Ethereum and Stellar’s Lumen Daily Tech Analysis – 18/11/19

Ethereum

Ethereum rose by 0.91% on Sunday. Following on from a 1.37% gain on Saturday, Ethereum ended the week down 2.65% at $183.88.

Tracking the broader market, Ethereum slid to a late morning intraday low $180.00 before finding support.

Steering clear of the first major support level at $179.74, Ethereum rallied to a late intraday high $186.26.

Ethereum broke through the first major resistance level at $183.96 and the second major resistance level at $185.68.

Late in the day, Ethereum fell back through the major resistance levels to limit 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 0.8% to $182.40. A bearish start to the day saw Ethereum fall from an early morning high $183.95 to a low $182.18.

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

For the day ahead

A move through to $183.40 levels would support a run at the first major resistance level at $186.76.

Ethereum would need the support of the broader market, however, to break out from Sunday’s high $186.26.

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

The second major resistance level at $189.64 would cap any upside on the day.

Failure to move through to $183.40 levels could see Ethereum slide deeper into the red.

A fall through the morning low $182.18 would bring the first major support level at $180.5 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$180 for a 2^nd consecutive day.

Looking at the Technical Indicators

Major Support Level: $180.50

Major Resistance Level: $186.76

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen rose by 0.6% on Sunday. Reversing a 0.58% decline from Saturday, Stellar’s Lumen ended the week down by 8.81% to $0.072059.

A bullish start to the day saw Stellar’s Lumen rise from an early intraday low $0.071628 to a mid-morning intraday high $0.073064.

Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.0719.

Coming up against the second major resistance level at $0.0731, Stellar’s Lumen slid back to sub-$0.0720 levels late in the day.

A move back through to $0.072 levels in the final hour delivered the upside on the day.

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 1.38% to $0.071067. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.071855 to a low $0.071067.

Steering clear of the major resistance levels, Stellar’s Lumen fell through the first major support level at $0.07140.

For the day ahead

A move back through the first major support level to $0.07230 levels would bring the first major resistance level at $0.07290 into play.

Stellar’s Lumen would need the support of the broader market, however, to break back through to $0.072 levels.

Barring a broad-based crypto rebound, Stellar’s Lumen would likely come up short of $0.0730 levels on the day.

Failure to move back through the first major support level at $0.0714 could see Stellar’s Lumen visit sub-$0.0710 levels before any recovery.

In the event of an extended sell-off, the second major support level at $0.0708 could come into play before any recovery.

Looking at the Technical Indicators

Major Support Level: $0.07140

Major Resistance Level: $0.072390

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