Bitcoin and Ethereum – Weekly Technical Analysis – September 27th, 2021


Ethereum

Ethereum fell by 8.05% in the week ending 27th September. Following a 2.21% decline from the previous week, Ethereum ended the week at $3,060.71.

A mixed start to the week saw Ethereum rise to a Monday intraweek high $3,346.58 before hitting reverse.

Falling short of the 23.6% FIB of $3,369 and the first major resistance level at $3,633, Ethereum slid to a Tuesday intraweek low $2,651.0.

The reversal saw Ethereum fall through the first major support level at $3,068 and the second major support level at $2,807.

Ethereum also fell through the 38.2% FIB of $2,740 before revisiting $3,100 levels.

A 2nd pullback late in the week saw Ethereum fall back through the first and second major support levels.

Finding support at the 38.2% FIB of $2,740, however, Ethereum broke back through the second major support level to end the week at $3,060 levels.

The first major support level at $3,068 pegged Ethereum back at the end of the week.

4-days in the red that included a 10.58% slide on Monday delivered the downside in the week.

For the week ahead

Ethereum would need avoid the $3,019 pivot level to support a run at the 23.6% FIB of $3,369 and the first major resistance level at $3,388.

Support from the broader market would be needed, however, for Ethereum to break out from $3,300 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $3,400 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 $3,715.

A fall through the $3,019 pivot would bring the 38.2% FIB of $2,740 and the first major support level at $2,692 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of sub-$2,500 support levels. The second major support level sits at $2,324.

At the time of writing, Ethereum was up by 3.18% to $3,158.12. A choppy start to the week saw Ethereum fall to an early Monday low $3,028.76 before rising to a high $3,166.79.

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



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