Ethereum & Stellar’s Lumen Daily Tech Analysis – 29/08/19

It’s a bearish start to the day for the pair. Things could get messy if the two fail to move through key levels by the early afternoon.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Ethereum Price Support

Ethereum tumbled by 7.57% on Wednesday. Following on from a 0.7% fall from Tuesday, Ethereum ended the day at $172.79.

A bearish start to the day Ethereum fall to a mid-morning low $183.83. Ethereum fell through the first major support level at $184.51 before recovering to an early afternoon intraday high $187.92.

Ethereum came up short of the first major resistance level at $189.18 before succumbing to market forces.

A crypto meltdown saw Ethereum tumble to a late afternoon intraday low $165.9. Ethereum fell through the day’s major support levels to touch $160 levels for the 1st time since early May.

Whilst finding support late on, Ethereum was unable to break back through the third major support level at $177.42.

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 1.35% to $170.45. A mixed start to the day saw Ethereum strike an early morning high $173.51 before hitting reverse.

Falling short of the major resistance levels, Ethereum fell to a morning low $168.7. The major support levels were also left untested early on.

For the day ahead

A move through to $175.55 levels would support a return to $180 levels. Ethereum would need the support of the broader market, however, to take a run at the first major resistance level at $185.17.

Failure to move through to $175.55 levels could see Ethereum fall deeper into the red. A fall through the morning low $168.7 would bring the first major support level at $163.15 into play.

Barring another crypto meltdown, however, Ethreum should steer clear of sub-$160 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $163.15

Major Resistance Level: $185.18

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen Price Support

Stellar’s Lumen tumbled by 5.91% on Wednesday. Following on from a 2.98% slide on Tuesday, Stellar’s Lumen ended the day at $0.064166.

A mixed start to the day saw Stellar’s Lumen strike a mid-morning intraday high $0.068316. Falling short of the first major resistance level at $0.0692, Stellar’s Lumen fell back to a noon low $0.067167.

Holding above the first major support level at $0.0668, Stellar’s Lumen recovered to 0.068 levels before a broad-based crypto sell-off.

The sell-off saw Stellar’s Lumen tumble to a late afternoon intraday low and new swing lo $0.063199. Stellar’s Lumen fell through the major support levels before finding support late in the day.

Stellar’s Lumen managed to move back through the third major support level at $0.0634 to limit the downside on the day.

The extended bearish trend remained firmly intact following 5 consecutive weeks in the red. Stellar’s Lumen continued to fall short of the 23.6% FIB of $0.1310 following a pullback from $0.16 levels in mid-May.

Since 13th May’s current year high $0.16176, Stellar’s Lumen has seen 10-weeks in the red, with just 4 weeks in the green…

The particularly bearish July and August led to a slide back from the 23.6% FIB of $0.1310, leaving Stellar’s Lumen down 43.3% year-to-date.

At the time of writing, Stellar’s Lumen was down by 2% to $0.062883. A bearish start to the day saw fall from an early morning high $0.063661 to a new swing lo $0.062783.

In spite of the pullback, Stellar’s Lumen managed to steer hold above the first major support level at $0.0621.

For the day ahead

Stellar’s Lumen would need to move back through to $0.06520 levels to bring the first major resistance level at $0.06730 into play.

Support from the broader market would be needed, however, for Stellar’s Lumento break out from $0.066 levels.

In the event of a broad-based crypto rebound, Stellar’s Lumen could revisit $0.068 levels before any pullback.

Failure to move through to $0.06520 levels could leave Stellar’s Lumen deep in the red on the day.

A fall through the morning low to $0.06250 levels would bring the first major support level at $0.0621 into play.

Barring another crypto meltdown, Stellar’s Lumen should steer clear of sub-$0.6100 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.0621

Major Resistance Level: $0.0673

23.6% FIB Retracement Level: $0.1222

38.2% FIB Retracement Level: $0.1571

62% FIB Retracement Level: $0.2136

Please let us know what you think in the comments below.

Thanks, Bob

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US