It's a bullish start to the day for the majors, with Stellar's Lumen among the front runners. Avoiding a late morning sell-off would support further gains.
Ethereum rose by 0.79% on Sunday. Reversing a 0.6% decline from Saturday, Ethereum ended the week up by 6.46% to $181.18.
A bullish start to the day saw Ethereum rally from an early morning low $178.71 to a late afternoon intraday high $184.75.
Steering clear of the major support levels, Ethereum came up against the first major resistance level at $184.06.
Hitting reverse late in the day, Ethereum fell back to a late intraday low $178.63 before finding support.
Steering clear of the first major support level at $176.46, Ethereum bounced back to $181 levels to end the day in the green.
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 1.19% to $183.33. Bullish through the early morning, Ethereum rallied from an early low $180.52 to a morning high $184.24.
Steering clear of the major support levels, Ethereum came within range of the first major resistance level at $184.41.
Ethereum would need to hold onto $183 levels to support another run at the first major resistance level at $184.41.
Support from the broader market would be needed, however, for Ethereum to take a run at Sunday’s high $184.75.
Barring an extended crypto rally through the day, Ethereum would likely come up short of $190 levels. The second major resistance level at $187.64 would limit any upside on the day.
Failure to hold onto $183 levels could see Ethereum hit reverse. A fall through to $181.50 levels would bring the first major support level at $178.29 into play before any recovery.
Barring a broad-based crypto sell-off, Ethereum should steer clear of sub-$178 levels for a 2nd consecutive day.
Major Support Level: $178.29
Major Resistance Level: $184.41
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Stellar’s Lumen rose by 0.15% on Sunday. Following on from a 0.18% gain from Saturday, Stellar’s Lumen ended the week up 5.74% to $0.06139.
Tracking the broader market, Stellar’s Lumen rallied from an early morning low $0.061286 to an early evening intraday high $0.06261.
Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.0616 and second major resistance level at $0.0621.
Stellar’s Lumen came within range of the third major resistance level at $0.0629 before hitting reverse.
The reversal saw Stellar’s Lumen fall through the major resistance levels to a late intraday low $0.06094 before finding support.
Stellar’s Lumen moved back through to $0.0610 levels to wrap up the day in the green.
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 up by 3.75% to $0.063694. A particularly bullish morning saw Stellar’s Lumen rally from an early morning low $0.061158 to a high $0.063741.
Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.06240 and the second major resistance level at $0.06330.
Stellar’s Lumen would need to hold above the second major resistance level to support further upside on the day.
Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.0640 levels.
In the event of an extended rally through the day, the third major resistance level at $0.0650 would come into play.
Failure to hold above the second major resistance level could see Stellar’s Lumen hit reverse.
A fall through the first major resistance level at $0.0624 to sub-$0.06150 levels would bring the first major support level at $0.06070 into play.
Barring a crypto meltdown, however, Stellar’s Lumen should steer well clear of the second major support level at $0.0600.
Major Support Level: $0.06070
Major Resistance Level: $0.06240
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.