Ethereum and Stellar’s Lumen Daily Tech Analysis – 05/12/19
Ethereum
Ethereum fell by 1.24% on Wednesday. Following on from a 1.01% decline on Tuesday, Ethereum ended the day at $145.5.
A bearish start to the day saw Ethereum fall to an early morning intraday low $143.17 before finding support.
Ethereum fell through the first major support level at $145.33 and the second major support level at $143.34.
Through the late morning, Ethereum found support to strike an early afternoon intraday high $153.0.
Ethereum broke through the first major resistance level at $149.66 and the second major resistance level at $152.0.
Sentiment from across the broader market ultimately weighed, however, with Ethereum sliding back to sub-$145 levels late on.
The pullback saw Ethereum fall back through the first major support level at $145.33 before closing out the day at $145 levels.
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 0.60% to $144.62. A mixed start to the day saw Ethereum fall from an early morning high $146.64 to a low $143.8.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through to $147.2 levels to support a run at the first major resistance level at $151.28.
Support from the broader market would be needed, however, for Ethereum to break out from the morning high $146.64.
Barring a broad-based crypto rally on the day, we would expect Ethereum to come up short of $150 levels.
Failure to move through to $147.2 levels could see Ethereum slide deeper into the red.
A fall through the morning low $143.8 would bring the first major support level at $141.45 into play before any recovery.
Barring a crypto meltdown, however, Ethereum should steer clear of sub-$140 levels.
Looking at the Technical Indicators
Major Support Level: $141.35
Major Resistance Level: $151.28
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 0.84% on Wednesday. Reversing a 0.67% gain from Tuesday, Stellar’s Lumen ended the day at $0.054966.
A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.054347 before finding support.
Stellar’s Lumen fell through the first major support level at $0.0557 and second major support level at $0.0549 before striking an early afternoon intraday high $0.57776.
Stellar’s Lumen broke through the first major resistance level at $0.0569 and the second major resistance level at $0.0574.
Tracking the broader market, an afternoon sell-off saw Stellar’s Lumen fall back through the first and second major support levels.
Finding late support, Stellar’s Lumen managed to break back through the second major support level at $0.0549.
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 0.55% to $0.054662. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.055049 before falling to a low $0.054662.
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 $0.05570 levels to support a run at the first major resistance level at $0.0570.
Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.055 levels
Barring a broad-based crypto rally, resistance at $0.056 levels would likely pin Stellar’s Lumen back on the day.
Failure to move through to $0.0570 levels could see Stellar’s Lumen slide deeper into the red.
A fall through the morning low $0.054662 would bring the first major support level at $0.05360 into play.
Barring an extended sell-off through the day, however, Stellar’s Lumen should steer clear of sub-$0.054 levels.
Looking at the Technical Indicators
Major Support Level: $0.05360
Major Resistance Level: $0.0570
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
