Ethereum
Ethereum rose by 2.25% on Wednesday. Partially reversing a 17.31% tumble from Tuesday, Ethereum ended the day at $170.
A bullish start to the day saw Ethereum rally to an early morning intraday high $175.25 before hitting reverse.
Falling well short of the first major resistance level at $193.40, Ethereum slid to a late morning intraday low $162.25.
Steering clear of the first major support level at $148.43, Ethereum bounced back to $174 levels late in the day before easing back.
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 0.08% to $169.87. A bearish start to the day saw Ethereum fall to an early morning low $169.04 before striking a high $170.39.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through and hold onto $170 levels to support a run at the first major resistance level at $176.08.
Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $175.25.
In the event of a broad-based crypto rebound, Ethereum could test resistance at $180 before any pullback.
Failure to move through and hold onto $170 levels could see Ethereum resume the downward trend.
A fall through to $168 levels would bring the first major support level at $163.08 into play before any recovery.
Barring a crypto meltdown, Ethereum should steer clear of sub-$160 on the day.
Looking at the Technical Indicators
Major Support Level: $163.08
Major Resistance Level: $176.08
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Stellar’s Lumen
Stellar’s Lumen rallied by 8.37% on Wednesday. Partially reversing a 16.31% slide from Tuesday, Stellar’s Lumen ended the day at $0.05765.
Tracking the broader market, Stellar’s Lumen rose to an early morning high $0.05555 before hitting reverse.
Falling short of the first major resistance level at $0.0615, Stellar’s Lumen fell to a late morning intraday low $0.052221.
Steering clear of the first major support level at $0.0482, Stellar’s Lumen rallied to a late intraday high $0.05996.
Resistance at $0.060 pinned Stellar’s Lumen from a run at the first major resistance level at $0.0615.
A late broad-based crypto pullback left Stellar’s Lumen at $0.057 levels to limit the upside on the day.
The extended bearish trend remained firmly intact, reaffirmed by 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 up by 3.34% to $0.05958. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.05804 to a high $0.05958.
Stellar’s Lumen left the major support and resistance levels untested early on.
For the day ahead
Stellar’s Lumen would need to steer clear of sub-$0.058 levels to support a run at the first major resistance level at $0.0610.
Support from the boarder market would be needed, however, for Stellar’s Lumen to break through the morning high $0.05958.
In the event of a broad-based crypto rebound, Stellar’s Lumen could eye the second major resistance level at $0.0643 before any pullback.
Failure to steer clear of sub-$0.058 could see Stellar’s Lumen hit reverse. A fall through to $0.055 levels would bring the first major support level at $0.0533 into play before any recovery.
Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of Wednesday’s low $0.05222.
Looking at the Technical Indicators
Major Support Level: $0.0533
Major Resistance Level: $0.0610
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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