Bitcoin and Ethereum – Weekly Technical Analysis – September 6th, 2021

Ethereum

Ethereum rallied by 22.49% in the week ending 6th September. Following a 0.46% decline from the previous week, Ethereum ended the week at $3,952.17.

A mixed start to the week saw Ethereum fall to a Monday intraweek low $3,145.45 before making a move.

Steering clear of the first major support level at $3,058, Ethereum rallied to a Friday intraweek high $4,030.35.

Ethereum broke through the week’s major resistance levels and also through the 23.6% FIB of $3,369 to end the week at $3,950 levels.

5-days in the green that included a 6.23% rise on Tuesday and an 11.64% surge on Wednesday delivered the upside in the week.

For the week ahead

Ethereum would need to avoid the pivot level at $3,709 to support a run at the first major resistance level at $4,273.

Support from the broader market would be needed, however, for Ethereum to break back through to $4,200 levels.

Barring another extended crypto rally, the first major resistance level and resistance at $4,300 would likely cap any upside.

In the event of another extended breakout, Ethereum could test the second major resistance level at $4,594.

A fall through the $3,709 pivot would bring the first major support level at $3,388 and the 23.6% FIB of $3,369 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of sub-$3,000 levels, however. The second major support level sits at $2,824.

At the time of writing, Ethereum was down by 0.65% to $3,926.39. A mixed start to the week saw Ethereum rise to an early Monday high $3,964.21 before falling to a low $3,915.00.

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