Categories: Ethereum

Ethereum & Stellar’s Lumen Tech Analysis –26/08/19

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It’s a bullish start to the day for the majors. Holding above key levels would support another breakout later in the day…

Ethereum

Key Highlights

  • Ethereum slid by 2.26% on Sunday. Following on from a 1.9% fall on Saturday, Ethereum ended the day at $186.59.
  • A midday intraday high $192.76 saw Ethereum fall well short of the first major resistance level at $194.98.
  • A late intraday low $182.04 saw Ethereum fall through the first major support level at $186.41.
  • The extended bearish trend, formed at late April 2018’s swing hi $828.97, remained firmly intact. The reversal from June’s current year high $364.49 back through the 23.6% FIB of $257 reaffirmed the extended bearish trend.

Ethereum Price Support

Ethereum slid by 2.26% on Sunday. Following on from a 1.9% fall on Saturday, Ethereum ended the day at $186.59.

A bullish morning saw Ethereum rally to a midday intraday high $192.76 before hitting reverse.

Falling short of the first major resistance level at $194.98, Ethereum slid to a late intraday low $182.04.

The reversal saw Ethereum fall through the first major support level at $186.41.

Coming within range of the second major support level at $181.93, Ethereum moved back through to $186 levels to limit the downside on the day.

For the week, a 4th day in the red left Ethereum down by 4.19%.

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 3.46% to $193.04. A bullish start to the day saw Ethereum rally from a morning low $186.6 to a high $194.28 before easing back.

Steering clear of the major support levels, Ethereum broke through the first major resistance level at $192.22.

For the day ahead

Ethereum would need to hold above the first major resistance level to support a run at the second major resistance level at $197.85.

Support from the broader market would be needed, however, for Ethereum to hold onto $192 levels.

In the event of a second rally, a move through the second major resistance level would bring $200 levels into play.

Failure to hold above the first major resistance level could see Ethereum give up the early gains.

A fall through $187 levels would bring the first major support level at $181.5 into play.

Barring a crypto meltdown, Ethereum should continue to steer clear of sub-$180 levels.

Looking at the Technical Indicators

Major Support Level: $181.50

Major Resistance Level: $192.22

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Key Highlights

  • Stellar’s Lumen slipped by 1.32% on Sunday. Reversing a trend-bucking 0.56% gain from Saturday, Stellar’s Lumen ended the day at $0.069319
  • A mid-morning intraday high $0.072398 saw Stellar’s Lumen break through the first major resistance level at $0.07150.
  • A late intraday low $0.068254 saw Stellar’s Lumen fall through the first major support level at $0.06840.
  • The extended bearish trend remained firmly intact, with Stellar’s Lumen continuing to fall short of the 23.6% FIB of $0.12220.

Stellar’s Lumen Price Support

Stellar’s Lumen slipped by 1.32% on Sunday. Reversing a trend-bucking 0.56% gain from Saturday, Stellar’s Lumen ended the day at $0.069319.

A bullish start to the day saw Stellar’s Lumen rally to a mid-morning intraday high $0.072398 before hitting reverse.

The early rally saw Stellar’s Lumen break through the first major resistance level at $0.07150. Stellar’s Lumen came within range of the second major resistance level at $0.07270 before sliding to a late intraday low $0.068254.

Finding support at the first major support level at $0.06840, Stellar’s Lumen moved back through to $0.069 levels to limit the downside.

A 3rd day in the red out of 7 left Stellar’s Lumen down by 1.8% for the week.

The extended bearish trend remained firmly intact. Stellar’s Lumen continued to fall short of the 23.6% FIB of $0.12220 following a pullback from $0.13 levels back in late June. Stellar’s Lumen fell to a new swing low $0.065751 on 22nd August.

This Morning

At the time of writing, Stellar’s Lumen was up by 1.58% to $0.07041. Tracking the broader market, Stellar’s Lumen rallied from a morning low $0.070133 to a high $0.071308.

Steering well clear of the major support levels, Stellar’s Lumen came within range of the first major resistance level at $0.0717.

For the day ahead

Stellar’s Lumen would need to hold onto $0.070 levels to support another run at the first major resistance level at $0.0717.

Continued support from the broader market would be needed, however, for Stellar’s Lumen to break out from the early high $0.071308.

In the event of a second rally later in the day, Stellar’s Lumen could break out from Sunday’s high $0.072398.

We would expect the second major resistance level at $0.0741 to limit any upside, however.

Failure to hold onto $0.070 levels could see Stellar’s Lumen hit reverse. A fall through Sunday’s low $0.068254 would bring the first major support level at $0.0676 into play.

Barring a crypto meltdown, we would expect Stellar’s Lumen to steer clear of sub-$0.067 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.06760

Major Resistance Level: $0.07170

23.6% FIB Retracement Level: $0.1222

38% FIB Retracement Level: $0.1571

62% FIB Retracement Level: $0.2136

Please let us know what you think in the comments below.

Thanks, Bob

Key Highlights

Ethereum slid by 2.26% […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

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