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Ethereum and Stellar’s Lumen Daily Tech Analysis – 09/12/19

It’s a bearish start to the day, with Stellar’s Lumen on the slide as it plays catch up with the broader pullback. It’s looking like a bearish day for the pack…
Bob Mason
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Ethereum

Ethereum rallied by 2.22% on Sunday. Reversing a 0.93% fall from Saturday, Ethereum ended the week down by 0.17% to $150.68.

A bearish start to the day saw Ethereum fall to an early morning intraday low $146.36.

Ethereum slipped through the first major support level at $146.46 before finding support from the broader market.

Tracking the broader market, Ethereum rallied to a late afternoon intraday high $152.0.

Ethereum broke through the first major resistance level at $149.14 and the second major resistance level at $150.85.

Late in the day, Ethereum fell back through the second major resistance level before bouncing back to $151 levels.

A final hour sell-off, led to a pullback through the second major resistance level for a 2nd time to reduce the upside on the day.

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 0.09% to $150.55. A bullish start to the day saw Ethereum rise to an early morning high $151.25 before falling to a low $150.37.

While steering clear of the major support and resistance levels, resistance at $151 pinned Ethereum back early on.

For the day ahead

Ethereum would need to steer clear of sub-$150 levels to support another run at the first major resistance level at $153.0.

Support from the broader market would be needed, however, for Ethereum to break out from $151 levels.

Barring a broad-based crypto rally on the day, Ethereum would likely struggle to break through Sunday’s high $152.0.

Failure to steer clear of sub-$150 levels would bring the first major support level at $147.36 into play before any recovery.

Barring an extended sell-off through the day, however, Ethereum should steer clear of sub-$147 levels.

Looking at the Technical Indicators

Major Support Level: $147.36

Major Resistance Level: $153.0

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 1.96% on Sunday. Reversing a 0.24% decline from Saturday, Stellar’s Lumen ended the week down 1.49% at $0.056891.

A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.05510 before finding support.

Stellar’s Lumen fell through the first major support level at $0.0555 before striking a late intraday high and day end of $0.056891.

Stellar’s Lumen broke through the first major resistance level at $0.05640 to come against the second major resistance level at $0.0569.

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 2.01% to $0.055746. A bearish start to the day saw Stellar’s Lumen slide from an end of Sunday $0.056891 to an early morning low $0.055746.

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 $0.0563 levels to support a run at the first major resistance level at $0.05750.

Support from the broader market would be needed for Stellar’s Lumen to break back through to $0.0560 levels.

Barring a broad-based crypto rally, however, Stellar’s Lumen would likely fall short of $0.057 levels on the day.

Sunday’s high $0.056891 would likely limit any upside on the day.

Failure to move through to $0.05630 levels could see Stellar’s Lumen struggle throughout the day.

A fall through the first major support level at $0.05570 would bring sub-$0.055 levels into play before any recovery.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of the second major support level at $0.05450.

Looking at the Technical Indicators

Major Support Level: $0.05570

Major Resistance Level: $0.05750

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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