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Ethereum and Stellar’s Lumen Daily Tech Analysis – 22/10/19

After a testy start, the pair find early support to move into the green. Holding above key levels would support further upside later in the day.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Ethereum

Ethereum fell by 0.64% on Monday. Partially reversing a 2% gain from Sunday, Ethereum ended the day at $174.37.

A bearish start to the day saw Ethereum fall to a mid-morning low $173.41 before striking a late morning intraday high $178.

Steering clear of the major support levels, Ethereum came within range of the first major resistance level at $178.49 before hitting reverse.

The reversal saw Ethereum fall to a mid-afternoon intraday low $171.45 before finding support.

Holding above the first major support level at $170.8, Ethereum moved back through to $174 levels to limit the downside.

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 up by 0.33% to $174.94. A mixed start to the day saw Ethereum fall to an early morning low $173.65 before striking a high $175.0.

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

For the day ahead

Ethereum would need to steer clear of $174.6 levels to support another run at the first major resistance level at $177.76

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $175.0.

Barring an extended rally through the day, the first major resistance level and Monday’s high $178.0 would likely limit any upside.

Failure to steer clear of $174.6 levels could see Ethereum test the first major support level at $171.21 before any recovery.

Barring a broad-based crypto sell-off, Ethereum should steer clear of sub-$170 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $171.21

Major Resistance Level: $177.76

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 1.65% on Monday. Following on from a 1.61% gain on Sunday, Stellar’s Lumen ended the day at $0.064123.

A choppy day saw Stellar’s Lumen fall to a mid-morning intraday low $0.062915 before making a move.

Holding above the first major support level at $0.0622, Stellar’s Lumen struck a late morning high $0.063917.

Falling short of the first major resistance level at $0.0641, Stellar’s Lumen fell back to an afternoon low $0.06300.

Bucking the trend late on, Stellar’s Lumen rallied to a late intraday high $0.064429. Stellar’s Lumen came up against the first major resistance level at $0.06410 before easing back to $0.06410 levels.

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 1.37% to $0.064999. A mixed start to the day saw Stellar’s Lumen fall to a morning low $0.064076 before striking a high $0.064999.

Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.06470.

For the day ahead

Stellar’s Lumen would need to hold onto $0.06490 levels to support a run at the second major resistance level at $0.06530.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from $0.06500.

In the event of an extended crypto rally, Stellar’s Lumen would likely take a run at the third major resistance level at $0.0669.

Failure to hold onto $0.06490 levels could see Stellar’s Lumen give up the early gains.

A fall back through to $0.0640 levels would bring the first major support level at $0.0632 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.0630 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.06320

Major Resistance Level: $0.06470

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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