Ethereum
Ethereum fell by 2.8% on Tuesday. Partially reversing a 6.95% rally from Monday, Ethereum ended the day at $176.15.
A particularly bullish start to the day saw Ethereum rally to an early morning intraday high $185.89.
Despite the early breakout, Ethereum came up short of the first major resistance level at $186.95.
Succumbing to market forces, Ethereum tumbled to a late afternoon intraday low $173.85 before finding support.
Ethereum recovered to $178 levels late in the day before a pullback to $173 levels in the final hour.
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 0.03% to $176.1. A bullish start to the day saw Ethereum rise from an early morning low $174.15 to a high $178.05 before easing back.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through the morning high $178.05 to $178.7 levels to bring $180 levels into play.
Support from the broader market would be needed, however, for Ethereum to break through the first major resistance level at $183.41.
Barring a broad-based crypto rally, we would expect Ethereum to come up short of the second major resistance level at $190.67.
Failure to move through to $178.7 levels could see Ethereum slide deeper into the red. A fall through the morning low $174.15 to $173 levels would bring the first major support level at $171.37 into play.
Barring an extended sell-off through the day, however, Ethereum should steer clear of sub-$170 levels.
Looking at the Technical Indicators
Major Support Level: $171.37
Major Resistance Level: $183.41
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Stellar’s Lumen
Stellar’s Lumen slid by 4.35% on Tuesday. Partially reversing a 7.97% rally from Monday, Stellar’s Lumen ended the day at $0.05929.
Tracking the broader market in the early hours, Stellar’s Lumen rallied to an early morning intraday high $0.062372.
Falling short of the first major resistance level at $0.0638, Stellar’s Lumen tumbled to a late afternoon intraday low $0.05841.
Finding support at the first major support level at $0.0584, Stellar’s Lumen recovered to $0.059 levels late in the day.
The extended bearish trend remained firmly intact, reaffirmed by 27th 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 1.84% to $0.058198. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.058648 to a low $0.058198.
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 $0.0600 levels to support a run at the first major resistance level at $0.06160.
Support from the broader market would be needed, however, to break out from $0.0590 levels.
Barring a broad-based crypto rebound, Stellar’s Lumen would likely face strong resistance at $0.0600 to limit any upside.
In the event of a broad-based rebound, $0.0620 levels could come back into play before any pullback.
Failure to move through to $0.0600 levels could see Stellar’s Lumen struggle throughout the day.
A fall through to Tuesday’s low $0.058409 would bring the first major support level at $0.0577 into play before any recovery.
Barring an extended sell-off through the day, Stellar’s Lumen should steer clear of sub-$0.0570 support levels.
Looking at the Technical Indicators
Major Support Level: $0.0577
Major Resistance Level: $0.0616
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
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