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Ethereum and Stellar’s Lumen Daily Tech Analysis – 16/10/19

Bob Mason

Ethereum

Ethereum fell by 3.36% on Tuesday. Reversing a 3.16% gain from Monday, Ethereum ended the day at $180.58.

A bullish start to the day saw Ethereum strike an early morning intraday high $188.58 before hitting reverse.

Falling short of the first major resistance level at $189.67, Ethereum fell to a late intraday low $176.48.

The reversal saw Ethereum fall through the first major support level at $182.28 and second major support level at $177.70.

Finding support late in the day, Ethereum broke back through the second major support level to limit the downside on the day.

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 0.3% to $180.03. A bearish start to the day saw Ethereum fall from an early morning high $181.2 to a low $179.78.

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

For the day ahead

Ethereum would need a move back through the morning high to $182 levels to support the recovery of Tuesday’s loss.

Support from the broader market would be needed, however, for Ethereum to target Tuesday’s high $188.58.

Barring a broad-based crypto rally, the first major resistance level at $187.28 would likely limit any upside on the day.

Failure to move through to $182 levels could see Ethereum spend another day in the red.

A fall back through to sub-$180 levels would bring $176 levels back into play before any recovery.

Barring an extended sell-off through the day, however, Ethereum should steer clear of the first major support level at $175.18.

Looking at the Technical Indicators

Major Support Level: $175.18

Major Resistance Level: $187.28

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen slid by 3.88% on Tuesday. Partially reversing an 8.4% rally from Monday, Stellar’s Lumen ended the day at $0.06395.

A mixed start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.06688 before hitting reverse.

Coming up against the first major resistance level at $0.0685, Stellar’s Lumen slid to a late intraday low 0.062696.

Finding support at the first major support level at $0.0630, Stellar’s Lumen recovered to $0.0639 levels to limit the loss on the day.

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 0.97% to $0.06457. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.06395 to a high $0.06457.

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 $0.0645 levels to support a run at the first major resistance level at $0.06630.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.0650 levels.

Barring a broad-based crypto rally through the day, the first major resistance level at $0.0663 would likely limit any upside.

Failure to hold onto $0.06450 levels could see Stellar’s Lumen hit reverse. A fall back through the morning low $0.063950 would bring sub-$0.0630 levels into play before any recovery.

Barring another crypto sell-off, however, Stellar’s Lumen should steer clear of the first major support level at $0.06210.

Looking at the Technical Indicators

Major Support Level: $0.06210

Major Resistance Level: $0.0663

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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