Ethereum & Stellar’s Lumen Daily Tech Analysis – 23/09/19

Ethereum

Ethereum fell by 1.75% on Sunday. Following on from a 1.48% decline on Saturday, Ethereum ended the day at $211.1.

In spite of the bearish weekend, Ethereum rallied by 11.51% for the week, Monday through Sunday.

A bearish Sunday morning saw Ethereum slide from an early morning intraday high $215.45 to an early morning low $207.21.

Ethereum fell through the first major support level at $211.56 and second major support level at $208.33.

Finding support from the broader market, Ethereum broke back through to $213 levels before sliding to a late intraday low $206.02.

Ethereum fell back through the first and second major support levels before a late recovery to $211 levels.

The first major support level at $211.56 pinned Ethereum back late in the day.

In spite of the bullish week, 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 0.9% to $209.19. Another bearish start to the day saw Ethereum fall from an early morning high $211.6 to a low $207.24.

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

For the day ahead

Ethereum would need to move through to $211 levels to support a run at the first major resistance level at $215.69.

Support from the broader market would be needed, however, for Ethereum to break through to $210 levels.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $215.45 would likely cap any upside on the day.

Failure to move through to $211 levels would bring the first major support level at $206.26 into play.

Barring an extended sell-off through the day, Ethereum should steer clear of the second major support level at $201.43 and sub-$200 levels.

Looking at the Technical Indicators

Major Support Level: $206.26

Major Resistance Level: $215.69

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 2% on Sunday. Following on from a 3.31% slide on Saturday, Stellar’s Lumen ended the day at $0.06825.

A bearish start to the day saw Stellar’s Lumen slide from an early morning high $0.06965 to an early intraday low $0.067.

The reversal saw Stellar’s Lumen fall through the first major support level at $0.0685. Support at the second major support level at $0.0669 limited the downside early on.

Stellar’s Lumen recovered to an early afternoon intraday high $0.070128 before hitting reverse.

Falling well short of the first major resistance level at $0.0729, Stellar’s Lumen slid back through the first major support level at $0.0685.

Finding support at the second major support level at $0.0669, Stellar’s Lumen recovered from an afternoon low $0.067002 to limit the downside on the day.

In spite of a particularly bearish weekend, Stellar’s Lumen surged by 16.47% for the week, Monday through Sunday.

The extended bearish trend remained firmly intact in spite of the solid gains in the week, however. 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.

Since 13^th May’s current year high $0.16176, Stellar’s Lumen has seen 13-weeks in the red, with just 5 weeks in the green…

For the bulls, a move back through to $0.14 levels would support a run at the 38.2% FIB of $0.1643 and a near-term bullish trend formation.

At the time of writing, Stellar’s Lumen was down by 2.12% to $0.0668. A particularly bearish start to the day saw Stellar’s Lumen slide from an early morning high $0.068895 to a low $0.065959.

Stellar’s Lumen fell through the first major support level at $0.0668 early in the day.

For the day ahead

Stellar’s Lumen would need to move back through the first major support level to $0.0685 levels to support a run at the first major resistance level at $0.0699.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.068895.

Barring a broad-based crypto rebound, Stellar’s Lumen would likely fall short of Sunday’s high $0.070128.

Failure to move through to $0.0685 levels could see Stellar’s Lumen take another hit on the day.

A fall through the morning low $0.065959 would bring the second major support level at $0.0653 into play.

Barring a crypto meltdown, however, we would expect Stellar’s Lumen to steer clear of the third major support level at $0.0622.

Looking at the Technical Indicators

Major Support Level: $0.06680

Major Resistance Level: $0.06990

23.6% FIB Retracement Level: $0.1155

38% FIB Retracement Level: $0.1517

62% FIB Retracement Level: $0.2103

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

Thanks, Bob