Bitcoin and Ethereum – Weekly Technical Analysis – April 26th, 2021


Ethereum

Ethereum rose by 3.59% in the week ending 25th April. Following a 4.23% gain from the previous week, Ethereum ended the week at $2,322.16.

A mixed start to the week saw Ethereum fall to a Monday low $2,050.0 before making a move.

Steering clear of the first major support level at $1,978, Ethereum rallied to a Thursday intraweek high and a new swing hi $2,646.2 before hitting reverse.

Ethereum broke through the first major resistance level at $2,526 before sliding to a Friday intraweek low $2,040.0.

Finding support at the 23.6% FIB of $2,041, Ethereum revisited $2,380 levels before easing back. A bullish end to the week, delivered the upside for the week, however.

4-days in the green that included a 4.76% rally on Sunday delivered the upside in the week.

For the week ahead

Ethereum would need to avoid a fall back through the pivot at $2,336 to bring the first major resistance level at $2,632 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,600 levels.

Barring an extended crypto rally, the first major resistance level and last week’s swing hi $2,646.20 would likely cap any upside.

In the event of an extended breakout, Ethereum could test resistance at $3,000 before any pullback. The second major resistance level sits at $2,942.

Failure to avoid a fall back through the pivot at $2,336 would bring the 23.6% FIB of $2,041 and the first major support level at $2,026 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of sub-$1,800 levels. The second major support sits at $1,730.

At the time of writing, Ethereum was up by 5.35% to $2,446.51. A bullish start to the week saw Ethereum rise from an early Monday low $2,306.03 to a high $2,490.00.

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



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