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

It’s a mixed start to the day, with Ethereum bucking the trend. Sentiment across the majors will need to shift, however, for another bullish day ahead.
Bob Mason
Crypto00 567

Ethereum

Ethereum rallied by 6.93% on Wednesday. Following on from a 0.29% gain from Tuesday, Ethereum ended the day at $193.26.

A mixed start to the day saw Ethereum fall to an early morning intraday low $179.20 before making a move.

Steering clear of the first major support level at $177.06, Ethereum rallied to a late intraday high $196.09.

Ethereum broke through the first major resistance level at $184.94 and second major resistance level at $189.06.

In spite of a pullback in the final hour, Ethereum managed to hold onto $190 levels for the 1st time since the late September sell-off.

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 0.42% to $194.08. A mixed start to the day saw Ethereum fall to an early morning low $191.78 before striking a morning high $194.59.

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

For the day ahead

Ethereum would need to hold onto $190 levels to support a run at the first major resistance level at $199.83.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $196.09.

Barring a broad-based crypto rally, the first major resistance level at $199.83 would likely cap any upside.

In the event of a breakout, Ethereum could test the second major resistance level at $206.41 before any pullback.

Failure to hold onto $190 levels could see Ethereum hit reverse. A fall through to $189.5 levels would bring the first major support level at $182.94 into play.

Barring a crypto meltdown, Ethereum should steer well clear of sub-$180 support levels on the day.

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Looking at the Technical Indicators

Major Support Level: $182.94

Major Resistance Level: $199.83

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 1.94% on Wednesday. Reversing a 0.41% fall from Tuesday, Stellar’s Lumen ended the day at $0.063355.

Tracking the broader market, Stellar’s Lumen fell to an early morning intraday low $0.061274 before finding support.

Holding above the first major support level at $0.06060, Stellar’s Lumen rallied to an early afternoon intraday high $0.06500.

Ethereum broke through the first major resistance level at $0.0638 to come within range of the second major resistance level at $0.06560.

A pullback through the late afternoon saw Stellar’s Lumen fall to $0.062 levels before moving back through to $0.063 levels.

Late in the day, the first major resistance level at $0.06380 capped the upside on the day.

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 1.04% to $0.062696. A bullish start to the day saw Stellar’s Lumen rise to an early morning high $0.06395 before falling to a low $0.062696.

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

For the day ahead

Stellar’s Lumen would to move back through to $0.06320 levels to support a run at the first major resistance level at $0.06510.

Sentiment across the broader market would need to improve, however, for Stellar’s Lumen to break out from $0.0640 levels.

Barring a broad-based crypto rally, Wednesday’s high $0.0650 and the first major resistance level would cap any upside.

Failure to move back through to $0.06320 levels could see Stellar’s Lumen slide deeper into the red. A fall through to $0.06250 levels would bring the first major support level at $0.06140 into play before any recovery.

Barring a crypto meltdown, Stellar’s Lumen should steer clear of sub-$0.060 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.06140

Major Resistance Level: $0.06510

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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