Ethereum and Stellar’s Lumen Daily Tech Analysis – 12/11/19
Ethereum
Ethereum slid by 2.24% on Monday. Reversing a 2.22% gain from Sunday, Ethereum ended the day at $184.65.
A bullish start to the day saw Ethereum rise to an early morning intraday high $190 before hitting reverse.
Ethereum fell short of the first major resistance level at $192.78 before sliding to a late morning low $184.56.
Steering clear of the first major support level at $184.19, Ethereum moved back through to $187 levels going into the afternoon.
Through the 2nd half of the day, the bearish trend continued, however, with Ethereum sliding to a final hour intraday low $183.77.
Ethereum fell through the first major support level at $184.19 before finding support.
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 up by 0.37% to $185.34. A mixed start to the day saw Ethereum fall to an early morning low $184.18 before striking a high $185.80.
Ethereum left the major support and resistance levels untested early on
For the day ahead
A move through to $186.20 levels would support a run at the first major resistance level at $188.51.
Ethereum would need the support of the broader market, however, to break out from the morning high $185.80.
Barring an extended crypto rally, the first major resistance level and Monday’s high $190 should limit any upside.
Failure to move through to $186.20 levels could see Ethereum hit reverse. A fall back through the morning low $184.18 would bring the first major support level at $182.28 into play.
Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $179.91.
Looking at the Technical Indicators
Major Support Level: $182.28
Major Resistance Level: $188.51
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Stellar’s Lumen
Stellar’s Lumen rose by 1.13% on Monday. Following on from an 8% rally on Sunday, Stellar’s Lumen ended the day at $0.07992.
Tracking the broader market, Stellar’s Lumen rose to an early morning high $0.080003 before hitting reverse.
Falling short of the first major resistance level at $0.0825, Stellar’s Lumen fell to a late morning intraday low $0.076140.
Steering clear of the first major support level at $0.07450, Stellar’s Lumen rallied to a late intraday high $0.081262.
Falling short of the first major resistance level at $0.08250, Stellar’s Lumen fell back to sub-$0.07900 levels before a final hour move into positive territory.
The extended bearish trend remained firmly intact, reaffirmed by 24th September’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 1.08% to $0.080787. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.08046 to a high $0.081064.
Stellar’s Lumen left the major support and resistance levels untested early on.
For the day ahead
Stellar’s Lumen would need to hold onto $0.080 levels to support a run at the first major resistance level at $0.08210.
Support from the broader market would be needed for Stellar’s Lumen to break out from Monday’s high $0.081262.
Barring an extended rally through the day, however, Stellar’s Lumen would likely fall short of $0.0820 levels.
Failure to hold onto $0.080 levels could see Stellar’s Lumen slide into the red.
A fall through to sub-$0.0790 levels would bring the first major support level at $0.0770 into play.
Barring a broad-based crypto sell-off, however, Stellar’s Lumen should steer clear of Monday’s low $0.07614.
Looking at the Technical Indicators
Major Support Level: $0.0770
Major Resistance Level: $0.0821
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
This article was originally posted on FX Empire
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