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

It’s a bearish start to the day after the pair made solid gains on Sunday. Failure to move back through the morning highs could lead to heavier losses.
Bob Mason
Stellar coin trading chart for monitoring XLM values of stellar and buying crypto currency on the exchange. Copy space.

Ethereum

Ethereum rose by 2.22% on Sunday. Following on from a 0.63% gain on Saturday, Ethereum ended the week up 3.93% to $188.88.

A mixed start to the day saw Ethereum fall to an early morning intraday low $183.41 before finding support.

Steering clear of the first major support level at $182.75, Ethereum rose to a late morning high $187.73 before sliding back.

Ethereum broke through the first major resistance level at $186.24 to come up against the second major resistance level at $187.72.

The slide back saw Ethereum fall to sub-$185 levels before striking a late afternoon intraday high $192.00.

Ethereum broke through the day’s major resistance levels before falling back through the third major resistance level at $191.20.

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 0.48% to $187.98. A mixed start to the day saw Ethereum rise to an early morning high $190.00 before falling to a low $187.85.

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

For the day ahead

A move back through to $188.5 levels would support a run at the first major resistance level at $192.78.

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, Sunday’s high $192 and the first major resistance level would likely cap any upside.

Failure to move back through to $188.5 levels could see Ethereum slide deeper into the red.

A fall through to $187 levels would bring the first major support level at $184.19 into play before any recovery.

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

Looking at the Technical Indicators

Major Support Level: $184.19

Major Resistance Level: $192.78

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen rallied by 8% on Sunday. Following on from a 2.6% gain from Saturday, Stellar’s Lumen ended the week up by 14.53% to $0.079093.

A bullish start to the day saw Stellar’s Lumen rally from an early morning intraday low $0.073236 to a morning high $0.079597.

Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.0760.

Coming up against the second major resistance level at $0.07910, Stellar’s Lumen fell back to $0.077 levels.

Finding support from the broader market, Stellar’s Lumen rallied to a late intraday high $0.081256 before easing back.

Stellar’s Lumen broke back through the second major resistance level at $0.0791 before the late pullback.

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 0.03% to $0.079072.

A mixed start to the day saw Stellar’s Lumen rise from an early morning low $0.078784 to a high $0.080003 before easing back.

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 the morning high $0.080003 levels to support a run at the first major resistance level at $0.0825.

Support from the broader market would be needed for Stellar’s Lumen to break out from Sunday’s high $0.081256.

Barring a broad-based crypto rebound, however, Sunday’s high would likely pin Stellar’s Lumen back on the day.

Failure to move back through the morning high $0.080003 would likely see Stellar’s Lumen spend the day in the red.

A fall back through the morning low $0.078784 would bring the first major support level at $0.07450 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer well clear of sub-$0.07 levels.

Looking at the Technical Indicators

Major Support Level: $0.07450

Major Resistance Level: $0.08250

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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