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

Bitcoin

Bitcoin, BTC to USD, rose by 6.10% in the week ending 5^th September. Reversing a 0.95% decline from the previous week, Bitcoin ended the week at $51,780.0.

A bearish start to the week saw Bitcoin fall to a Wednesday intraweek low $46,590.0 before making a move.

Steering clear of the first major support level at $46,554, Bitcoin rallied to a Sunday intraweek high $51,900.0.

Bitcoin broke through the 23.6% FIB of $50,473 and the first major resistance level at $50,802 to end the week at $51,700 levels.

5 days in the green that included a 3.53% rise on Wednesday and a 3.77% rally on Sunday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid the 23.6% FIB of $50,473 and the $50,090 pivot to support a run the first major resistance level at $53,590.

Support from the broader market would be needed for Bitcoin to break back through to $53,000 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $54,000 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test the second major resistance level at $55,400.

A fall through the 23.6% FIB and the $50,090 pivot would bring the first major support level at $48,280 into play.

Barring an extended sell-off, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $44,780.

At the time of writing, Bitcoin was flat at $51,782.6. A mixed start to the week saw Bitcoin fall to an early Monday low $51,503.0 before rising to a high $51,924.0.

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

Ethereum

Ethereum rallied by 22.49% in the week ending 6^th 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.