Yahoo Finance Ethereum and Stellar’s Lumen Daily Tech Analysis – 17/10/19
Ethereum
Ethereum fell by 3.36% on Wednesday. Following on from a 3.36% fall on Tuesday, Ethereum ended the day at $174.5.
Bearish through the day, Ethereum fell from an early morning intraday high $181.2 to a late afternoon intraday low $171.7.
Falling short of the major resistance levels, Ethereum fell through the first major support level at $175.18.
Finding support late in the day, Ethereum broke back through the first major support level before a late pullback to sub-$175 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 0.53% to $173.58. A bearish start to the day saw Ethereum fall from an early morning high $174.62 to a low $172.79
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through to $175.80 levels to support a run at the first major resistance level at $179.9.
Support from the broader market would be needed, however, for Ethereum to break out from $176 levels.
Barring a broad-based crypto rebound, Ethereum would likely fall well short of $180 levels and Wednesday’s high $181.2.
Failure to move through to $175.80 levels could see Ethereum take a bigger hit on the day.
A fall through the morning low $172.79 would bring the first major support level at $170.4 into play before any recovery.
Barring an extended sell-off through the day, Ethereum should steer clear of sub-$170 support levels.
Looking at the Technical Indicators
Major Support Level: $170.4
Major Resistance Level: $179.9
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 3.06% on Wednesday. Following on from a 3.88% slide on Tuesday, Stellar’s Lumen ended the day at $0.061995.
A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.064636 before hitting reverse.
Falling short of the first major resistance level at $0.0663, Stellar’s Lumen slid to a mid-day intraday low $0.060262.
Stellar’s Lumen fell through the first major support level at $0.0621. Finding support at the second major support level at $0.06030, Stellar’s Lumen recovered to $0.062 levels before easing back.
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 1.13% to $0.061295. In the early hours, Stellar’s Lumen fell from a morning high $0.061794 to a low $0.061069.
Stellar’s Lumen left the major support and resistance levels untested early on.
For the day ahead
Stellar’s Lumen would need to move through to $0.06230 levels to support a recovery of Wednesday’s reversal.
Support from the broader market would be needed, however, for Stellar’s Lumen to break through the morning high $0.061794.
Barring a broad-based crypto rebound, Stellar’s Lumen will likely fall well short of the first major resistance level at $0.0643.
Failure to move through to $0.06230 levels could see Stellar’s Lumen slide deeper into the red.
A fall back through the morning low $0.061069 would bring the first major support level at $0.0600 into play.
Barring an extended sell-off through the day, Stellar’s Lumen should steer clear of the second major support level at $0.0579.
Looking at the Technical Indicators
Major Support Level: $0.0600
Major Resistance Level: $0.0643
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
