Ethereum and Stellar’s Lumen Daily Tech Analysis – 08/10/19

It’s a bullish start to the day as the majors find strong support at the start of the week. Holding onto key levels would provide support later.
Bob Mason
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Ethereum

Ethereum rallied by 5.92% on Monday. Reversing a 3.7% slide from Sunday, Ethereum ended the day at $180.26.

A bearish start to the day saw Ethereum fall to an early morning intraday low $168.61 before making a move.

Steering clear of the first major support level at $166.08, Ethereum rallied to a late afternoon intraday high $182.50.

Ethereum broke through the first major resistance level at $175.70 and the second major resistance level at $181.22.

A late pullback to $180 levels saw Ethereum fall back through the second major resistance level. Holding onto $180 levels at the day end was key, however.

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 1.46% to $182.89. A bullish start to the day saw Ethereum rally from an early morning low $180.01 to a high $185.30.

Ethereum came within range of the first major resistance level at $185.64 before the pullback.

For the day ahead

Ethereum would need to hold onto $180 levels to support another run at the first major resistance level at $185.67.

Continued support from the broader market would be needed for Ethereum to break back through to $185 levels.

In the event of an extended rally through the day, Ethereum could visit $190 levels before any pullback. We would expect the second major resistance level at $191.01 to limit any upside, however.

Failure to hold onto $180 levels could see Ethereum test the first major support level at $171.75 before any recovery.

Barring a crypto meltdown, Ethereum should steer clear of sub-$170 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $171.75

Major Resistance Level: $185.64

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen surged by 7.87% on Monday. Reversing a 0.95% fall from Sunday, Stellar’s Lumen ended the day at $0.06263.

A bullish morning saw Stellar’s Lumen rally from an early intraday low $0.058059 to a late morning intraday high $0.063604.

Steering clear of the major support levels, Stellar’s Lumen broke through the day’s major resistance levels.

A pullback through the afternoon to $0.06260 levels saw Stellar’s Lumen fall through the third major resistance level at $0.06270.

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 up by 0.94% to $0.06322. A bullish start to the day saw Stellar’s Lumen rally from an early morning low $0.06217 to a high $0.06413.

Stellar’s Lumen left the major support and resistance levels untested early on.

For the day ahead

Stellar’s Lumen would need to hold onto $0.063 levels to support another run at the first major resistance level at $0.06480.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.064 levels.

Barring an extended crypto rally through the day, the first major resistance level would likely limit any upside.

Failure to hold onto $0.0630 levels could see Stellar’s Lumenslide back to sub-$0.062 levels before any recovery.

Barring a fall through to sub-$0.06150 levels, however, we would expect Stellar’s Lumen to steer well clear of the first major support level at $0.0593.

Looking at the Technical Indicators

Major Support Level: $0.05930

Major Resistance Level: $0.06480

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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