Ethereum and Stellar’s Lumen Daily Tech Analysis – 07/11/19

By November 7, 2019 Ethereum
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Ethereum rose by 1.23% on Wednesday. Following on from a by 1.41% gain on Tuesday, Ethereum ended the day at $191.13.

A bullish start to the day saw Ethereum rally from an early morning intraday low $187.87 to a mid-morning intraday high $194.6.

Steering clear of the major support levels, Ethereum broke through the first major resistance level at $193.65 before easing back.

Ethereum fell back to sub-$190 levels and into the red before finding late support from the broader market. A late recovery saw Ethereum break back through to $191 levels to close out 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 down by 0.83% to $189.55. A mixed start to the day saw Ethereum rise to an early morning high $192.27 before sliding to a low $189.09.

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

For the day ahead

A move back through to $191.20 levels would support a run at the first major resistance level at $194.54.

Ethereum would need the support of the broader market, however, to break back through to $190 levels.

Barring a broad-based crypto rally on the day, Wednesday’s high $194.6 and the first major resistance level would likely cap any upside.

Failure to move back through to $190 levels could see Ethereum slide deeper into the red.

A fall through to $188 levels would bring the first major support level at $187.80 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$187 levels on the day.

Looking at the Technical Indicators

Major Support Level: $187.80

Major Resistance Level: $194.53

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen hit reverse on Wednesday, sliding by 6.36%. Reversing a 2.99% gain from Tuesday, Stellar’s Lumen ended the day at $0.077186.

A bearish start to the day saw Stellar’s Lumen slide from an early morning intraday high $0.08299 to a late intraday low $0.079842.

Steering clear of the major resistance levels, Stellar’s Lumen fell through the first major support level at $0.0773.

In spite of a late move back through to $0.077 levels, Stellar’s Lumen failed to break back through the first major support level.

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 2.18% to $0.07550. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.077281 to a low $0.075456.

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

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

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