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Ethereum and Stellar’s Lumen Daily Tech Analysis – 29/10/19

Bob Mason

Ethereum

Ethereum fell by 1.25% on Monday. Partially reversing a 2.44% rally from Sunday, Ethereum ended the day at $182.02.

A relatively choppy morning saw Ethereum rise to an early morning intraday high $190 before hitting reverse.

Coming up against the first major resistance level at $190.11, Ethereum fell back to a late morning low $181.15.

Holding well above the first major support level at $177.77, Ethereum recovered to $185 levels before sliding back to a late afternoon intraday low $181.0.

Continuing to steer clear of the major support levels, Ethereum moved back through to $185 levels before a final hour sell-off that left Ethereum in the red 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 up by 1.04% to $183.91. A bullish start to the day saw Ethereum rise from an early morning low $181.72 to a high $185.68 before easing back.

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

[fx-image src=https://www.tradingview.com/x/1biWxpcM/ originalWidth=761 ratio=1.23 data-zoom-target=https://www.tradingview.com/x/1biWxpcM/]

For the day ahead

Ethereum would need to move back through to $184.4 levels to support a run at the first major resistance level at $187.68.

Support from the broader market would be needed, however, for Ethereum to break out from $185 levels.

Barring an extended rally through the day, Ethereum would likely come up short of Monday’s high $190.

Failure to move through to $184.4 levels could see Ethereum spend another day in the red.

A fall back through the morning low $181.72 would bring the first major support level at $178.68 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$178 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $178.68

Major Resistance Level: $187.68

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 1.16% on Monday. Partially reversing a 3.18% rally from Sunday, Stellar’s Lumen ended the day at $0.06457.

A particularly bullish start to the day saw Stellar’s Lumen strike an early morning intraday high $0.06898.

Stellar’s Lumen broke through the first major resistance level at $0.0666 and the second major resistance level at $0.681.

A pullback through the morning saw Stellar’s Lumen slide back to $0.065 levels before finding support.

Steering well clear of the major support levels, Stellar’s Lumen bounced back to $0.067 levels. Stellar’s Lumen broke through the first major resistance level at $0.0666 for a second time.

A second sell-off, however, saw Stellar’s Lumen slide to a mid-day intraday low $0.06386.

In spite of the pullback, Stellar’s Lumen left the first major support level untested on the day.

Finding support through the latter part of the day, Stellar’s Lumen moved back through to $0.065 levels before the final hour sell-off.

The sell-off saw Stellar’s Lumen slide back to sub-$0.065 levels to close out the day in the red.

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 1.77% to $0.065714. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.065049 before striking a high $0.065714.

Stellar’s Lumen left the major support and resistance levels untested early on.

[fx-image src=https://www.tradingview.com/x/AbceQWMM/ originalWidth=761 ratio=1.23 data-zoom-target=https://www.tradingview.com/x/AbceQWMM/]

For the day ahead

Stellar’s Lumen would need to move through to $0.0658 levels to support a run at the first major resistance level at $0.0677.

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

Barring an extended rally throughout the day, we would expect Stellar’s Lumen to come up well short of Monday’s high $0.06898.

Failure to move through to $0.0658 levels could see Stellar’s Lumen hit reverse. A fall back through the morning low $0.065049 would bring $0.0630 levels into play before any recovery.

Barring a broad-based crypto sell-off, however, Stellar’s Lumen should steer clear of the first major support level at $0.0626.

Looking at the Technical Indicators

Major Support Level: $0.06260

Major Resistance Level: $0.06770

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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