Ethereum and Stellar’s Lumen Daily Tech Analysis – 05/11/19
Ethereum
Ethereum rose by 2.49% on Monday. Reversing a 0.83% decline from Sunday, Ethereum ended the day at $186.25.
A bearish start to the day saw Ethereum fall to an early morning intraday low $180.45 before finding support.
Steering clear of the first major support level at $178.89, Ethereum rallied to a late intraday high $189.5.
Ethereum broke through the first major resistance level at $184.78 and the second major resistance level at $187.84.
A late pullback saw Ethereum fall back through the second major resistance level to limit the upside 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 0.54% to $187.25. A mixed start to the day saw Ethereum fall to an early morning low $185.37 before striking a high $187.66.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
A move back through the morning high $187.66 to $188 levels would support a run at the first major resistance level at $190.35.
Ethereum would need the support of the broader market, however, to break out from Monday’s high $189.5.
Barring an extended rally through the day, Monday’s high and first major resistance level would likely pin Ethereum back.
In the event of a crypto rally, the second major resistance level at $194.45 would likely come into play.
Failure to move back through the morning high $187.66 could see Ethereum hit reverse.
A fall through the morning low $185.37 would bring the first major support level at $181.30 into play.
Barring a broad-based crypto sell-off, however, Ethereum should steer clear of Monday’s low $180.45.
Looking at the Technical Indicators
Major Support Level: $181.30
Major Resistance Level: $190.35
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Stellar’s Lumen
Stellar’s Lumen surged by 15% on Monday. Reversing a 4.77% slide from Sunday, with interest, Stellar’s Lumen ended the day at $0.079416.
A relatively bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.067801 before making a move.
Steering clear of the first major support level at $0.0670, Stellar’s Lumen rallied to a late intraday high $0.079892.
Stellar’s Lumen broke through the major resistance levels on the day, with a 13.2% rally in the final hour delivering the upside.
The extended bearish trend remained firmly intact, however, 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 5.06% to $0.083432. A bullish start to the day saw Stellar’s Lumen rally from an early morning low $0.077589 to a high $0.087955.
Stellar’s Lumen broke through the first major resistance level at $0.0836 to come up against the second major resistance level at $0.0878 before easing back.
For the day ahead
Stellar’s Lumen would avoid a pullback to sub-$0.080 levels to support a second breakout later in the day.
A move back through the first major resistance level at $0.0836 would bring the second major resistance level back into play.
Barring another rally, however, we would expect Stellar’s Lumen to come up short of $0.090 levels on the day.
Failure to hold onto $0.080 levels could see Stellar’s Lumen give up some of the early gains.
A fall back through to sub-$0.0760 levels would bring the first major support level at $0.0715 into play.
Barring a crypto meltdown, however, Stellar’s Lumen should steer well clear of sub-$0.070 levels.
Looking at the Technical Indicators
Major Support Level: $0.07150
Major Resistance Level: $0.08360
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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