Ethereum and Stellar’s Lumen Daily Tech Analysis – 30/09/19

A mixed start to the day for the majors leaves the crypto market on the defensive. A move through key levels by late morning would signal a rebound.
Bob Mason
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Ethereum

Ethereum fell by 2.60% on Sunday. Following on from a 0.26% decline on Saturday, Ethereum ended the week down 19.79% at $169.38.

Particularly bearish through the morning, Ethereum slid from an early morning intraday high $175.26 to a mid-afternoon intraday low $164.34.

Falling short of the major resistance levels, Ethereum fell through the first major support level at $169.41.

Finding support from the second major support level at $164.91, Ethereum bounced back to $172 levels late in the day.

A late pullback to sub-$170 levels saw Ethereum fall back through the first major support level at $169.41.

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 0.7% to $168.20. A mixed start to the day saw Ethereum rise to an early morning high $170.23 before falling to a low $167.40.

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

For the day ahead

Ethereum would need to move back through to $169.70 levels would support a run at the first major resistance level at $174.98.

Support of the broader market would be needed, however, for Ethereum to break out from $170 levels.

Barring a broad-based crypto rebound, the first major resistance level at $174.98 and Sunday’s high $175.26 would likely cap any upside.

Failure to move through to $169.70 levels could see Ethereum spend a third consecutive day in the red.

A fall through the morning low $167.4 to $165 levels would bring the first major support level at $164.06 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$163 levels on the day.

Looking at the Technical Indicators

Major Support Level: $164.06

Major Resistance Level: $174.98

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen fell by 1.08% on Sunday. Following on from a 0.62% decline on Saturday, Stellar’s Lumen ended the week down 15.47% at $0.057998.

Tracking the broader market, Stellar’s Lumen slid from an early morning intraday high $0.058634 to a mid-day intraday low $0.056923.

Stellar’s Lumen fell through the first major support level at $0.0574 to test the second major support level at $0.0564.

Finding support through the late afternoon, Stellar’s Lumen broke back through the major support levels to $0.058 levels before easing back.

In spite of the late pullback, Stellar’s Lumen managed to hold above the first major support level at the day end.

The extended bearish trend remained firmly intact, reaffirmed by last 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 down by 0.19% to $0.057885. A bullish start to the day saw Stellar’s Lumen strike an early morning high $0.058755.

Coming within range of the first major resistance level at $0.05880, Stellar’s Lumen slid to a morning low $0.057814.

Stellar’s Lumen left the first major support level at $0.0571 untested early on.

For the day ahead

Stellar’s Lumen would need to move back through to $0.0580 levels to support another run at the first major resistance level at $0.0588.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from this morning’s high $0.058755.

In the event of a crypto rebound, Stellar’s Lumen could visit $0.059 levels before any pullback. We would expect Stellar’s Lumen to come up short of $0.060 levels, however.

Failure to move through to $0.0580 levels could see Stellar’s Lumen fall deeper into the red. A fall through the first major support level at $0.0571 would bring the second major support level at $0.561 into play.

Barring a crypto meltdown, however, we would expect Stellar’s Lumen to steer clear of sub-$0.056 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.0571

Major Resistance Level: $0.0588

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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