Ethereum and Stellar’s Lumen Daily Tech Analysis – 21/11/19
In This Article:
Ethereum
Ethereum fell by 0.80% on Wednesday. Following on from a 1.16% fall from Tuesday, Ethereum ended the day at $174.35.
A choppy start to the day saw Ethereum rise to a mid-morning high $177.21 before hitting reverse.
Falling short of the first major resistance level at $178.45, Ethereum slid to a late morning low $173.34.
Ethereum steered clear of the first major support level at $172.69 before finding support in the early afternoon.
Through the 2nd half of the day, Ethereum rose to a late afternoon intraday high $177.25 before hitting reverse again.
Falling short of the major resistance levels, Ethereum slid to an early evening intraday low $173.26.
Steering clear of the first major support level at $172.69, Ethereum moved back through to $174 levels to cut the loss 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 0.32% to $173.80. A bearish start to the day saw Ethereum fall from an early morning high $174.36 to a low $173.63.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through to $175 levels to support a run at the first major resistance level at $176.65.
Support from the broader market would be needed, however, for Ethereum to break back through to $174 levels.
Barring a broad-based crypto rally, the first major resistance level would likely leave Ethereum short of $177 levels.
In the event of a breakout, the second major resistance level at $178.94 would likely come into play.
Failure to move through to $175 levels could see Ethereum struggle on the day.
A fall back through Wednesday’s low $173.26 would bring the first major support level at $172.66 into play.
Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $170.96.
Looking at the Technical Indicators
Major Support Level: $172.66
Major Resistance Level: $178.94
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 2.94% on Wednesday. Following on from a 1.56% decline from Tuesday, Stellar’s Lumen ended the day at $0.063923.
A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.066261 before hitting reverse.
Falling short of the first major resistance level at $0.06720, Stellar’s Lumen fell to a late morning low $0.06450.