Ethereum and Stellar’s Lumen Daily Tech Analysis – 23/10/19

By October 23, 2019Ethereum
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Ethereum fell by 1.75% on Tuesday. Following on from a 0.64% decline on Monday, Ethereum ended the day at $171.3.

A relatively bullish start to the day saw Ethereum rise to an early morning intraday high $175.4 before hitting reverse.

Falling short of the first major resistance level at $177.76, Ethereum slid to a late intraday low $170.47.

The sell-off saw Ethereum fall through the first major support level at $171.21 before finding support.

Finding support at the day end, Ethereum managed to break back through the first major support level.

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 2.53% to $166.96. A particularly bearish start to the day saw Ethereum fall from an early morning high $171.48 to a low $164.10.

Falling short of the major resistance levels, Ethereum fell through the first major support level at $169.38 and second major support level at $167.46.

For the day ahead

Ethereum would need to move back through to $172.40 levels to support a run at the first major resistance level at $174.31.

Support from the broader market would be needed, however, for Ethereum to move back through the major support levels.

Barring a broad-based crypto rebound, Ethereum would likely fail to recover to $170 levels later in the day. The first major support level at $169.38 would likely pin Ethereum back.

Failure to move back through the major support levels could see Ethereum test the third major support level at $162.53.

Barring an extended sell-off through the day, however, Ethereum should steer clear of sub-$160 levels.

Looking at the Technical Indicators

Major Support Level: $169.38

Major Resistance Level: $174.31

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen fell by 1.43% on Tuesday. Partially reversing a 1.65% rise from Monday, Stellar’s Lumen ended the day at $0.063335.

A choppy start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.064999 before sliding to a mid-morning low $0.064015.

Stellar’s Lumen broke through the first major resistance level at $0.0647 before hitting reverse.

Steering clear of the major support levels, Stellar’s Lumen broke back through the first major resistance level before succumbing to market forces.

A late sell-off saw Stellar’s Lumen slide through the first major support level at $0.06320 to an intraday low $0.062926.

Finding support from the broader market, Stellar’s Lumen recovered to $0.063 levels to limit the downside on the day.

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 down by 1.61% to $0.062313. A bearish start to the day saw Stellar’s Lumen slide from an early morning high $0.06352 to a low $0.062313.

Falling short of the major resistance levels, Stellar’s Lumen fell through the first major support level at $0.06250.

A relatively bullish start to the day saw Ethereum rise […]

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