Bitcoin and Ethereum – Weekly Technical Analysis – January 25th, 2021

ether

Ethereum rose 13.09% for the week ending January 24th. Ethereum ended the week down 1.76% from the previous week at $ 1,394.00.

It was a bullish start to the week. Ethereum rose to a Tuesday high within the week and a fresh swing of $ 1,440.0 before hitting reverse.

With the breakout, Ethereum broke its first major resistance level before slipping to a weekday low of $ 1,039.62 on Friday.

While Ethereum left the first major support level behind at $ 994, it fell through the 23.6% FIB of $ 1,119.

However, a rebound on Friday and a bullish weekend resulted in Ethereum breaking the 23.6% FIB and ending the week at $ 1,390.

6 days in the green included a rally of 8.71% on Tuesday, a jump of 11.07% on Friday and a breakout of 12.92% on Sunday, which was the uptrend for the week. However, a 19.34% drop on Thursday reduced some gains.

For the coming week

Ethereum would have to avoid a drop in the pivot level at $ 1,291 to support a run at the first major resistance level at $ 1,543.

However, support from the broader market would be required for Ethereum to hit the $ 1,500 level.

Subject to another extended crypto rally, the first major resistance level would likely limit an uptrend.

In the event of a longer breakout, Ethereum could test resistance before a pullback at USD 1,750. The second major resistance level is at $ 1,692.

Unless a drop in the pivot level at $ 1,291 is avoided, the first major support level at $ 1,142 and the 23.6% FIB of $ 1,119 would come into play.

However, subject to a crypto meltdown, Ethereum should avoid the 38.2% FIB of $ 921 and the second major support level of $ 891.

At the time of writing, Ethereum was up 3.31% to $ 1,440.19. A mixed start to the week caused Ethereum to hit a low of $ 1,384.15 early Monday before hitting a new swing of $ 1,477.30.

Ethereum left key support and resistance levels untested earlier in the week.

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