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

It’s a bearish start to the week, with the early pullback suggesting more losses to come before any recovery…
Bob Mason
Stellar coin trading chart for monitoring XLM values of stellar and buying crypto currency on the exchange. Copy space.

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 2nd 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 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 1.38% 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

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