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


Ethereum

Ethereum rallied by 15.94% in the week ending 25th July. Reversing an 11.67% slide from the previous week, Ethereum ended the week at $2,193.03.

A bearish start to the week saw Ethereum slide to a Tuesday intraweek low $1,720.16 before making a move.

Ethereum fell through the first major support level at $1,771 before rallying to a Saturday intraweek high $2,200.00.

The extended rally saw Ethereum break through the first major resistance level at $2,090 to end the week at $2,190 levels.

5-days in the green that included an 11.74% surge on Wednesday and a 4.99% rally on Friday delivered the upside for the week.

For the week ahead

Ethereum would need to avoid the $2,038 pivot to bring the first major resistance level at $2,355 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,350 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $2,400 would likely cap any upside.

In the event of an extended breakout, Ethereum could test the second major resistance level at $2,518.

A fall through the pivot at $2,038 would bring the first major support level at $1,875 into play.

Barring another extended sell-off in the week, Ethereum should steer clear of the 62% FIB of $1,725. The second major support sits at $1,558.

At the time of writing, Ethereum was up by 5.11% to $2,305.0. A mixed start to the week saw Ethereum fall to an early Monday low $2,172.99 before rallying to a high $2,341.37.

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



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