Ethereum and Stellar’s Lumen Daily Tech Analysis – 26/09/19

Ethereum

Ethereum rose by 2.25% on Wednesday. Partially reversing a 17.31% tumble from Tuesday, Ethereum ended the day at $170.

A bullish start to the day saw Ethereum rally to an early morning intraday high $175.25 before hitting reverse.

Falling well short of the first major resistance level at $193.40, Ethereum slid to a late morning intraday low $162.25.

Steering clear of the first major support level at $148.43, Ethereum bounced back to $174 levels late in the day before easing back.

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 0.08% to $169.87. A bearish start to the day saw Ethereum fall to an early morning low $169.04 before striking a high $170.39.

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

For the day ahead

Ethereum would need to move back through and hold onto $170 levels to support a run at the first major resistance level at $176.08.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $175.25.

In the event of a broad-based crypto rebound, Ethereum could test resistance at $180 before any pullback.

Failure to move through and hold onto $170 levels could see Ethereum resume the downward trend.

A fall through to $168 levels would bring the first major support level at $163.08 into play before any recovery.

Barring a crypto meltdown, Ethereum should steer clear of sub-$160 on the day.

Looking at the Technical Indicators

Major Support Level: $163.08

Major Resistance Level: $176.08

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen rallied by 8.37% on Wednesday. Partially reversing a 16.31% slide from Tuesday, Stellar’s Lumen ended the day at $0.05765.

Tracking the broader market, Stellar’s Lumen rose to an early morning high $0.05555 before hitting reverse.

Falling short of the first major resistance level at $0.0615, Stellar’s Lumen fell to a late morning intraday low $0.052221.

Steering clear of the first major support level at $0.0482, Stellar’s Lumen rallied to a late intraday high $0.05996.

Resistance at $0.060 pinned Stellar’s Lumen from a run at the first major resistance level at $0.0615.

A late broad-based crypto pullback left Stellar’s Lumen at $0.057 levels to limit the upside on the day.

The extended bearish trend remained firmly intact, reaffirmed by Tuesday’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 3.34% to $0.05958. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.05804 to a high $0.05958.

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

For the day ahead

Stellar’s Lumen would need to steer clear of sub-$0.058 levels to support a run at the first major resistance level at $0.0610.

Support from the boarder market would be needed, however, for Stellar’s Lumen to break through the morning high $0.05958.

In the event of a broad-based crypto rebound, Stellar’s Lumen could eye the second major resistance level at $0.0643 before any pullback.

Failure to steer clear of sub-$0.058 could see Stellar’s Lumen hit reverse. A fall through to $0.055 levels would bring the first major support level at $0.0533 into play before any recovery.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of Wednesday’s low $0.05222.

Looking at the Technical Indicators

Major Support Level: $0.0533

Major Resistance Level: $0.0610

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