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Ethereum and Stellar’s Lumen Daily Tech Analysis – 14/11/19

Stellar’s Lumen bucks the trend early as the majors struggle on. Failure to move through to key levels could sink the pair later in the day.
Bob Mason
Crypto00 567

Ethereum

Ethereum rose by 0.4% on Wednesday. Following on from a 1.26% gain from Tuesday, Ethereum ended the day at $187.72.

A choppy start to the day saw Ethereum fall to an early morning intraday low $185.08 before finding support.

Steering clear of the first major support level at $183.61, Ethereum rallied to a late afternoon intraday high $189.31. Ethereum broke through the first major resistance level at $188.81 before easing back to $186 levels.

A late move back through to $187 levels delivered 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 0.28% to $187.19. A mixed start to the day saw Ethereum rise to an early morning high $188.45 before falling to a low $186.65.

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

For the day ahead

A move through to $187.40 levels would support a run at the first major resistance level at $189.66.

Ethereum would need the support of the broader market, however, to break out from the morning high $188.45.

Barring a broad-based crypto rebound, Ethereum would likely come up short of $190 levels for a 3rd consecutive day.

Failure to move through to $187.40 levels could see Ethereum slide deeper into the red.

A fall back through the morning low $186.65 would bring the first major support level at $185.43 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $183.14.

Looking at the Technical Indicators

Major Support Level: $185.43

Major Resistance Level: $189.66

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen fell by 1.65% on Wednesday. Following on from an 8.8% tumble on Tuesday, Stellar’s Lumen ended the day at $0.075508.

A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.076395 before finding support.

Steering clear of the first major support level at $0.0735, Stellar’s Lumen rallied to a late morning intraday high $0.077976.

In spite of the rebound, Stellar’s Lumen fell short of the first major resistance level at $0.0782 before hitting reverse.

Bearish through the 2nd half of the day, Stellar’s Lumen slid to a late intraday low $0.075235 before steadying.

In spite of the sell-off, Stellar’s Lumen steered clear of the first major support level at $0.07350.

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 0.21% to $0.07567. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.076222 before falling to a low $0.075389.

Steering clear of the major support levels early on, Stellar’s Lumen moved back into positive territory.

For the day ahead

A move back through to $0.07620 levels would support a run at the first major resistance level at $0.077720.

Stellar’s Lumen would need the support of the broader market, however, to break out from the morning high $0.076222.

Barring an extended rally through the day, the first major resistance level and Wednesday’s high $0.077976 would likely cap any upside.

In the event of another breakout, the second major resistance level at $0.0790 would likely come into play.

Failure to move back through to $0.07620 levels could see Stellar’s Lumen slide back into the red.

A fall back through the morning low $0.075389 would bring the first major support level at $0.07450 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.0740 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.07450

Major Resistance Level: $0.07720

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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