Ethereum and Stellar’s Lumen Daily Tech Analysis – 22/10/19

By October 22, 2019 Ethereum
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Ethereum fell by 0.64% on Monday. Partially reversing a 2% gain from Sunday, Ethereum ended the day at $174.37.

A bearish start to the day saw Ethereum fall to a mid-morning low $173.41 before striking a late morning intraday high $178.

Steering clear of the major support levels, Ethereum came within range of the first major resistance level at $178.49 before hitting reverse.

The reversal saw Ethereum fall to a mid-afternoon intraday low $171.45 before finding support.

Holding above the first major support level at $170.8, Ethereum moved back through to $174 levels to limit the downside.

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 0.33% to $174.94. A mixed start to the day saw Ethereum fall to an early morning low $173.65 before striking a high $175.0.

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

For the day ahead

Ethereum would need to steer clear of $174.6 levels to support another run at the first major resistance level at $177.76

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $175.0.

Barring an extended rally through the day, the first major resistance level and Monday’s high $178.0 would likely limit any upside.

Failure to steer clear of $174.6 levels could see Ethereum test the first major support level at $171.21 before any recovery.

Barring a broad-based crypto sell-off, Ethereum should steer clear of sub-$170 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $171.21

Major Resistance Level: $177.76

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 1.65% on Monday. Following on from a 1.61% gain on Sunday, Stellar’s Lumen ended the day at $0.064123.

A choppy day saw Stellar’s Lumen fall to a mid-morning intraday low $0.062915 before making a move.

Holding above the first major support level at $0.0622, Stellar’s Lumen struck a late morning high $0.063917.

Falling short of the first major resistance level at $0.0641, Stellar’s Lumen fell back to an afternoon low $0.06300.

Bucking the trend late on, Stellar’s Lumen rallied to a late intraday high $0.064429. Stellar’s Lumen came up against the first major resistance level at $0.06410 before easing back to $0.06410 levels.

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 1.37% to $0.064999. A mixed start to the day saw Stellar’s Lumen fall to a morning low $0.064076 before striking a high $0.064999.

Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.06470.

A bearish start to the day saw Ethereum fall to a […]

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