Ethereum and Stellar’s Lumen Daily Tech Analysis – 14/10/19

By October 14, 2019 Ethereum
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Ethereum rose by 0.79% on Sunday. Reversing a 0.6% decline from Saturday, Ethereum ended the week up by 6.46% to $181.18.

A bullish start to the day saw Ethereum rally from an early morning low $178.71 to a late afternoon intraday high $184.75.

Steering clear of the major support levels, Ethereum came up against the first major resistance level at $184.06.

Hitting reverse late in the day, Ethereum fell back to a late intraday low $178.63 before finding support.

Steering clear of the first major support level at $176.46, Ethereum bounced back to $181 levels to end the day in the green.

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 1.19% to $183.33. Bullish through the early morning, Ethereum rallied from an early low $180.52 to a morning high $184.24.

Steering clear of the major support levels, Ethereum came within range of the first major resistance level at $184.41.

For the day ahead

Ethereum would need to hold onto $183 levels to support another run at the first major resistance level at $184.41.

Support from the broader market would be needed, however, for Ethereum to take a run at Sunday’s high $184.75.

Barring an extended crypto rally through the day, Ethereum would likely come up short of $190 levels. The second major resistance level at $187.64 would limit any upside on the day.

Failure to hold onto $183 levels could see Ethereum hit reverse. A fall through to $181.50 levels would bring the first major support level at $178.29 into play before any recovery.

Barring a broad-based crypto sell-off, Ethereum should steer clear of sub-$178 levels for a 2nd consecutive day.

Looking at the Technical Indicators

Major Support Level: $178.29

Major Resistance Level: $184.41

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 0.15% on Sunday. Following on from a 0.18% gain from Saturday, Stellar’s Lumen ended the week up 5.74% to $0.06139.

Tracking the broader market, Stellar’s Lumen rallied from an early morning low $0.061286 to an early evening intraday high $0.06261.

Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.0616 and second major resistance level at $0.0621.

Stellar’s Lumen came within range of the third major resistance level at $0.0629 before hitting reverse.

The reversal saw Stellar’s Lumen fall through the major resistance levels to a late intraday low $0.06094 before finding support.

Stellar’s Lumen moved back through to $0.0610 levels to wrap up the day in the green.

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 up by 3.75% to $0.063694. A particularly bullish morning saw Stellar’s Lumen rally from an early morning low $0.061158 to a high $0.063741.

Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.06240 and the second major resistance level at $0.06330.

A bullish start to the day saw Ethereum rally […]

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