Ethereum and Stellar’s Lumen Daily Tech Analysis – 25/09/19

By September 24, 2019 Ethereum
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It’s a bullish start to the day for the majors. Holding onto key levels through the morning would support a bullish day ahead.

Ethereum

Ethereum tumbled by 17.31% on Tuesday. Following on from a 4.91% slide on Monday, Ethereum ended the day at $166.26.

A mixed start to the day saw Ethereum rise to an early morning intraday high $202.72 before hitting reverse.

Coming up short of the first major resistance level at $208.87, Ethereum slid to a late intraday low $157.75.

The reversal saw Ethereum fall through the major support levels. Whilst finding support late in the day, Ethereum failed to break back through the third major support level at $176.69.

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 2.92% to $171.12. Tracking the broader market, Ethereum rose from an early morning low $166.15 to a high $171.12.

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

For the day ahead

Ethereum would need to steer clear of sub-$170 levels to support a partial recovery of Tuesday’s sell-off.

A move through to $176 levels would bring $180 levels into play before any pullback.

Barring a broad-based crypto rebound, however, we would expect Ethereum to fall well short of the first major resistance level at $193.40. Resistance at $180 would likely cap any upside on the day.

Failure to move through to $176 levels could see Ethereum give up the morning gains.

A fall through to sub-$170 levels would bring sub-$160 levels into play before any recovery.

We would expect Ethereum to steer well clear of the first major support level at $148.43, however.

Looking at the Technical Indicators

Major Support Level: $148.43

Major Resistance Level: $193.40

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen tumbled by 16.31% on Tuesday. Following on from a 7.55% slide on Monday, Stellar’s Lumen ended the day at $0.053096.

A relatively bullish start to the day saw Stellar’s Lumen rise to a mid-morning intraday high $0.064887, before hitting reverse.

Falling short of the first major resistance level at $0.0674, Stellar’s Lumen tumbled to a late intraday low and new swing lo $0.051614.

The crypto meltdown saw Stellar’s Lumen slide through the day’s major support levels. Finding support late in the day, Stellar’s Lumen managed to break back through the third major support level at $0.0536 before easing back.

The extended bearish trend remained firmly intact, reaffirmed by Tuesday’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 up by 1.99% to $0.05415. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.052544 to a high $0.05504.

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

For the day ahead

Stellar’s Lumen would need to hold onto $0.054 levels through the morning to support a move back through to $0.055 levels.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.05504.

In the event of a breakout, Stellar’s Lumen could visit $0.056 levels before any pullback. Barring an extended rally through the day, Stellar’s Lumen would likely fall well short of the first major resistance level at $0.0615.

Resistance at $0.060 would likely cap any upside in the event of an extended breakout.

Failure to move through and hold onto $0.055 levels could see Stellar’s Lumen slide back into the red.

A fall through to $0.053 levels would bring Tuesday’s low $0.051614 into play before any recovery. Barring another crypto meltdown, however, Stellar’s Lumen should steer well clear of the first major support level at $0.04820.

Looking at the Technical Indicators

Major Support Level: $0.0482

Major Resistance Level: $0.0615

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

Ethereum tumbled by 17.31% on […]

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