Ethereum and Stellar’s Lumen Daily Tech Analysis – 17/10/19

It’s back into the red early, with the pair needing to move through key levels to avoid heavier losses on the day.
Bob Mason
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Ethereum

Ethereum fell by 3.36% on Wednesday. Following on from a 3.36% fall on Tuesday, Ethereum ended the day at $174.5.

Bearish through the day, Ethereum fell from an early morning intraday high $181.2 to a late afternoon intraday low $171.7.

Falling short of the major resistance levels, Ethereum fell through the first major support level at $175.18.

Finding support late in the day, Ethereum broke back through the first major support level before a late pullback to sub-$175 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 0.53% to $173.58. A bearish start to the day saw Ethereum fall from an early morning high $174.62 to a low $172.79

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

For the day ahead

Ethereum would need to move through to $175.80 levels to support a run at the first major resistance level at $179.9.

Support from the broader market would be needed, however, for Ethereum to break out from $176 levels.

Barring a broad-based crypto rebound, Ethereum would likely fall well short of $180 levels and Wednesday’s high $181.2.

Failure to move through to $175.80 levels could see Ethereum take a bigger hit on the day.

A fall through the morning low $172.79 would bring the first major support level at $170.4 into play before any recovery.

Barring an extended sell-off through the day, Ethereum should steer clear of sub-$170 support levels.

Looking at the Technical Indicators

Major Support Level: $170.4

Major Resistance Level: $179.9

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 3.06% on Wednesday. Following on from a 3.88% slide on Tuesday, Stellar’s Lumen ended the day at $0.061995.

A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.064636 before hitting reverse.

Falling short of the first major resistance level at $0.0663, Stellar’s Lumen slid to a mid-day intraday low $0.060262.

Stellar’s Lumen fell through the first major support level at $0.0621. Finding support at the second major support level at $0.06030, Stellar’s Lumen recovered to $0.062 levels before easing back.

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 1.13% to $0.061295. In the early hours, Stellar’s Lumen fell from a morning high $0.061794 to a low $0.061069.

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 to $0.06230 levels to support a recovery of Wednesday’s reversal.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through the morning high $0.061794.

Barring a broad-based crypto rebound, Stellar’s Lumen will likely fall well short of the first major resistance level at $0.0643.

Failure to move through to $0.06230 levels could see Stellar’s Lumen slide deeper into the red.

A fall back through the morning low $0.061069 would bring the first major support level at $0.0600 into play.

Barring an extended sell-off through the day, Stellar’s Lumen should steer clear of the second major support level at $0.0579.

Looking at the Technical Indicators

Major Support Level: $0.0600

Major Resistance Level: $0.0643

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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