It's a choppy start to the day, with Ethereum seeing deep red, while Stellar's Lumen holds onto early gains.
Ethereum rallied by 2% on Sunday. Reversing a 0.5% decline on Saturday, Ethereum ended the week down by 3.11% to $175.49.
A bearish start to the day saw Ethereum fall to an early morning intraday low $169.11 before making a move.
Finding support at the first major support level at $169.37, Ethereum bounced back to a late intraday high $176.80.
Ethereum broke through the first major resistance level at $175.15 before easing back to $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 0.72% to $174.22. A mixed start to the day saw Ethereum fall to an early morning low $174.16 before striking a high $175.5.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move back through to $175 levels to bring the first major resistance level at $179.49 into play.
Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $176.8.
Barring a broad-based crypto rebound, Ethereum would likely come up short of $180 levels on the day.
Failure to move back through to $175 levels could see Ethereum fall deeper into the red.
A fall through to $173.80 levels would bring the first major support level at $170.80 into play.
Barring an extended sell-off through the day, Ethereum should steer clear of the second major support level at $166.11.
Major Support Level: $170.80
Major Resistance Level: $178.49
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Stellar’s Lumen rose by 1.61% on Sunday. Following on from a 4.6% gain on Saturday, Stellar’s Lumen ended the week up 2.75% to $0.063173.
Bullish through the day, Stellar’s Lumen rallied from an early morning intraday low $0.062172 to a late afternoon intraday high $0.064.
Steering clear of the major support levels, Stellar’s Lumen came up against the first major resistance level at $0.0638 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 up by 0.1% to $0.063238. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.063066 to a high $0.063709.
Stellar’s Lumen left the major support and resistance levels untested early on.
Stellar’s Lumen would need to hold onto $0.063 levels to support a run at the first major resistance level at $0.0641.
Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.063709.
Barring a broad-based crypto rebound, the first major support level and Sunday’s high $0.064 would likely limit any upside.
Failure to hold onto $0.063 levels could see Stellar’s Lumen hit reverse.
A fall through the morning low $0.063066 would bring the first major support level at $0.0622 into play.
Barring a broad-based crypto meltdown, however, Stellar’s Lumen should steer clear of the second major support level at $0.0613.
Major Support Level: $0.06220
Major Resistance Level: $0.06410
23.6% FIB Retracement Level: $0.1114
38% FIB Retracement Level: $0.1484
62% FIB Retracement Level: $0.2082
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Thanks, Bob
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.