Bitcoin and Ethereum – Weekly Technical Analysis – May 17th, 2021

Fibo Quantum

Ethereum

Ethereum fell by 8.73% in the week ending 16th May. Partially reversing a 33.07% surge from the previous week, Ethereum ended the week at $3,585.62.

A bullish start to the week saw Ethereum rally to a Wednesday intraweek high and a new swing hi $4,384.43 before hitting reverse.

Ethereum broke through the first major resistance level at $4,277 to come within range of $4,400 levels.

The reversal, however, saw Ethereum slide to a Sunday intraweek low $3,343.57.

While steering clear of the first major support level at $3,266, Ethereum tested support at the 23.6% FIB of $3,369 before ending the week at $3,500 levels.

4-days in the red that included an 8.45% slide on Wednesday and a 10.56% tumble on Saturday delivered the downside.

For the week ahead

Ethereum would need to move through the pivot at $3,834 to bring the first major resistance level at $4,136 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $4,000 levels.

Barring an extended crypto rally, the first major resistance level and last week’s swing hi $4,384.3 would likely cap any upside.

In the event of an extended breakout, Ethereum could test resistance at $5,000 before any pullback. The second major resistance level sits at $4,687.

Failure to move through the pivot at $3,834 would bring the 23.6% FIB of $3,369 and the first major support level at $3,283 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of sub-$3,000 levels. The second major support sits at $2,980.

At the time of writing, Ethereum was down by 5.22% to $3,398.42. A bearish start to the week saw Ethereum slide from an early Monday morning high $3,590.00 to a low $3,398.42.

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

Wood Profits Banner>