Bitcoin and Ethereum – Weekly Technical Analysis – July 5th, 2021
Ethereum rallied by 17.04% in the week ending 4th July. Reversing an 11.51% slide from the previous week, Ethereum ended the week at $2,323.15.
A mixed start to the week saw Ethereum fall to a Monday intraweek low $1,957.24 before making a move.
Steering clear of the 62% FIB of $1,725 and the first major support level at $1,703, Ethereum struck a Sunday intraweek high $2,389.22.
Ethereum broke through the first major resistance level at $2,263 to end the week at $2,300 levels.
6-days in the green that included a 5.10% rally on Wednesday delivered the upside for the week.
For the week ahead
Ethereum would need to avoid the pivot at $2,223 to bring the first major resistance level at $2,489 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $2,400 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $2,500 would likely cap any upside.
In the event of an extended breakout, Ethereum could test resistance at the 38.2% FIB of $2,740 before any pullback. The second major resistance level sits at $2,655.
A fall through the pivot at $2,223 would bring the first major support level at $2,057 into play.
Barring another extended sell-off in the week, Ethereum should steer clear of sub-$2,000 levels. The second major support sits at $1,791.
At the time of writing, Ethereum was down 0.25% to $2,317.30. A mixed start to the week saw Ethereum fall to an early Monday low $2,303.44 before rising to a high $2,324.44.
Ethereum left the major support and resistance levels untested at the start of the week.