Bitcoin and Ethereum – Weekly Technical Analysis – April 26th, 2021

Bitcoin

Bitcoin, BTC to USD, slid by 12.54% in the week ending 25^th April. Following on from a 6.43% decline from the previous week, Bitcoin ended the week at $49,129.0.

A bullish start to the week saw Bitcoin rise to a Monday intraweek high $57,500.0 before hitting reverse.

Falling well short of the first major resistance level at $63,834, Bitcoin slid to a Saturday intraweek low $47,112.0.

The sell-off saw Bitcoin fall through the 23.6% FIB of $50,473 and the first major support level at $49,505 to end the week at sub-$49,200 levels.

6 days in the red that included a 4.77% slide on Wednesday and 3.80 % fall on Thursday delivered the downside for the week.

For the week ahead

Bitcoin would need avoid a fall back through the $51,247 pivot to support a run the first major resistance level at $55,382.

Support from the broader market would be needed for Bitcoin to break back through to $55,000 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $57,500.0 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $61,635.

Failure to avoid a fall back through the $51,247 pivot would bring the 23.6% FIB of $50,473 and the first major support level at $44,994 into play.

Barring another extended sell-off, Bitcoin should steer clear of the 38.2% FIB of $41,592. The second major support level sits at $40,859.

At the time of writing, Bitcoin was up by 7.43% to $52,779.0. A bullish start to the week saw Bitcoin rise from an early Monday morning low $48,831.0 to a high $53,161.0

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

Ethereum

Ethereum rose by 3.59% in the week ending 25^th April. Following a 4.23% gain from the previous week, Ethereum ended the week at $2,322.16.

A mixed start to the week saw Ethereum fall to a Monday low $2,050.0 before making a move.

Steering clear of the first major support level at $1,978, Ethereum rallied to a Thursday intraweek high and a new swing hi $2,646.2 before hitting reverse.

Ethereum broke through the first major resistance level at $2,526 before sliding to a Friday intraweek low $2,040.0.

Finding support at the 23.6% FIB of $2,041, Ethereum revisited $2,380 levels before easing back. A bullish end to the week, delivered the upside for the week, however.

4-days in the green that included a 4.76% rally on Sunday delivered the upside in the week.

For the week ahead

Ethereum would need to avoid a fall back through the pivot at $2,336 to bring the first major resistance level at $2,632 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,600 levels.

Barring an extended crypto rally, the first major resistance level and last week’s swing hi $2,646.20 would likely cap any upside.

In the event of an extended breakout, Ethereum could test resistance at $3,000 before any pullback. The second major resistance level sits at $2,942.

Failure to avoid a fall back through the pivot at $2,336 would bring the 23.6% FIB of $2,041 and the first major support level at $2,026 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of sub-$1,800 levels. The second major support sits at $1,730.

At the time of writing, Ethereum was up by 5.35% to $2,446.51. A bullish start to the week saw Ethereum rise from an early Monday low $2,306.03 to a high $2,490.00.

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