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Bitcoin and Ethereum – Weekly Technical Analysis – October 4th, 2021

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·3 min read
In this article:
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Bitcoin

Bitcoin, BTC to USD, rallied by 11.70% in the week ending 3rd October. Reversing an 8.58% fall from the week prior, Bitcoin ended the week at $48,242.0.

A mixed start to the week saw Bitcoin fall to a Wednesday intraweek low $40,804.0 before making a move.

While steering clear of the first major support level at $39,470, Bitcoin fell through the 38.2% FIB of $41,592.

Finding mid-week support, however, Bitcoin rallied to a Sunday intraweek high $49,196.0 before easing back.

Bitcoin broke back through 38.2% FIB and the first major resistance level at $47,119 to end the week at $48,200 levels.

4 days in the green that included an 9.86% jump on Friday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through the $46,081 pivot to support a run the first major resistance level at $51,357.

Support from the broader market would be needed for Bitcoin to break out from the 23.6% FIB of $50,473.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $55,000 levels before any pullback. The second major resistance level sits at $54,473.

A fall through the $46,081 pivot would bring the first major support level at $42,965 into play.

Barring an extended sell-off, Bitcoin should steer clear of the sub-$40,000 levels and the second major support level at $37,689. The 38.2% FIB of $41,592 should limit the downside.

At the time of writing, Bitcoin was down by 0.59% to $47,956.0. A mixed start to the week saw Bitcoin rise to an early Monday high $48,289.0 before falling to an early Monday low $47,770.0.

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

Ethereum

Ethereum rallied by 11.77% in the week ending 3rd October. Reversing an 8.05% decline from the previous week, Ethereum ended the week at $3,420.07.

A bearish start to the week saw Ethereum fall to a Wednesday intraweek low $2,781.99 before making a move.

Steering clear of the 38.2% FIB of $2,740 and the first major support level at $2,692, Ethereum rallied to a Sunday intraweek high $3,489.18.

Ethereum broke through the 23.6% FIB of $3,369 and the first major resistance level at $3,388 to end the week at $3,400 levels.

5-days in the green that included a 10.36% breakout on Friday delivered the upside in the week.

For the week ahead

Ethereum would need avoid the 23.6% FIB of $3,369 and the $3,230 pivot level to support a run at the first major resistance level at $3,679.

Support from the broader market would be needed, however, for Ethereum to break out from $3,500 levels.

Barring an extended crypto rally, the first major resistance level 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 $3,938.

A fall through the 23.6% FIB of $3,369 and the $3,230 pivot would bring the first major support level at $2,972 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of the 38.2% FIB of $2,740. The second major support level sits at $2,523.

At the time of writing, Ethereum was down by 1.12% to $3,381.88. A mixed start to the week saw Ethereum rise to an early Monday high $3,428.24 before falling to an early Monday low $3,352.36.

While Ethereum left the major support and resistance levels untested, Ethereum briefly fell through the 23.6% FIB of $3,369.

This article was originally posted on FX Empire

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