Bitcoin and Ethereum – Weekly Technical Analysis – September 20th, 2021


Ethereum

Ethereum fell by 2.21% in the week ending 20th September. Following a 13.87% slide from the previous week, Ethereum ended the week at $3,328.59.

A mixed start to the week saw Ethereum fall to a Monday intraweek low $3,111.14 before making a move.

While steering clear of the first major support level at $3,077, Ethereum fell through the 23.6% FIB of $3,369.

Finding Tuesday support, however, Ethereum rallied to a Thursday intraweek high $3,675.92 before sliding back into the red.

Ethereum broke back through the 23.6% FIB and also broke through the first major resistance level at $3,642.00 before falling back to sub-$3,320 levels.

4-days in the red that included a 4.73% slide on Friday delivered the downside in the week.

For the week ahead

Ethereum would need to move through the 23.6% FIB of $3,369 and the $3,372 pivot level to support a run at the first major resistance level at $3,633.

Support from the broader market would be needed, however, for Ethereum to break out from $3,550 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $3,675.92 would likely cap any upside.

In the event of another extended breakout, Ethereum could test resistance at $4,000 before any pullback. The second major resistance level sits at $3,937.

Failure to move through the 23.6% FIB and the $3,372 pivot would bring the first major support level at $3,068.

Barring an extended sell-off in the week, Ethereum should steer clear of sub-$3,000 support levels. The second major support level sits at $2,807.

At the time of writing, Ethereum was down by 0.54% to $3,310.78. A choppy start to the week saw Ethereum rise to an early Monday high $3,346.58 before falling to a low $3,259.03.

Ethereum left the major support and resistance levels untested at the start of the week.



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