Ethereum and Stellar’s Lumen Daily Tech Analysis – 02/12/19
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
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Thanks, Bob
This article was originally posted on FX Empire