Bitcoin and Ethereum – Weekly Technical Analysis – October 4th, 2021


Ethereum

Ethereum rallied by 11.77% in the week ending 3rd October. Reversing an 8.05% decline from the previous week, Ethereum ended the week at $3,420.07.

A bearish start to the week saw Ethereum fall to a Wednesday intraweek low $2,781.99 before making a move.

Steering clear of the 38.2% FIB of $2,740 and the first major support level at $2,692, Ethereum rallied to a Sunday intraweek high $3,489.18.

Ethereum broke through the 23.6% FIB of $3,369 and the first major resistance level at $3,388 to end the week at $3,400 levels.

5-days in the green that included a 10.36% breakout on Friday delivered the upside in the week.

For the week ahead

Ethereum would need avoid the 23.6% FIB of $3,369 and the $3,230 pivot level to support a run at the first major resistance level at $3,679.

Support from the broader market would be needed, however, for Ethereum to break out from $3,500 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended breakout, Ethereum could test resistance at $4,000 before any pullback. The second major resistance level sits at $3,938.

A fall through the 23.6% FIB of $3,369 and the $3,230 pivot would bring the first major support level at $2,972 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of the 38.2% FIB of $2,740. The second major support level sits at $2,523.

At the time of writing, Ethereum was down by 1.12% to $3,381.88. A mixed start to the week saw Ethereum rise to an early Monday high $3,428.24 before falling to an early Monday low $3,352.36.

While Ethereum left the major support and resistance levels untested, Ethereum briefly fell through the 23.6% FIB of $3,369.



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