Ethereum
Ethereum tumbled by 5.12% on Wednesday. Following on from a 1.75% decline on Tuesday, Ethereum ended the day at $162.49.
A bearish start to the day saw Ethereum fall from an early morning high $171.48 to an early morning low $164.10.
Steering clear of the major resistance levels, Ethereum fell through the first major support level at $169.38 and second major support level at $167.46.
Finding support late in the morning, Ethereum recovered to $167.6 levels before sliding to a late afternoon intraday low $153.0.
The broad-based mid-day crypto sell-off saw Ethereum slide back through the second major support level at $167.46 and third major support level at $162.53.
Through the late part of the day, a late jump to an intraday high $174.05 was short-lived, with Ethereum sliding back through the major support levels to wrap up the day at $162 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 0.76% to $161.26. A bearish start to the day saw Ethereum fall from an early morning high $162.88 to a low $159.01 before finding support.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through to $162.40 levels to support a run at the first major resistance level at $171.65.
Support from the broader market would be needed, however, for Ethereum to break through to $170 levels.
Barring a broad-based crypto rebound, Ethereum would likely face plenty of resistance at $170 to limit any upside.
Failure to move back through to $162.40 levels could see Ethereum slide deeper into the red.
A fall back through the morning low $159.01 would bring the first major support level at $153.17 into play.
Barring an extended sell-off through the day, Ethereum should steer clear of sub-$150 support levels.
Looking at the Technical Indicators
Major Support Level: $153.17
Major Resistance Level: $171.65
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 5.77% on Wednesday. Reversing a 1.43% decline on Tuesday, with interest, Stellar’s Lumen ended the day at $0.059699.
A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.06352 before hitting reverse.
Falling short of the major resistance levels, Stellar’s Lumen fell back to a mid-morning low $0.06153.
Stellar’s Lumen fell through the first major support level at $0.0625 before recovering to $0.06280 levels.
The recovery was short-lived, however, with Stellar’s Lumen tumbling to a late afternoon intraday low $0.057155.
Stellar’s Lumen fell through the major support levels before finding support to move back through to $0.0597 levels.
In spite of the late support, the third major support level at $0.05960 pegged Stellar’s Lumen back at the end of the day.
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 0.7% to $0.05928. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.05983 to a low $0.0590.
Stellar’s Lumen left the major support and resistance levels untested early on.
For the day ahead
Stellar’s Lumen would need to break through to $0.0600 levels to support a run at the first major resistance level at $0.0631.
Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.06100 levels.
In the event of a broad-based crypto rebound, the first major resistance level at $0.0631 and Wednesday high $0.06352 would likely limit any upside.
Failure to move through to $0.0600 levels could see Stellar’s Lumen slide deeper into the red.
A fall back through the morning low $0.05900 would bring the first major support level at $0.0567 into play.
Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.05600 levels.
Looking at the Technical Indicators
Major Support Level: $0.0567
Major Resistance Level: $0.0631
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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