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.