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

Stellar’s Lumen sees another heavy slide early on as the broader market struggles. For Ethereum, a return to $180 levels would support a rebound.
Bob Mason
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Ethereum

Ethereum fell by 3.28% on Monday. Following on from a 2.65% loss from last week, Ethereum ended the day at $177.85.

A mixed start to the day saw Ethereum fall from an early morning intraday high $183.95 to an early morning low $182.18.

Steering clear of the major support and resistance levels, Ethereum recovered to $182.5 levels before hitting reverse.

Pressured by a broad-based crypto sell-off, Ethereum tumbled to a late afternoon intraday low $173.56.

Ethereum fell through the first major support level at $180.50 and the second major support level at $177.12.

Finding support late in the day, Ethereum broke back through the second major support level to limit the daily loss.

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 0.30% to $177.31. A mixed start to the day saw Ethereum fall to an early morning low $176.71 before striking a high $178.14.

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

For the day ahead

Ethereum would need to move through to $178.5 levels to support a run at the first major resistance level at $183.35.

Support from the broader market would be needed for Ethereum to break out from $180 levels.

Barring a broad-based crypto rebound, resistance at $180 would likely limit any upside on the day.

Failure to move through to $178.50 levels could see Ethereum slide deeper into the red.

A fall back through to $175 levels would bring the first major support level at $172.96 into play.

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

Looking at the Technical Indicators

Major Support Level: $172.96

Major Resistance Level: $183.35

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen slid by 6.14% on Monday. Following on from an 8.81% tumble from the previous week, Stellar’s Lumen ended the day at $0.067443.

It was bearish from the start of the day. Stellar’s Lumen fell from an early intraday high $0.071855 to a late afternoon intraday low $0.064501.

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

In spite of a partial recovery late on, Stellar’s Lumen was unable to break back through the third major support level at $0.0694.

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 2.48% to $0.065773. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.066902 to a low $0.065756.

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

For the day ahead

A move back through the morning high to $0.06790 levels would support a run at the first major resistance level at $0.0714.

Stellar’s Lumen would need the support of the broader market to break through to $0.0670 levels.

Barring a broad-based crypto rally on the day, however, Stellar’s Lumen would likely fall well short of $0.070 levels.

Failure to move through to $0.06790 levels could see Stellar’s Lumen take a bigger hit on the day.

A fall back through to Monday’s low $0.06450 would bring the first major support level at $0.0640 into play.

Barring an extended sell-off through the day, however, Stellar’s Lumen should steer clear of sub-$0.0640 levels.

Looking at the Technical Indicators

Major Support Level: $0.0640

Major Resistance Level: $0.0714

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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