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Ethereum and Stellar’s Lumen Daily Tech Analysis – 31/10/19

Bob Mason

Ethereum

Ethereum slid by 4% on Wednesday. Partially reversing a 4.98% rally from Tuesday, Ethereum ended the day at $183.38.

A bullish start to the day saw Ethereum rise to an early morning intraday high $192.2 before hitting reverse.

Falling short of the first major resistance level at $195.77, Ethereum slid to an early afternoon intraday low $180.05.

The reversal saw Ethereum fall through the first major support at $184.08 before finding support.

Steering clear of sub-$180, Ethereum moved back through the first major support level before falling back to close the day at $183 levels.

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 0.46% to $182.54. A bullish start to the day saw Ethereum rise to an early morning high $185.47 before falling to a low $181.23.

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

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

For the day ahead

Ethereum would need to move back through to $185.20 levels to support a run at the first major resistance level at $190.37.

Support from the broader market would be needed, however, for Ethereum to break back through to $190 levels

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $192.2 would likely limit any upside.

Failure to move back through to $185.20 levels could see Ethereum fall deeper into the red.

A fall back through to $181 levels would bring the first major support level at $178.22 into play.

Barring an extended sell-off through the day, however, Ethereum should steer clear of sub-$178 levels on the day.

Looking at the Technical Indicators

Major Support Level: $178.22

Major Resistance Level: $190.37

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 5.03% on Wednesday. Reversing a 2.18% gain from Tuesday, Stellar’s Lumen ended the day at $0.063702.

A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday low $0.067176 before hitting reverse.

Falling short of the first major resistance level at $0.06970, Stellar’s Lumen slid to a late afternoon intraday low $0.063129.

Stellar’s Lumen fell through the first major support level at $0.06440 before steadying.

In a relatively range-bound late part of the day, Stellar’s Lumen failed to break back through the first major support level.

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 down by 0.2% to $0.063572. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.064778 before falling to a low $0.063230.

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

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

For the day ahead

Stellar’s Lumen would need to move back through to $0.06470 levels to support a run at $0.066 levels later in the day.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through the first major resistance level at $0.06620.

Barring a broad-based crypto rally through the day, Stellar’s Lumen would likely fall short of Wednesday’s high $0.067176.

Failure to move through to $0.06470 levels could see Stellar’s Lumen struggle throughout the day.

A fall back through the morning low $0.063230 would bring sub-$0.0630 levels into play before any recovery.

Barring an extended sell-off through the day, Stellar’s Lumen should steer clear of the first major support level at $0.06220.

Looking at the Technical Indicators

Major Support Level: $0.06220

Major Resistance Level: $0.06620

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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