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...
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.
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.
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 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.
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.
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
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Thanks, Bob
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.