Ethereum and Stellar’s Lumen Daily Tech Analysis – 02/12/19

By December 1, 2019 Ethereum
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It’s back into the red for the majors. Failure to move through to key levels by late morning could add more pressure later in the day.

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Ethereum

Ethereum fell by 0.42% on Sunday. Following on from a 1.92% slide on Saturday, Ethereum ended the week up 7.76% to $150.97.

A bearish start to the day saw Ethereum slide to an early morning intraday low $145.97 before making a move.

Ethereum fell through the first major support level at $149.10 and the second major support level at $146.43.

Finding support in the late morning, Ethereum rallied to an early afternoon intraday high $152.67.

Falling short of the first major resistance level at $154.95, Ethereum slid back to sub-$150 levels

A late move back through to $150 levels, however, limited the downside on the day.

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 0.34% to $150.45. A bearish start to the day saw Ethereum fall from an early morning high $151.4 to a low $150.0.

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

For the day ahead

Ethereum would need to steer clear of sub-$150 levels to support a run at the first major resistance level at $153.77.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $152.67.

In the event of a broad-based crypto rebound, Ethereum could revisit $155 levels before any pullback.

Barring a broad-based crypto rebound, however, Ethereum would likely fall short of $153 levels on the day.

Failure to steer clear of sub-$150 could see Ethereum spend another day in the red.

A fall through to $149.80 levels would bring the first major support level at $147.07 into play before any recovery.

Barring an extended sell-off, however, Ethereum should steer clear of Sunday’s low $145.97.

Looking at the Technical Indicators

Major Support Level: $147.07

Major Resistance Level: $153.77

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 0.84% on Sunday. Partially reversing a 2.82% slide from Saturday, Stellar’s Lumen ended the week up 3.41% at $0.057985.

Tracking the broader market, Stellar’s Lumen slid to an early morning intraday low $0.05564 before finding support.

Falling through the first major support level at $0.0566, Stellar’s Lumen found support at the second major support level at $0.0555.

Through the late morning, Stellar’s Lumen rallied to strike an early afternoon intraday high $0.058025.

Falling short of the first major resistance level at $0.0591, Stellar’s Lumen fell back to $0.05710 levels and into the red.

A final hour bounce back to $0.0579 levels delivered the upside 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 1.37% to $0.057188. A bearish start to the day saw Stellar’s Lumen slide from an early morning high $0.057751 to a low $0.057188.

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

For the day ahead

Stellar’s Lumen would need to move through to $0.05720 levels to support a run at the first major resistance level at $0.05880.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.058 levels.

Barring a broad-based crypto rebound later in the day, however, resistance at $0.058 would likely leave Stellar’s Lumen at $0.057 levels.

Failure to move through to $0.05720 levels could see Stellar’s Lumen slide deeper into the red.

A fall back to sub-$0.057 levels would bring the first major support level at $0.05640 into play before any recovery.

Barring an extended sell-off through the day, Stellar’s Lumen should steer clear of sub-$0.0550 support levels.

Looking at the Technical Indicators

Major Support Level: $0.05640

Major Resistance Level: $0.05880

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

Ethereum fell […]

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