Ethereum and Stellar’s Lumen Daily Tech Analysis – 15/10/19

Ethereum

Ethereum rose by 3.16% on Monday. Following on from a 6.46% gain from last week, Ethereum ended the day at $186.85.

A bullish start to the day saw Ethereum rise from an early morning intraday low $180.52 to a mid-morning high $184.24.

Steering clear of the major support levels, Ethereum came within range of the first major resistance level at $184.41 before easing back.

The pullback saw Ethereum fall back to an afternoon low $180.9 before rallying to a late afternoon intraday high $187.91.

Ethereum broke through the first major resistance level at $184.41 and second major resistance level at $187.64.

Easing back late in the day, Ethereum slipped to $185 levels before finding support late on to wrap up the day at $186 levels.

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 0.45% to $186.01. A mixed start to the day saw Ethereum strike an early morning high $188.58 before sliding to a low $185.92.

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

For the day ahead

Ethereum would need to move back through to $187 levels to support another run at the first major resistance level at $189.67.

Support from the broader market would be needed, however, for Ethereum to break out from this morning’s high $188.58.

Barring a broad-based crypto rebound, Ethereum would likely continue to fall short of $190 levels on the day.

Failure to move back through to $187 levels could see Ethereum fall deeper into the red. A fall through the morning low $185.92 to sub-$185 levels would bring the first major support level at $182.28 into play.

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

Looking at the Technical Indicators

Major Support Level: $182.28

Major Resistance Level: $189.67

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 8.4% on Monday. Following on from a 5.74% gain from last week, Stellar’s Lumen ended the day at $0.06665.

Bullish throughout the day, Stellar’s Lumen rallied from an early morning intraday low $0.06117 to a late intraday high $0.06665.

Steering clear of the major support levels, Stellar’s Lumen broke through the day’s major resistance levels.

A particularly bullish end to the day saw Stellar’s Lumen break through the third major resistance level at $0.0650.

The extended bearish trend remained firmly intact, reaffirmed by 24^th 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 0.77% to $0.066134. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.06543 before striking a high $0.066878.

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

For the day ahead

Stellar’s Lumen would need to break through to $0.067 levels to support a run at the first major resistance level at $0.06850.

Support from the broader market would be needed, however, for Stellar’s Lumen to move back through the morning high $0.066878.

Barring a broad-based crypto rebound, resistance at $0.067 would likely continue to limit any upside on the day.

Failure to move through to $0.0670 levels could see Stellar’s Lumen fall deeper into the red. A fall through to sub-$0.0650 levels would bring the first major support level at $0.0630 into play.

Barring an extended sell-off through the day, however, we would expect Stellar’s Lumen to continue to steer clear of sub-$0.060 levels.

Looking at the Technical Indicators

Major Support Level: $0.06300

Major Resistance Level: $0.06850

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