Ethereum and Stellar’s Lumen Daily Tech Analysis – 24/10/19

By October 23, 2019 Ethereum
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It’s a bearish start to the day for the pair, with another day of heavy losses on the cards should key levels not be hit by late morning…

Ethereum

Ethereum tumbled by 5.12% on Wednesday. Following on from a 1.75% decline on Tuesday, Ethereum ended the day at $162.49.

A bearish start to the day saw Ethereum fall from an early morning high $171.48 to an early morning low $164.10.

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

Finding support late in the morning, Ethereum recovered to $167.6 levels before sliding to a late afternoon intraday low $153.0.

The broad-based mid-day crypto sell-off saw Ethereum slide back through the second major support level at $167.46 and third major support level at $162.53.

Through the late part of the day, a late jump to an intraday high $174.05 was short-lived, with Ethereum sliding back through the major support levels to wrap up the day at $162 levels.

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 0.76% to $161.26. A bearish start to the day saw Ethereum fall from an early morning high $162.88 to a low $159.01 before finding support.

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

For the day ahead

Ethereum would need to move back through to $162.40 levels to support a run at the first major resistance level at $171.65.

Support from the broader market would be needed, however, for Ethereum to break through to $170 levels.

Barring a broad-based crypto rebound, Ethereum would likely face plenty of resistance at $170 to limit any upside.

Failure to move back through to $162.40 levels could see Ethereum slide deeper into the red.

A fall back through the morning low $159.01 would bring the first major support level at $153.17 into play.

Barring an extended sell-off through the day, Ethereum should steer clear of sub-$150 support levels.

Looking at the Technical Indicators

Major Support Level: $153.17

Major Resistance Level: $171.65

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen slid by 5.77% on Wednesday. Reversing a 1.43% decline on Tuesday, with interest, Stellar’s Lumen ended the day at $0.059699.

A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.06352 before hitting reverse.

Falling short of the major resistance levels, Stellar’s Lumen fell back to a mid-morning low $0.06153.

Stellar’s Lumen fell through the first major support level at $0.0625 before recovering to $0.06280 levels.

The recovery was short-lived, however, with Stellar’s Lumen tumbling to a late afternoon intraday low $0.057155.

Stellar’s Lumen fell through the major support levels before finding support to move back through to $0.0597 levels.

In spite of the late support, the third major support level at $0.05960 pegged Stellar’s Lumen back at the end of 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 0.7% to $0.05928. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.05983 to a low $0.0590.

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

For the day ahead

Stellar’s Lumen would need to break through to $0.0600 levels to support a run at the first major resistance level at $0.0631.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.06100 levels.

In the event of a broad-based crypto rebound, the first major resistance level at $0.0631 and Wednesday high $0.06352 would likely limit any upside.

Failure to move through to $0.0600 levels could see Stellar’s Lumen slide deeper into the red.

A fall back through the morning low $0.05900 would bring the first major support level at $0.0567 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.05600 levels.

Looking at the Technical Indicators

Major Support Level: $0.0567

Major Resistance Level: $0.0631

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

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