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

Bob Mason

Ethereum

Ethereum rallied by 6.93% on Wednesday. Following on from a 0.29% gain from Tuesday, Ethereum ended the day at $193.26.

A mixed start to the day saw Ethereum fall to an early morning intraday low $179.20 before making a move.

Steering clear of the first major support level at $177.06, Ethereum rallied to a late intraday high $196.09.

Ethereum broke through the first major resistance level at $184.94 and second major resistance level at $189.06.

In spite of a pullback in the final hour, Ethereum managed to hold onto $190 levels for the 1st time since the late September sell-off.

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 0.42% to $194.08. A mixed start to the day saw Ethereum fall to an early morning low $191.78 before striking a morning high $194.59.

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

For the day ahead

Ethereum would need to hold onto $190 levels to support a run at the first major resistance level at $199.83.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $196.09.

Barring a broad-based crypto rally, the first major resistance level at $199.83 would likely cap any upside.

In the event of a breakout, Ethereum could test the second major resistance level at $206.41 before any pullback.

Failure to hold onto $190 levels could see Ethereum hit reverse. A fall through to $189.5 levels would bring the first major support level at $182.94 into play.

Barring a crypto meltdown, Ethereum should steer well clear of sub-$180 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $182.94

Major Resistance Level: $199.83

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 1.94% on Wednesday. Reversing a 0.41% fall from Tuesday, Stellar’s Lumen ended the day at $0.063355.

Tracking the broader market, Stellar’s Lumen fell to an early morning intraday low $0.061274 before finding support.

Holding above the first major support level at $0.06060, Stellar’s Lumen rallied to an early afternoon intraday high $0.06500.

Ethereum broke through the first major resistance level at $0.0638 to come within range of the second major resistance level at $0.06560.

A pullback through the late afternoon saw Stellar’s Lumen fall to $0.062 levels before moving back through to $0.063 levels.

Late in the day, the first major resistance level at $0.06380 capped the upside 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 down by 1.04% to $0.062696. A bullish start to the day saw Stellar’s Lumen rise to an early morning high $0.06395 before falling to a low $0.062696.

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

For the day ahead

Stellar’s Lumen would to move back through to $0.06320 levels to support a run at the first major resistance level at $0.06510.

Sentiment across the broader market would need to improve, however, for Stellar’s Lumen to break out from $0.0640 levels.

Barring a broad-based crypto rally, Wednesday’s high $0.0650 and the first major resistance level would cap any upside.

Failure to move back through to $0.06320 levels could see Stellar’s Lumen slide deeper into the red. A fall through to $0.06250 levels would bring the first major support level at $0.06140 into play before any recovery.

Barring a crypto meltdown, Stellar’s Lumen should steer clear of sub-$0.060 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.06140

Major Resistance Level: $0.06510

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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