Ethereum and Stellar’s Lumen Daily Tech Analysis – 07/11/19

The bears are in control early as Stellar’s Lumen gives up more of its weekly gains. Failure to move through to key levels by late morning could weigh further.
Bob Mason
Cryptocurrency Ethereum with One Dollar Bill as financial concept.

Ethereum

Ethereum rose by 1.23% on Wednesday. Following on from a by 1.41% gain on Tuesday, Ethereum ended the day at $191.13.

A bullish start to the day saw Ethereum rally from an early morning intraday low $187.87 to a mid-morning intraday high $194.6.

Steering clear of the major support levels, Ethereum broke through the first major resistance level at $193.65 before easing back.

Ethereum fell back to sub-$190 levels and into the red before finding late support from the broader market. A late recovery saw Ethereum break back through to $191 levels to close out the day in the green.

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 0.83% to $189.55. A mixed start to the day saw Ethereum rise to an early morning high $192.27 before sliding to a low $189.09.

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

For the day ahead

A move back through to $191.20 levels would support a run at the first major resistance level at $194.54.

Ethereum would need the support of the broader market, however, to break back through to $190 levels.

Barring a broad-based crypto rally on the day, Wednesday’s high $194.6 and the first major resistance level would likely cap any upside.

Failure to move back through to $190 levels could see Ethereum slide deeper into the red.

A fall through to $188 levels would bring the first major support level at $187.80 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$187 levels on the day.

Looking at the Technical Indicators

Major Support Level: $187.80

Major Resistance Level: $194.53

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen hit reverse on Wednesday, sliding by 6.36%. Reversing a 2.99% gain from Tuesday, Stellar’s Lumen ended the day at $0.077186.

A bearish start to the day saw Stellar’s Lumen slide from an early morning intraday high $0.08299 to a late intraday low $0.079842.

Steering clear of the major resistance levels, Stellar’s Lumen fell through the first major support level at $0.0773.

In spite of a late move back through to $0.077 levels, Stellar’s Lumen failed to break back through the first major support level.

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 2.18% to $0.07550. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.077281 to a low $0.075456.

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 $0.0789 levels to support a return to $0.080 levels.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.077 levels.

Barring a broad-based crypto rebound, Stellar’s Lumen would likely fall well short of the first major resistance level at $0.0812.

Failure to move back through to $0.0789 levels would likely see Stellar’s Lumen spend the day in the red.

A fall back through the morning low $0.075456 would bring the first major support level at $0.0749 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer well clear of sub-$0.0740 levels…

Looking at the Technical Indicators

Major Support Level: $0.07490

Major Resistance Level: $0.08120

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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