Ethereum and Stellar’s Lumen Daily Tech Analysis – 09/10/19


Ethereum rose by 0.29% on Tuesday. Following on from a 5.92% rally on Monday, Ethereum ended the day at $180.82.

A bullish start to the day saw Ethereum rally to an early morning intraday high $185.3 before hitting reverse.

Ethereum came up against the first major resistance level at $185.64 before sliding to a late intraday low $177.42.

Steering well clear of the first major support level at $171.75, Ethereum recovered to $180 levels to end the day in the green.

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 0.24% to $181.15. A bullish start to the day saw Ethereum rise from an early morning low $180.73 to a high $182.54.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to hold onto $181 levels to support another run at the first major resistance level at $184.94.

Support from the broader market would be needed, however, for Ethereum to break through to $183 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $185.3 should cap any upside.

Failure to hold onto $181 levels could see Ethereum hit reverse. A fall through to sub-$180 levels would bring the first major support level at $177.06 into play.

Barring a broad-based crypto sell-off, however, we would expect Ethereum to steer clear of the second major support level at $173.30.

Looking at the Technical Indicators

Major Support Level: $177.06

Major Resistance Level: $184.94

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Stellar’s Lumen

Stellar’s Lumen slipped by 0.41% on Tuesday. Partially reversing 7.87% rally on Monday, Stellar’s Lumen ended the day at $0.062087.

Tracking the broader market, Stellar’s Lumen rallied to an early morning…

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