Bitcoin and Ethereum – Weekly Technical Analysis – June 21st, 2021


Ethereum

Ethereum slid by 10.65% in the week ending 20th June. Following a 7.40% decline from the previous week, Ethereum ended the week at $2,242.90.

A bullish start to the week saw Ethereum rise to a Tuesday intraweek high $2,640.00 before hitting reverse.

Falling short of the 38.2% FIB of $2,740 and the first major resistance level at $2,820, Ethereum slid to a Sunday intraweek low $2,042.50.

Ethereum fell through the first major support level at $2,230 before a partial recovery to $2,240 levels.

4-days in the red that included a 6.91% slide on Wednesday and a 5.85% fall on Friday delivered the downside for the week.

For the week ahead

Ethereum would need to move through the pivot at $2,308 to bring the first major resistance level at $2,574 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,500 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $2,640.00 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 $2,906. Ethereum would need plenty of support, however, to breakout from the 38.2% FIB of $2,740.

Failure to move through the pivot at $2,308 would bring the first major support level at $1,977 into play.

Barring another extended sell-off in the week, Ethereum should steer clear of sub-$1,900 levels and the 62% FIB of $1,725. The second major support sits at $1,711.

At the time of writing, Ethereum was down by 1.08% to $2,218.75. A mixed start to the week saw Ethereum rise to an early Monday high $2,259.10 before falling to a low $2,212.69.

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



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