Bitcoin and Ethereum – Weekly Technical Analysis – July 5th, 2021


Ethereum

Ethereum rallied by 17.04% in the week ending 4th July. Reversing an 11.51% slide from the previous week, Ethereum ended the week at $2,323.15.

A mixed start to the week saw Ethereum fall to a Monday intraweek low $1,957.24 before making a move.

Steering clear of the 62% FIB of $1,725 and the first major support level at $1,703, Ethereum struck a Sunday intraweek high $2,389.22.

Ethereum broke through the first major resistance level at $2,263 to end the week at $2,300 levels.

6-days in the green that included a 5.10% rally on Wednesday delivered the upside for the week.

For the week ahead

Ethereum would need to avoid the pivot at $2,223 to bring the first major resistance level at $2,489 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,400 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $2,500 would likely cap any upside.

In the event of an extended breakout, Ethereum could test resistance at the 38.2% FIB of $2,740 before any pullback. The second major resistance level sits at $2,655.

A fall through the pivot at $2,223 would bring the first major support level at $2,057 into play.

Barring another extended sell-off in the week, Ethereum should steer clear of sub-$2,000 levels. The second major support sits at $1,791.

At the time of writing, Ethereum was down 0.25% to $2,317.30. A mixed start to the week saw Ethereum fall to an early Monday low $2,303.44 before rising to a high $2,324.44.

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



News Source

جواب چھوڑ دیں

براہ مہربانی اپنی رائے درج کریں!
اپنا نام یہاں درج کریں