Ethereum and Stellar’s Lumen Daily Tech Analysis – 11/11/19
Ethereum
Ethereum rose by 2.22% on Sunday. Following on from a 0.63% gain on Saturday, Ethereum ended the week up 3.93% to $188.88.
A mixed start to the day saw Ethereum fall to an early morning intraday low $183.41 before finding support.
Steering clear of the first major support level at $182.75, Ethereum rose to a late morning high $187.73 before sliding back.
Ethereum broke through the first major resistance level at $186.24 to come up against the second major resistance level at $187.72.
The slide back saw Ethereum fall to sub-$185 levels before striking a late afternoon intraday high $192.00.
Ethereum broke through the day’s major resistance levels before falling back through the third major resistance level at $191.20.
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 0.48% to $187.98. A mixed start to the day saw Ethereum rise to an early morning high $190.00 before falling to a low $187.85.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
A move back through to $188.5 levels would support a run at the first major resistance level at $192.78.
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, Sunday’s high $192 and the first major resistance level would likely cap any upside.
Failure to move back through to $188.5 levels could see Ethereum slide deeper into the red.
A fall through to $187 levels would bring the first major support level at $184.19 into play before any recovery.
Barring a crypto meltdown, however, Ethereum should steer clear of sub-$180 levels on the day.
Looking at the Technical Indicators
Major Support Level: $184.19
Major Resistance Level: $192.78
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Stellar’s Lumen
Stellar’s Lumen rallied by 8% on Sunday. Following on from a 2.6% gain from Saturday, Stellar’s Lumen ended the week up by 14.53% to $0.079093.
A bullish start to the day saw Stellar’s Lumen rally from an early morning intraday low $0.073236 to a morning high $0.079597.
Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.0760.
Coming up against the second major resistance level at $0.07910, Stellar’s Lumen fell back to $0.077 levels.
Finding support from the broader market, Stellar’s Lumen rallied to a late intraday high $0.081256 before easing back.
Stellar’s Lumen broke back through the second major resistance level at $0.0791 before the late pullback.
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 0.03% to $0.079072.
A mixed start to the day saw Stellar’s Lumen rise from an early morning low $0.078784 to a high $0.080003 before easing back.
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 the morning high $0.080003 levels to support a run at the first major resistance level at $0.0825.
Support from the broader market would be needed for Stellar’s Lumen to break out from Sunday’s high $0.081256.
Barring a broad-based crypto rebound, however, Sunday’s high would likely pin Stellar’s Lumen back on the day.
Failure to move back through the morning high $0.080003 would likely see Stellar’s Lumen spend the day in the red.
A fall back through the morning low $0.078784 would bring the first major support level at $0.07450 into play.
Barring an extended crypto sell-off, however, Stellar’s Lumen should steer well clear of sub-$0.07 levels.
Looking at the Technical Indicators
Major Support Level: $0.07450
Major Resistance Level: $0.08250
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
This article was originally posted on FX Empire
