Bitcoin and Ethereum – Weekly Technical Analysis – May 31st, 2021


Ethereum

Ethereum rallied by 13.69% in the week ending 30th May. Partially reversing a 41.43% slump from the previous week, Ethereum ended the week at $2,387.66.

A bullish start to the week saw Ethereum rise to a Wednesday intraweek high $2,913.68 before hitting reverse.

While falling short of the first major resistance level at $3,217, Ethereum broke through the 38.2% FIB of $2,740.

The reversal saw Ethereum slide back through the 38.2% FIB to a Sunday intraweek low $2,182.20.

Steering well clear of the first major support level at $1,355, Ethereum ended the week at $2,380 levels.

4-days in the green that included a 26.27% jump on Monday delivered the upside for the week.

For the week ahead

Ethereum would need to move through the pivot at $2,458 to bring the 38.2% FIB of $2,740 and the first major resistance level at $2,844 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the 38.2% FIB.

Barring an extended crypto rally, the first major resistance level and resistance at $3,000 would likely cap any upside.

In the event of an extended breakout, Ethereum could test resistance at the 23.6% FIB of $3,369 before any pullback. The second major resistance level sits at $3,299.

Failure to move through the pivot at $2,458 would bring the first major support level at $2,002 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 $1,616.

At the time of writing, Ethereum was down by 3.44% to $2,305.51. A mixed start to the week saw Ethereum rise to an early Monday high $2,415.47 before falling to a low $2,288.13.

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



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