Ethereum and Stellar’s Lumen Daily Tech Analysis – 07/10/19

Ethereum finds support early as the majors recover from losses at the start of the day. Following a mixed Sunday, buying appetite looks to be returning.
Bob Mason
Stellar coin trading chart for monitoring XLM values of stellar and buying crypto currency on the exchange. Copy space.

Ethereum

Ethereum slid by 3.7% on Sunday. Reversing a 0.43% gain from Saturday, Ethereum ended the week up 0.47% to $170.18.

A bullish start to the day saw Ethereum rise to an early morning intraday high $177.12 before hitting reverse.

Falling short of the first major resistance level at $178.43, Ethereum tumbled to a late afternoon intraday low $167.50.

Ethereum fell through the first major support level at $173.65 and the second major support level at $170.57.

Finding support from the broader market, Ethereum recovered to $171 levels before falling back through the second major support level.

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 0.67% to $171.32. A mixed start to the day saw Ethereum fall to an early morning low $168.61 before making a move.

Steering clear of the first major support level at $166.08, Ethereum hit a morning high $171.63.

In spite of the rebound, Ethereum left the major resistance levels untested early on.

For the day ahead

Ethereum would need to move back through the morning high $171.63 to support a run at the first major resistance level at $175.70.

Support from the broader market would be needed, however, for Ethereum to break out from $173 levels.

Barring a broad-based crypto rally, the first major resistance level at $175.70 would likely cap any upside on the day.

Failure to move through the morning high $171.63 would likely see Ethereum hit reverse later in the day.

A fall back through the morning low $168.61 would bring the first major support level at $166.08 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$166 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $166.08

Major Resistance Level: $175.70

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen fell by 0.95% on Sunday. Following on from a 0.11% decline on Saturday, Stellar’s Lumen ended the week up 0.43% at $0.05831.

A bullish start to the day saw Stellar’s Lumen rally to an early morning intraday high $0.05943 before hitting reverse.

Falling well short of the first major resistance level at $0.0626, Stellar’s Lumen slid back to a late morning low $0.05753.

Holding above the major support levels, Stellar’s Lumen recovered to $0.059 levels before sliding to a late intraday low $0.057234.

In spite of the sell-off, Stellar’s Lumen steered clear of the first major support level at $0.0522.

Finding support late in the day, Stellar’s Lumen recovered to $0.058 levels to close out the week in the green.

The extended bearish trend remained firmly intact, reaffirmed by last Tuesday’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 0.43% to $0.058059. Pressured by the broader market, Stellar’s Lumen fell back from $0.05831 levels.

In spite of the early reversal, Stellar’s Lumen left the first major support level at $0.0572 untested.

For the day ahead

Stellar’s Lumen would need to move through to $0.05830 levels to support a run at the first major resistance level at $0.0594.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.0590 levels.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $0.059428 would likely cap any upside.

Failure to move through to $0.05830 levels could see Stellar’s Lumen fall deeper into the red. A fall through to sub-$0.058 levels would bring the first major support level at $0.0572 into play.

Barring an extended sell-off through the day, Stellar’s Lumen should steer clear of sub-$0.0570 levels.

Looking at the Technical Indicators

Major Support Level: $0.05720

Major Resistance Level: $0.05940

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

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US