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

It’s a mixed start to the day as Stellar’s Lumen gives up some of the weekly gains. Ethereum could come under pressure as the rest of the majors fall back.
Bob Mason
Depositphotos_193678068_s-2019

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 2nd 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 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 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

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