Bitcoin and Ethereum – Weekly Technical Analysis – June 7th, 2021
Ethereum rallied by 13.54% in the week ending 6th June. Following a 13.69% gain from the previous week, Ethereum ended the week at $2,710.97.
A mixed start to the week saw Ethereum fall to a Sunday intraweek low $2,275.22 before making a move.
Steering clear of the first major support level at $2,002, Ethereum rallied to a Thursday intraweek high $2,890.0.
Ethereum broke through the 38.2% FIB of $2,740 and the first major resistance level at $2,844.
A Friday and Saturday pullback, however, saw Ethereum fall back to sub-$2,600 levels before steadying.
While finding support on Sunday, Ethereum failed to break back through the 38.2% FIB.
4-days in the green that included a 13.38% rally on Monday delivered the upside for the week.
For the week ahead
Ethereum would need to avoid a fall back through the 38.2% FIB of $2,740 and the pivot at $2,625 to bring the first major resistance level at $2,976 into play.
Support from the broader market would be needed, however, for Ethereum to break out from last week’s high $2,890.0.
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 $3,240.
A fall back through the 38.2% FIB and the pivot at $2,625 would bring the first major support level at $2,361 into play.
Barring another extended sell-off in the week, Ethereum should steer clear of sub-$2,000 levels. The second major support at $2,011 should limit the downside.
At the time of writing, Ethereum was up by 3.03% to $2,792.98. A mixed start to the week saw Ethereum fall to an early Monday low $2,691.66 before rising to a high $2,799.44.
While leaving the major support and resistance levels untested at the start of the week, Ethereum broke back through the 38.2% FIB of $2,740.