Ethereum & Stellar’s Lumen Daily Tech Analysis – 29/08/19

Fibo Quantum

Ethereum Price Support

Ethereum tumbled by 7.57% on Wednesday. Following on from a 0.7% fall from Tuesday, Ethereum ended the day at $172.79.

A bearish start to the day Ethereum fall to a mid-morning low $183.83. Ethereum fell through the first major support level at $184.51 before recovering to an early afternoon intraday high $187.92.

Ethereum came up short of the first major resistance level at $189.18 before succumbing to market forces.

A crypto meltdown saw Ethereum tumble to a late afternoon intraday low $165.9. Ethereum fell through the day’s major support levels to touch $160 levels for the 1st time since early May.

Whilst finding support late on, Ethereum was unable to break back through the third major support level at $177.42.

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 1.35% to $170.45. A mixed start to the day saw Ethereum strike an early morning high $173.51 before hitting reverse.

Falling short of the major resistance levels, Ethereum fell to a morning low $168.7. The major support levels were also left untested early on.

For the day ahead

A move through to $175.55 levels would support a return to $180 levels. Ethereum would need the support of the broader market, however, to take a run at the first major resistance level at $185.17.

Failure to move through to $175.55 levels could see Ethereum fall deeper into the red. A fall through the morning low $168.7 would bring the first major support level at $163.15 into play.

Barring another crypto meltdown, however, Ethreum should steer clear of sub-$160 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $163.15

Major Resistance Level: $185.18

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen Price Support

Stellar’s Lumen tumbled by 5.91% on Wednesday. Following on from a 2.98% slide on Tuesday, Stellar’s Lumen ended the day at $0.064166.

A mixed start to the day saw Stellar’s Lumen strike a mid-morning intraday high $0.068316. Falling short of the first major resistance level at $0.0692, Stellar’s Lumen fell back to a noon low $0.067167.

Holding above the first major support level at $0.0668, Stellar’s Lumen recovered to 0.068 levels before a broad-based crypto sell-off.

The sell-off saw Stellar’s Lumen tumble to a late afternoon intraday low and new swing lo $0.063199. Stellar’s Lumen fell through the major support levels before finding support late in the day.

Stellar’s Lumen managed to move back through the third major support level at $0.0634 to limit the downside on the day.

The extended bearish trend remained firmly intact following 5 consecutive weeks in the red. Stellar’s Lumen continued to fall short of the 23.6% FIB of $0.1310 following a pullback from $0.16 levels in mid-May.

Since 13th May’s current year high $0.16176, Stellar’s Lumen has seen 10-weeks in the red, with just 4 weeks in the green…

The particularly bearish July and August led to a slide back from the 23.6% FIB of $0.1310, leaving Stellar’s Lumen down 43.3% year-to-date.

At the time of writing, Stellar’s Lumen was down by 2% to $0.062883. A bearish start to the day saw fall from an early morning high $0.063661 to a new swing lo $0.062783.

In spite of the pullback, Stellar’s Lumen managed to steer hold above the first major support level at $0.0621.

For the day ahead

Stellar’s Lumen would need to move back through to $0.06520 levels to bring the first major resistance level at $0.06730 into play.

Support from the broader market would be needed, however, for Stellar’s Lumento break out from $0.066 levels.

In the event of a broad-based crypto rebound, Stellar’s Lumen could revisit $0.068 levels before any pullback.

Failure to move through to $0.06520 levels could leave Stellar’s Lumen deep in the red on the day.

A fall through the morning low to $0.06250 levels would bring the first major support level at $0.0621 into play.

Barring another crypto meltdown, Stellar’s Lumen should steer clear of sub-$0.6100 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.0621

Major Resistance Level: $0.0673

23.6% FIB Retracement Level: $0.1222

38.2% FIB Retracement Level: $0.1571

62% FIB Retracement Level: $0.2136

Please let us know what you think in the comments below.

Thanks, Bob