Bitcoin and Ethereum – Weekly Technical Analysis – October 18th, 2021
Ethereum rallied by 12.66% in the week ending 17th October. Reversing a 0.14% loss from the previous week, Ethereum ended the week at $3,847.18.
A bearish start to the week saw Ethereum fall to a Monday intraweek low $3,373.45 before making a move.
Steering clear of the 23.6% FIB of $3,369 and the first major support level at $3,233, Ethereum rallied to a Saturday intraweek high $3,968.49.
Ethereum broke through the first major resistance level at $3,633 and the second major resistance level at $3,852.
A weekend pullback, however, saw Ethereum fall back through the second major resistance level to end the week at sub-$3,850 levels.
4-days in the green that included a 5.08% rally on Thursday delivered the upside in the week.
For the week ahead
Ethereum would need avoid the $3,730 pivot level to support a run at the first major resistance level at $4,086.
Support from the broader market would be needed, however, for Ethereum to break out from last week’s high $3,968.49.
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 $4,500 levels before any pullback. The second major resistance level sits at $4,325.
A fall through the $3,730 pivot would bring the first major support level at $3,491 into play.
Barring an extended sell-off in the week, Ethereum should steer clear of the second major support level at $3,135. The 23.6% FIB of $3,369 should limit the downside.
At the time of writing, Ethereum was up by 1.03% to $3,886.67. A mixed start to the week saw Ethereum fall to an early Monday low $3,841.89 before rising to a high $3,894.70.
Ethereum left the major support and resistance levels untested early on.