Bitcoin and Ethereum – Weekly Technical Analysis – May 31st, 2021

Bitcoin

Bitcoin, BTC to USD, rose by 2.50% in the week ending 30^th May. Following a 25.42% tumble from the previous week, Bitcoin ended the week at $35,614.0.

A bullish start to the week saw Bitcoin rise to a Wednesday intraweek high $40,884.0 before hitting reverse.

Falling short of the 38.2% FIB of $41,592 and the first major resistance level at $44,508, Bitcoin slid to a Sunday intraweek low $33,367.0.

Avoiding the first major support level at $27,275 and the 62% FIB of $27,237, Bitcoin found support to end the week at $36,600 levels.

3 days in the green that included an 11.79% jump on Monday delivered the upside for the week.

For the week ahead

Bitcoin would need move through the $36,623 pivot to support a run the first major resistance level at $39,875.

Support from the broader market would be needed for Bitcoin to break out from $39,000 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $40,884.0 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at the 32.6% FIB of $41,592 and resistance at $42,000. The second major resistance level sits at $44,136.

Failure to move through the $36,623 pivot would bring the first major support level at $32,362 into play.

Barring another extended sell-off, Bitcoin should steer clear of the 62% FIB of $27,237. The second major support level at $29,110 should limit the downside.

At the time of writing, Bitcoin was down by 2.66% to $34,668.0. A mixed start to the week saw Bitcoin rise to an early Monday high $35,959.0 before falling to a low $34,631.0.

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

Ethereum

Ethereum rallied by 13.69% in the week ending 30^th May. Partially reversing a 41.43% slump from the previous week, Ethereum ended the week at $2,387.66.

A bullish start to the week saw Ethereum rise to a Wednesday intraweek high $2,913.68 before hitting reverse.

While falling short of the first major resistance level at $3,217, Ethereum broke through the 38.2% FIB of $2,740.

The reversal saw Ethereum slide back through the 38.2% FIB to a Sunday intraweek low $2,182.20.

Steering well clear of the first major support level at $1,355, Ethereum ended the week at $2,380 levels.

4-days in the green that included a 26.27% jump on Monday delivered the upside for the week.

For the week ahead

Ethereum would need to move through the pivot at $2,458 to bring the 38.2% FIB of $2,740 and the first major resistance level at $2,844 into play.

Support from the broader market would be needed, however, for Ethereum to break out from the 38.2% FIB.

Barring an extended crypto rally, the first major resistance level and resistance at $3,000 would likely cap any upside.

In the event of an extended breakout, Ethereum could test resistance at the 23.6% FIB of $3,369 before any pullback. The second major resistance level sits at $3,299.

Failure to move through the pivot at $2,458 would bring the first major support level at $2,002 into play.

Barring another extended sell-off in the week, Ethereum should steer clear of the 62% FIB of $1,725. The second major support sits at $1,616.

At the time of writing, Ethereum was down by 3.44% to $2,305.51. A mixed start to the week saw Ethereum rise to an early Monday high $2,415.47 before falling to a low $2,288.13.

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