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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

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