Ethereum
Ethereum rallied by 2.66% on Wednesday. Reversing a 2.8% slide from Tuesday, Ethereum ended the day at $180.82.
A choppy start to the day saw Ethereum rise from an early morning intraday low $174.15 to an early morning high $178.05.
Falling short of the first major resistance level at $183.41, Ethereum fell back to the intraday low $174.15 before finding support.
Holding above the first major support level at $171.37, Ethereum rose to a late intraday high $181.66.
While falling short of the first major resistance level at $183.41, the afternoon moves reversed losses from earlier in the day.
The extended bearish trend, formed in 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 0.61% to $179.72. A bearish start to the day saw Ethereum fall from an early morning high $181.26 to a low $179.45.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through to $181 levels to support a run at the first major resistance level at $183.60.
Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $181.66.
Barring a broad-based crypto rebound, Ethereum would likely come up short of the second major resistance level at $186.39.
Failure to move back through to $181 levels could see Ethereum slide deeper into the red. A fall through the morning low $179.45 to $178 levels would bring the first major support level at $176.09 into play.
Barring a crypto meltdown, Ethereum should steer well clear of the second major support level at $171.37.
Looking at the Technical Indicators
Major Support Level: $176.09
Major Resistance Level: $183.60
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Stellar’s Lumen
Stellar’s Lumen rose by 2.68% on Wednesday. Partially reversing a 4.35% slide from Tuesday, Stellar’s Lumen ended the day at $0.060199.
A bearish start to the day saw Stellar’s Lumen fall to a mid-morning intraday low $0.057787.
Finding support at the first major support level at $0.0577, Stellar’s Lumen rallied to a late intraday high $0.060199.
In spite of the afternoon rally, Stellar’s Lumen came up short of the first major resistance level at $0.0616.
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 1.16% to $0.059499. Tracking the broader market, Stellar’s Lumen fell from an early morning high $0.060129 to a low $0.059499.
Stellar’s Lumen left the major support and resistance levels untested early on.
For the day ahead
Stellar’s Lumen would need to move back through to $0.0600 levels to support a run at the first major resistance level at $0.0610.
Support from the broader market would be needed, however, to break out from $0.05990 levels.
Barring a broad-based crypto rebound, Stellar’s Lumen would likely continue to face strong resistance at $0.0600 to limit any upside.
In the event of a broad-based rebound, the second major resistance level at $0.0618 could come back into play before any pullback.
Failure to move back through to $0.0600 levels could see Stellar’s Lumen struggle on the day.
A fall through to sub-$0.05900 levels would bring the first major support level at $0.05860 into play before any recovery.
Barring an extended sell-off through the day, Stellar’s Lumen should steer clear of sub-$0.0580 support levels.
Looking at the Technical Indicators
Major Support Level: $0.05860
Major Resistance Level: $0.0610
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
Be the first to comment