Ethereum rose by 1.12% on Wednesday. Following on from a 5.24% rally from Tuesday, Ethereum ended the day at $210.27.
A particularly bullish start to the day saw Ethereum rally from an early intraday low $207.5 to a late morning intraday high $217.49.
Steering clear of the major support levels, Ethereum broke through the first major resistance level at $216.74 before easing back.
Relatively choppy through the rest of the day, Ethereum slid back to sub-$210 levels before striking an early afternoon high $215.17. A late pullback to $210 levels limited the upside on the day.
In spite of the bullish start to the week, 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 1.3% to $207.53. The late pullback from Wednesday continued into the early hours of this morning. Ethereum fell from an early morning high $210.28 to a low $205.48 before finding support.
The reversal saw Ethereum fall through the first major support level at $206.02 before support kicked in.
For the day ahead
Ethereum would need to move through to $211.8 levels to support a run at the first major resistance level at $216.01.
Support from the broader market would be needed, however, for Ethereum to break out from $210 levels.
Barring a broad-based crypto rally, the first major resistance level would likely cap any upside on the day.
Failure to move through to $211.8 levels would bring the first major support level at $206.02 back into play.
Barring an extended sell-off through the day, Ethereum should steer clear of the second major support level at $201.76.
Looking at the Technical Indicators
Major Support Level: $206.02
Major Resistance Level: $216.01
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Stellar’s Lumen surged by 29.5% on Wednesday. Following on from an 8.44% rally on Tuesday, Stellar’s Lumen ended the day at $0.08350.
Bullish throughout the day, Stellar’s Lumen rallied from an early morning intraday low $0.06448 to an early afternoon intraday high $0.0899.
Steering clear of the major support levels, Stellar’s Lumen broke through the major resistance levels.
An afternoon pullback to $0.076 levels saw Stellar’s Lumen fall back through the third major resistance level at $0.0800.
Support late in the day, however, drove Stellar’s Lumen back through the third major resistance level to wrap up the day at levels last seen back in July
The extended bearish trend remained firmly intact in spite of the current week gains. 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.
Since 13th May’s current year high $0.16176, Stellar’s Lumen has seen 13-weeks in the red, with just 4 weeks in the green…
The particularly bearish July and August led to a slide back from the 23.6% FIB of $0.1310.
For the bulls, a move back through to $0.14 levels would support a run at the 38.2% FIB of $0.1643 and a near-term bullish trend formation.
At the time of writing, Stellar’s Lumen was down by 4.11% to $0.080007. A particularly bearish start to the day saw Stellar’s Lumen slide from an early morning high $0.08389 to a low $0.07752.
A particularly bullish start to the day saw Ethereum rally […]