $145.33 before closing out the day at $145 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 0.60% to $144.62. A mixed start to the day saw Ethereum fall from an early morning high $146.64 to a low $143.8.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move through to $147.2 levels to support a run at the first major resistance level at $151.28.
Support from the broader market would be needed, however, for Ethereum to break out from the morning high $146.64.
Barring a broad-based crypto rally on the day, we would expect Ethereum to come up short of $150 levels.
Failure to move through to $147.2 levels could see Ethereum slide deeper into the red.
A fall through the morning low $143.8 would bring the first major support level at $141.45 into play before any recovery.
Barring a crypto meltdown, however, Ethereum should steer clear of sub-$140 levels.
Major Support Level: $141.35
Major Resistance Level: $151.28
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Stellar’s Lumen fell by 0.84% on Wednesday. Reversing a 0.67% gain from Tuesday, Stellar’s Lumen ended the day at $0.054966.
A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.054347 before finding support.
Stellar’s Lumen fell through the first major support level at $0.0557 and second major support level at $0.0549 before striking an early afternoon intraday high $0.57776.
Stellar’s Lumen broke through the first major resistance level at $0.0569 and the second major resistance level at $0.0574.
Tracking the broader market, an afternoon sell-off saw Stellar’s Lumen fall back through the first and second major support levels.
Finding late support, Stellar’s Lumen managed to break back through the second major support level at $0.0549.
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 0.55% to $0.054662. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.055049 before falling to a low $0.054662.
Stellar’s Lumen left the major support and resistance levels untested early on.
Stellar’s Lumen would need to move through to $0.05570 levels to support a run at the first major resistance level at $0.0570.
Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.055 levels
Barring a broad-based crypto rally, resistance at $0.056 levels would likely pin Stellar’s Lumen back on the day.
Failure to move through to $0.0570 levels could see Stellar’s Lumen slide deeper into the red.
A fall through the morning low $0.054662 would bring the first major support level at $0.05360 into play.
Barring an extended sell-off through the day, however, Stellar’s Lumen should steer clear of sub-$0.054 levels.
Major Support Level: $0.05360
Major Resistance Level: $0.0570
23.6% FIB Retracement Level: $0.1114
38% FIB Retracement Level: $0.1484
62% FIB Retracement Level: $0.2082
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Thanks, Bob
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.