Ethereum and Stellar’s Lumen Daily Tech Analysis – 06/11/19

Ethereum

Ethereum rose by 1.41% on Tuesday. Following on from a 2.49% gain on Monday, Ethereum ended the day at $188.88.

A mixed start to the day saw Ethereum rise to an early morning high $187.66 before sliding to a mid-morning intraday low $181.76.

Steering clear of the first major support level at $181.30, Ethereum rallied to a late afternoon intraday high $192.47.

Ethereum broke through the first major resistance level at $190.35 before sliding back to sub-$190 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 up by 0.38% to $189.59. A bearish start to the day saw Ethereum fall to an early morning low $187.87 before striking a high $190.87.

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

For the day ahead

A move back through to $190 levels would support another run at the first major resistance level at $193.65.

Ethereum would need the support of the broader market, however, to break out from Tuesday’s high $192.47.

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

Failure to move back through to $190 levels could see Ethereum give up the early gains. A fall back through the morning low to $187.70 levels would bring the first major support level at $182.94 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$180 levels on the day.

Looking at the Technical Indicators

Major Support Level: $182.94

Major Resistance Level: $193.65

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 2.99% on Tuesday. Following on from a 15% rally on Monday, Stellar’s Lumen ended the day at $0.08229.

A particularly bullish start to the day saw Stellar’s Lumen rally to an early morning intraday high $0.087955.

Stellar’s Lumen broke through the first major resistance level at $0.08360 and the second major resistance level at $0.08780.

Falling short of $0.090 levels, Stellar’s Lumen slid back to sub-$0.080 levels before finding support.

Through the 2^nd half of the day, Stellar’s Lumen broke back through the first major resistance level at $0.08360 before easing back to sub-$0.0830 levels.

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 1.65% to $0.080933. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.082990 to a low $0.080104.

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 $0.08260 levels to support a rebound later in the day.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through the first major resistance level at $0.08760.

Barring a broad-based crypt rally later in the day, the first major resistance level would likely limit any upside.

Failure to move back through to $0.08260 levels could see Stellar’s Lumen fall deeper into the red.

A fall back through the morning low $0.080104 would bring the first major support level at $0.07730 into play.

Barring an extended sell-off through the day, however, Stellar’s Lumen should steer clear of sub-$0.070 levels. The second major support level at $0.0722 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.07730

Major Resistance Level: $0.08760

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