Ethereum and Stellar’s Lumen Daily Tech Analysis – 07/10/19
Ethereum
Ethereum slid by 3.7% on Sunday. Reversing a 0.43% gain from Saturday, Ethereum ended the week up 0.47% to $170.18.
A bullish start to the day saw Ethereum rise to an early morning intraday high $177.12 before hitting reverse.
Falling short of the first major resistance level at $178.43, Ethereum tumbled to a late afternoon intraday low $167.50.
Ethereum fell through the first major support level at $173.65 and the second major support level at $170.57.
Finding support from the broader market, Ethereum recovered to $171 levels before falling back through the second major support level.
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 0.67% to $171.32. A mixed start to the day saw Ethereum fall to an early morning low $168.61 before making a move.
Steering clear of the first major support level at $166.08, Ethereum hit a morning high $171.63.
In spite of the rebound, Ethereum left the major resistance levels untested early on.
For the day ahead
Ethereum would need to move back through the morning high $171.63 to support a run at the first major resistance level at $175.70.
Support from the broader market would be needed, however, for Ethereum to break out from $173 levels.
Barring a broad-based crypto rally, the first major resistance level at $175.70 would likely cap any upside on the day.
Failure to move through the morning high $171.63 would likely see Ethereum hit reverse later in the day.
A fall back through the morning low $168.61 would bring the first major support level at $166.08 into play.
Barring a crypto meltdown, however, Ethereum should steer clear of sub-$166 support levels on the day.
Looking at the Technical Indicators
Major Support Level: $166.08
Major Resistance Level: $175.70
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 0.95% on Sunday. Following on from a 0.11% decline on Saturday, Stellar’s Lumen ended the week up 0.43% at $0.05831.
A bullish start to the day saw Stellar’s Lumen rally to an early morning intraday high $0.05943 before hitting reverse.
Falling well short of the first major resistance level at $0.0626, Stellar’s Lumen slid back to a late morning low $0.05753.
Holding above the major support levels, Stellar’s Lumen recovered to $0.059 levels before sliding to a late intraday low $0.057234.
In spite of the sell-off, Stellar’s Lumen steered clear of the first major support level at $0.0522.
Finding support late in the day, Stellar’s Lumen recovered to $0.058 levels to close out the week in the green.
The extended bearish trend remained firmly intact, reaffirmed by last Tuesday’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 0.43% to $0.058059. Pressured by the broader market, Stellar’s Lumen fell back from $0.05831 levels.
In spite of the early reversal, Stellar’s Lumen left the first major support level at $0.0572 untested.
For the day ahead
Stellar’s Lumen would need to move through to $0.05830 levels to support a run at the first major resistance level at $0.0594.
Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.0590 levels.
Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $0.059428 would likely cap any upside.
Failure to move through to $0.05830 levels could see Stellar’s Lumen fall deeper into the red. A fall through to sub-$0.058 levels would bring the first major support level at $0.0572 into play.
Barring an extended sell-off through the day, Stellar’s Lumen should steer clear of sub-$0.0570 levels.
Looking at the Technical Indicators
Major Support Level: $0.05720
Major Resistance Level: $0.05940
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
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