Ethereum Price Support
Ethereum tumbled by 7.57% on Wednesday. Following on from a 0.7% fall from Tuesday, Ethereum ended the day at $172.79.
A bearish start to the day Ethereum fall to a mid-morning low $183.83. Ethereum fell through the first major support level at $184.51 before recovering to an early afternoon intraday high $187.92.
Ethereum came up short of the first major resistance level at $189.18 before succumbing to market forces.
A crypto meltdown saw Ethereum tumble to a late afternoon intraday low $165.9. Ethereum fell through the day’s major support levels to touch $160 levels for the 1st time since early May.
Whilst finding support late on, Ethereum was unable to break back through the third major support level at $177.42.
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 1.35% to $170.45. A mixed start to the day saw Ethereum strike an early morning high $173.51 before hitting reverse.
Falling short of the major resistance levels, Ethereum fell to a morning low $168.7. The major support levels were also left untested early on.
For the day ahead
A move through to $175.55 levels would support a return to $180 levels. Ethereum would need the support of the broader market, however, to take a run at the first major resistance level at $185.17.
Failure to move through to $175.55 levels could see Ethereum fall deeper into the red. A fall through the morning low $168.7 would bring the first major support level at $163.15 into play.
Barring another crypto meltdown, however, Ethreum should steer clear of sub-$160 support levels on the day.
Looking at the Technical Indicators
Major Support Level: $163.15
Major Resistance Level: $185.18
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Stellar’s Lumen Price Support
Stellar’s Lumen tumbled by 5.91% on Wednesday. Following on from a 2.98% slide on Tuesday, Stellar’s Lumen ended the day at $0.064166.
A mixed start to the day saw Stellar’s Lumen strike a mid-morning intraday high $0.068316. Falling short of the first major resistance level at $0.0692, Stellar’s Lumen fell back to a noon low $0.067167.
Holding above the first major support level at $0.0668, Stellar’s Lumen recovered to 0.068 levels before a broad-based crypto sell-off.
The sell-off saw Stellar’s Lumen tumble to a late afternoon intraday low and new swing lo $0.063199. Stellar’s Lumen fell through the major support levels before finding support late in the day.
Stellar’s Lumen managed to move back through the third major support level at $0.0634 to limit the downside on the day.
The extended bearish trend remained firmly intact following 5 consecutive weeks in the red. Stellar’s Lumen continued to fall short of the 23.6% FIB of $0.1310 following a pullback from $0.16 levels in mid-May.
Since 13th May’s current year high $0.16176, Stellar’s Lumen has seen 10-weeks in the red, with just 4 weeks in the green…
The particularly bearish July and August led to a slide back from the 23.6% FIB of $0.1310, leaving Stellar’s Lumen down 43.3% year-to-date.
At the time of writing, Stellar’s Lumen was down by 2% to $0.062883. A bearish start to the day saw fall from an early morning high $0.063661 to a new swing lo $0.062783.
In spite of the pullback, Stellar’s Lumen managed to steer hold above the first major support level at $0.0621.
For the day ahead
Stellar’s Lumen would need to move back through to $0.06520 levels to bring the first major resistance level at $0.06730 into play.
Support from the broader market would be needed, however, for Stellar’s Lumento break out from $0.066 levels.
In the event of a broad-based crypto rebound, Stellar’s Lumen could revisit $0.068 levels before any pullback.
Failure to move through to $0.06520 levels could leave Stellar’s Lumen deep in the red on the day.
A fall through the morning low to $0.06250 levels would bring the first major support level at $0.0621 into play.
Barring another crypto meltdown, Stellar’s Lumen should steer clear of sub-$0.6100 levels on the day.
Looking at the Technical Indicators
Major Support Level: $0.0621
Major Resistance Level: $0.0673
23.6% FIB Retracement Level: $0.1222
38.2% FIB Retracement Level: $0.1571
62% FIB Retracement Level: $0.2136
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Thanks, Bob
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