It's back into the red early, with the pair needing to move through key levels to avoid heavier losses on the day.
Ethereum fell by 3.36% on Wednesday. Following on from a 3.36% fall on Tuesday, Ethereum ended the day at $174.5.
Bearish through the day, Ethereum fell from an early morning intraday high $181.2 to a late afternoon intraday low $171.7.
Falling short of the major resistance levels, Ethereum fell through the first major support level at $175.18.
Finding support late in the day, Ethereum broke back through the first major support level before a late pullback to sub-$175 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 0.53% to $173.58. A bearish start to the day saw Ethereum fall from an early morning high $174.62 to a low $172.79
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move through to $175.80 levels to support a run at the first major resistance level at $179.9.
Support from the broader market would be needed, however, for Ethereum to break out from $176 levels.
Barring a broad-based crypto rebound, Ethereum would likely fall well short of $180 levels and Wednesday’s high $181.2.
Failure to move through to $175.80 levels could see Ethereum take a bigger hit on the day.
A fall through the morning low $172.79 would bring the first major support level at $170.4 into play before any recovery.
Barring an extended sell-off through the day, Ethereum should steer clear of sub-$170 support levels.
Major Support Level: $170.4
Major Resistance Level: $179.9
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Stellar’s Lumen fell by 3.06% on Wednesday. Following on from a 3.88% slide on Tuesday, Stellar’s Lumen ended the day at $0.061995.
A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.064636 before hitting reverse.
Falling short of the first major resistance level at $0.0663, Stellar’s Lumen slid to a mid-day intraday low $0.060262.
Stellar’s Lumen fell through the first major support level at $0.0621. Finding support at the second major support level at $0.06030, Stellar’s Lumen recovered to $0.062 levels before easing back.
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 1.13% to $0.061295. In the early hours, Stellar’s Lumen fell from a morning high $0.061794 to a low $0.061069.
Stellar’s Lumen left the major support and resistance levels untested early on.
Stellar’s Lumen would need to move through to $0.06230 levels to support a recovery of Wednesday’s reversal.
Support from the broader market would be needed, however, for Stellar’s Lumen to break through the morning high $0.061794.
Barring a broad-based crypto rebound, Stellar’s Lumen will likely fall well short of the first major resistance level at $0.0643.
Failure to move through to $0.06230 levels could see Stellar’s Lumen slide deeper into the red.
A fall back through the morning low $0.061069 would bring the first major support level at $0.0600 into play.
Barring an extended sell-off through the day, Stellar’s Lumen should steer clear of the second major support level at $0.0579.
Major Support Level: $0.0600
Major Resistance Level: $0.0643
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
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.