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Bitcoin and Ethereum – Weekly Technical Analysis – September 27th, 2021

By:
Bob Mason
Updated: Sep 27, 2021, 14:22 GMT+00:00

It's been a bullish start to the week. Steering clear of the week's pivot levels would support a recovery of last week's losses and more...

Cryptocurrency Ethereum with One Dollar Bill as financial concept.

Bitcoin

Bitcoin, BTC to USD, fell by 8.58% in the week ending 26th September. Reversing a 2.61% gain from the week prior, Bitcoin ended the week at $43,190.0.

A mixed start to the week saw Bitcoin rise to a Monday intraweek high $47,327.0 before hitting reverse.

Falling short of the first major resistance level at $49,557, Bitcoin slid to a Tuesday intraweek low $39,678.0.

The sell-off saw Bitcoin fall through the first major support level at $44,182 and the second major support level at $41,126.

Bitcoin also fell through the 38.2% FIB of $41,592 before revisiting $45,000 levels.

In the 2nd half of the week, Bitcoin fell back through the first and second major support levels and the 38.2% FIB to sub-$41,000 levels before finding support.

Bitcoin broke back through the second major support level and the 38.2% FIB to end the week at $43,000 levels.

4 days in the red that included an 8.92% slide on Monday and a 5.92% fall on Tuesday delivered the downside for the week.

For the week ahead

Bitcoin would need to avoid a fall back through the $43,398 pivot to support a run the first major resistance level at $47,119.

Support from the broader market would be needed for Bitcoin to break back through to $47,000 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $47,327.0 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $51,047.

A fall back through the $43,398 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $39,470 into play.

Barring an extended sell-off, Bitcoin should steer clear of the second major support level at $35,749.

At the time of writing, Bitcoin was up by 2.51% to $44,273.0. A mixed start to the week saw Bitcoin fall to an early Monday low $42,971.0 before rising to an early Monday high $44,333.0.

Bitcoin left the major support and resistance levels untested early on.

BTCUSD 270921 Daily Chart

Ethereum

Ethereum fell by 8.05% in the week ending 27th September. Following a 2.21% decline from the previous week, Ethereum ended the week at $3,060.71.

A mixed start to the week saw Ethereum rise to a Monday intraweek high $3,346.58 before hitting reverse.

Falling short of the 23.6% FIB of $3,369 and the first major resistance level at $3,633, Ethereum slid to a Tuesday intraweek low $2,651.0.

The reversal saw Ethereum fall through the first major support level at $3,068 and the second major support level at $2,807.

Ethereum also fell through the 38.2% FIB of $2,740 before revisiting $3,100 levels.

A 2nd pullback late in the week saw Ethereum fall back through the first and second major support levels.

Finding support at the 38.2% FIB of $2,740, however, Ethereum broke back through the second major support level to end the week at $3,060 levels.

The first major support level at $3,068 pegged Ethereum back at the end of the week.

4-days in the red that included a 10.58% slide on Monday delivered the downside in the week.

For the week ahead

Ethereum would need avoid the $3,019 pivot level to support a run at the 23.6% FIB of $3,369 and the first major resistance level at $3,388.

Support from the broader market would be needed, however, for Ethereum to break out from $3,300 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $3,400 would likely cap any upside.

In the event of another extended breakout, Ethereum could test resistance at $4,000 before any pullback. The second major resistance level sits at $3,715.

A fall through the $3,019 pivot would bring the 38.2% FIB of $2,740 and the first major support level at $2,692 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of sub-$2,500 support levels. The second major support level sits at $2,324.

At the time of writing, Ethereum was up by 3.18% to $3,158.12. A choppy start to the week saw Ethereum fall to an early Monday low $3,028.76 before rising to a high $3,166.79.

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

ETHUSD 270921 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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