Bitcoin and Ethereum – Weekly Technical Analysis September 13, 2021

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Ethereum

Ethereum slipped 13.87% in the week ending September 13. Partially reversing the breakout of 22.49% from the previous week, Ethereum ended the week at $ 3,403.75.

A mixed start to the week saw Ethereum hit an intra-week low of $ 3,973.27 on Monday before reversing.

Below the first major resistance level at $ 4,273, Ethereum fell to a Tuesday week low of $ 3,009.00.

Ethereum broke through the first major support level at $ 3,388 and the FIB at 23.6% from $ 3,369.

However, by avoiding the $ 3,000, Ethereum broke through the FIB by 23.6% and the first major support level to review the $ 3,500 levels.

A second pullback, however, saw Ethereum briefly fall back through the first major support level and the 23.6% FIB before ending the week at $ 3,400.

The 4 days in the red which included a 12.52% drop on Tuesday delivered the setback of the week.

For the coming week

Ethereum is expected to break through the 23.6% FIB of $ 3,369 and the pivot level of $ 3,462 to support a run to the first major resistance level at $ 3,915.

However, broad market support would be needed for Ethereum to break out of the $ 3,500 levels.

Barring a prolonged crypto rally, the first major resistance level and last week’s high of $ 3,973.27 would likely cap any rise.

In the event of another prolonged breakout, Ethereum could test the second major resistance level at $ 4,426.

Failure to cross the 23.6% FIB and $ 3,462 pivot would bring the first major support level to $ 2,951.

Barring an extended sell-off during the week, Ethereum should avoid the second major support level at $ 2,824.

At the time of this writing, Ethereum was down 1.95% at $ 3,337.24. A mixed start to the week saw Ethereum hit a high of $ 3,430.00 on Monday morning before falling to a low of $ 3,329.24.

While leaving major support and resistance levels untested earlier in the week, Ethereum fell to 23.6% FIB from $ 3,369.

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