Ethereum & Stellar’s Lumen Tech Analysis –26/08/19
Ethereum
Key Highlights
Ethereum slid by 2.26% on Sunday. Following on from a 1.9% fall on Saturday, Ethereum ended the day at $186.59.
A midday intraday high $192.76 saw Ethereum fall well short of the first major resistance level at $194.98.
A late intraday low $182.04 saw Ethereum fall through the first major support level at $186.41.
The extended bearish trend, formed at late April 2018’s swing hi $828.97, remained firmly intact. The reversal from June’s current year high $364.49 back through the 23.6% FIB of $257 reaffirmed the extended bearish trend.
Ethereum Price Support
Ethereum slid by 2.26% on Sunday. Following on from a 1.9% fall on Saturday, Ethereum ended the day at $186.59.
A bullish morning saw Ethereum rally to a midday intraday high $192.76 before hitting reverse.
Falling short of the first major resistance level at $194.98, Ethereum slid to a late intraday low $182.04.
The reversal saw Ethereum fall through the first major support level at $186.41.
Coming within range of the second major support level at $181.93, Ethereum moved back through to $186 levels to limit the downside on the day.
For the week, a 4th day in the red left Ethereum down by 4.19%.
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 up by 3.46% to $193.04. A bullish start to the day saw Ethereum rally from a morning low $186.6 to a high $194.28 before easing back.
Steering clear of the major support levels, Ethereum broke through the first major resistance level at $192.22.
For the day ahead
Ethereum would need to hold above the first major resistance level to support a run at the second major resistance level at $197.85.
Support from the broader market would be needed, however, for Ethereum to hold onto $192 levels.
In the event of a second rally, a move through the second major resistance level would bring $200 levels into play.
Failure to hold above the first major resistance level could see Ethereum give up the early gains.
A fall through $187 levels would bring the first major support level at $181.5 into play.
Barring a crypto meltdown, Ethereum should continue to steer clear of sub-$180 levels.
Looking at the Technical Indicators
Major Support Level: $181.50
Major Resistance Level: $192.22
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Stellar’s Lumen
Key Highlights
Stellar’s Lumen slipped by 1.32% on Sunday. Reversing a trend-bucking 0.56% gain from Saturday, Stellar’s Lumen ended the day at $0.069319
A mid-morning intraday high $0.072398 saw Stellar’s Lumen break through the first major resistance level at $0.07150.
A late intraday low $0.068254 saw Stellar’s Lumen fall through the first major support level at $0.06840.
The extended bearish trend remained firmly intact, with Stellar’s Lumen continuing to fall short of the 23.6% FIB of $0.12220.
Stellar’s Lumen Price Support
Stellar’s Lumen slipped by 1.32% on Sunday. Reversing a trend-bucking 0.56% gain from Saturday, Stellar’s Lumen ended the day at $0.069319.
A bullish start to the day saw Stellar’s Lumen rally to a mid-morning intraday high $0.072398 before hitting reverse.
The early rally saw Stellar’s Lumen break through the first major resistance level at $0.07150. Stellar’s Lumen came within range of the second major resistance level at $0.07270 before sliding to a late intraday low $0.068254.
Finding support at the first major support level at $0.06840, Stellar’s Lumen moved back through to $0.069 levels to limit the downside.
A 3rd day in the red out of 7 left Stellar’s Lumen down by 1.8% for the week.
The extended bearish trend remained firmly intact. Stellar’s Lumen continued to fall short of the 23.6% FIB of $0.12220 following a pullback from $0.13 levels back in late June. Stellar’s Lumen fell to a new swing low $0.065751 on 22nd August.
This Morning
At the time of writing, Stellar’s Lumen was up by 1.58% to $0.07041. Tracking the broader market, Stellar’s Lumen rallied from a morning low $0.070133 to a high $0.071308.
Steering well clear of the major support levels, Stellar’s Lumen came within range of the first major resistance level at $0.0717.
For the day ahead
Stellar’s Lumen would need to hold onto $0.070 levels to support another run at the first major resistance level at $0.0717.
Continued support from the broader market would be needed, however, for Stellar’s Lumen to break out from the early high $0.071308.
In the event of a second rally later in the day, Stellar’s Lumen could break out from Sunday’s high $0.072398.
We would expect the second major resistance level at $0.0741 to limit any upside, however.
Failure to hold onto $0.070 levels could see Stellar’s Lumen hit reverse. A fall through Sunday’s low $0.068254 would bring the first major support level at $0.0676 into play.
Barring a crypto meltdown, we would expect Stellar’s Lumen to steer clear of sub-$0.067 levels on the day.
Looking at the Technical Indicators
Major Support Level: $0.06760
Major Resistance Level: $0.07170
23.6% FIB Retracement Level: $0.1222
38% FIB Retracement Level: $0.1571
62% FIB Retracement Level: $0.2136
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
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