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Ethereum and Stellar’s Lumen Daily Tech Analysis – 13/11/19

It’s back into the red for the majors, with Stellar’s Lumen under pressure after Tuesday’s 8.8% sell-off…
Bob Mason
Coins of crypto currency are presented on a dark background. Virtual money concept.

Ethereum

Ethereum rose by 1.26% on Tuesday. Partially reversing a 2.24% fall from Monday, Ethereum ended the day at $186.98.

A bullish start to the day saw Ethereum rise to a mid-day intraday high $187.27 before hitting reverse.

Falling short of the first major resistance level at $188.51 Ethereum slid to a mid-afternoon intraday low $182.07.

Ethereum fell through the first major support level at $182.28 before finding support from the broader market.

In the latter part of the day, Ethereum bounced back to close out the day in positive territory.

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 1.36% to $185.62. A bearish start to the day saw Ethereum fall from an early morning high $187.1 to a low $185.31.

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

For the day ahead

A move through the morning high $187.1 would support a run at the first major resistance level at $188.81.

Ethereum would need the support of the broader market, however, to break out from Tuesday’s high $187.27.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $180.27 should limit any upside.

Failure to move through to $187 levels could see Ethereum fall deeper into the red. A fall back to $184 levels would bring the first major support level at $183.61 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $180.24.

Looking at the Technical Indicators

Major Support Level: $183.61

Major Resistance Level: $188.81

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen tumbled by 8.8% on Tuesday. Reversing a 1.13% gain from Monday, Stellar’s Lumen ended the day at $0.077159.

A bullish start to the day saw Stellar’s Lumen rally to an early morning intraday high $0.082913 before hitting reverse.

Stellar’s Lumen broke through the first major resistance level at $0.0821 before sliding to a mid-afternoon intraday low $0.07450.

The sell-off saw Stellar’s Lumen fall through the first major support level at $0.0770 before finding support.

Steering clear of the second major support level at $0.0740, Stellar’s Lumen broke back through the first major support level late in 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 0.21% to $0.076999.

A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.077522 to a low $0.076395.

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

For the day ahead

A move through to $0.07820 levels would support a run at the first major resistance level at $0.08190.

Stellar’s Lumen would need the support of the broader market to break out from this morning’s high $0.077522.

Barring a broad-based crypto rebound, however, Stellar’s Lumen would likely come up short of $0.08 levels for the 1st time in 4 days.

Failure to move through to $0.0782 levels could leave Stellar’s Lumen in the red for a 2nd consecutive day.

A fall through to $0.0750 levels would bring the first major support level at $0.07350 into play before any recovery.

Barring another extended sell-off, however, Stellar’s Lumen should steer clear of sub-$0.0730 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.07350

Major Resistance Level: $0.08190

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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