Ethereum and Stellar’s Lumen Daily Tech Analysis – 27/11/19

By December 2, 2019 Ethereum
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Ethereum rose by 1.14% on Tuesday. Following on from a 4.15% rally on Monday, Ethereum ended the day at $147.83.

A bullish start to the day saw Ethereum rise to an early morning intraday high $149.90 before hitting reverse.

Falling well short of the first major resistance level at $154.47, Ethereum fell to a late morning intraday low $143.57.

Steering clear of the first major support level at $134.58, Ethereum bounced back to $148 levels late in the day before easing back.

In spite of the final hour pullback, Ethereum managed to hold onto gains from early in 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 2.27% to $144.48. A mixed start to the day saw Ethereum rise to an early morning high $148.80 before sliding to a low $143.80.

Coming up short of the major resistance levels, Ethereum fell through the first major support level at $144.30 early on.

For the day ahead

Ethereum would need to move back through to $147 levels to bring the first major resistance level at $150.63 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Tuesday’s high $149.90.

Barring a broad-based crypto rebound, Ethereum would likely come up short of $150 levels for a 2nd consecutive day.

Failure to move back through to $147 levels could see Ethereum fall deeper into the red. A fall back through the first major support level would bring $143 levels back into play before any recovery.

Barring an extended sell-off through the day, however, Ethereum should steer clear of the second major support level at $140.77.

Looking at the Technical Indicators

Major Support Level: $144.30

Major Resistance Level: $150.63

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 0.17% on Tuesday. Partially reversing a 3.22% gain from Monday, Stellar’s Lumen ended the day at $0.05730.

A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.058318 before hitting reverse.

Falling short of the first major resistance level at $0.06050, Stellar’s Lumen fell to a late morning intraday low $0.056145.

In spite of the reversal, Stellar’s Lumen steered clear of the first major support level at $0.0546.

Finding support through the late morning, Stellar’s Lumen moved back through to $0.0576 levels before falling back into the red.

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 0.25% to $0.057441. Bucking the trend early on, Stellar’s Lumen rose from an end of Tuesday $0.0573 to a morning high $0.057441.

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

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

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