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Ethereum and Stellar’s Lumen Daily Tech Analysis – 21/11/19

It’s back into the red for the pair, as Wednesday’s reversal continued into the early hours. Moves in the late morning will be key for the day ahead.
Bob Mason
Coins of crypto currency are presented on a dark background. Virtual money concept.

Ethereum

Ethereum fell by 0.80% on Wednesday. Following on from a 1.16% fall from Tuesday, Ethereum ended the day at $174.35.

A choppy start to the day saw Ethereum rise to a mid-morning high $177.21 before hitting reverse.

Falling short of the first major resistance level at $178.45, Ethereum slid to a late morning low $173.34.

Ethereum steered clear of the first major support level at $172.69 before finding support in the early afternoon.

Through the 2nd half of the day, Ethereum rose to a late afternoon intraday high $177.25 before hitting reverse again.

Falling short of the major resistance levels, Ethereum slid to an early evening intraday low $173.26.

Steering clear of the first major support level at $172.69, Ethereum moved back through to $174 levels to cut the loss 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 0.32% to $173.80. A bearish start to the day saw Ethereum fall from an early morning high $174.36 to a low $173.63.

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

For the day ahead

Ethereum would need to move through to $175 levels to support a run at the first major resistance level at $176.65.

Support from the broader market would be needed, however, for Ethereum to break back through to $174 levels.

Barring a broad-based crypto rally, the first major resistance level would likely leave Ethereum short of $177 levels.

In the event of a breakout, the second major resistance level at $178.94 would likely come into play.

Failure to move through to $175 levels could see Ethereum struggle on the day.

A fall back through Wednesday’s low $173.26 would bring the first major support level at $172.66 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $170.96.

Looking at the Technical Indicators

Major Support Level: $172.66

Major Resistance Level: $178.94

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 2.94% on Wednesday. Following on from a 1.56% decline from Tuesday, Stellar’s Lumen ended the day at $0.063923.

A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.066261 before hitting reverse.

Falling short of the first major resistance level at $0.06720, Stellar’s Lumen fell to a late morning low $0.06450.

Stellar’s Lumen came within range of the first major support level at $0.06410 before finding support.

Through the 2nd half of the day, Stellar’s Lumen recovered to $0.066 levels before taking the 2nd hit.

The 2nd reversal saw Stellar’s Lumen fall through the first major support level at $0.0641 to a day end intraday low $0.063923.

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 0.38% to $0.063677. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.063923 to a low $0.063677.

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 $0.06470 levels to support a run at the first major resistance level at $0.06550.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.065 levels.

Barring a broad-based crypto rebound, Stellar’s Lumen would likely struggle at $0.0640 levels on the day.

In the event of a rebound, a breakthrough the first major resistance level would bring $0.066 levels back into play.

Failure to move through to $0.0647 levels could see Stellar’s Lumen spend a 4th consecutive day in the red.

A fall through the first major support level at $0.06310 would bring sub-$0.0630 levels into play before any recovery.

Barring an extended sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.06240.

Looking at the Technical Indicators

Major Support Level: $0.06310

Major Resistance Level: $0.06550

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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