Ethereum slid by 7.85% in the week ending 11th July. Partially reversing a 17.04% rally from the previous week, Ethereum ended the week at $2,140.82.
After a bearish start to the week, Ethereum rose to a Wednesday intraweek high $2,411.19 before hitting reverse.
Falling short of the first major resistance level at $2,489, Ethereum slid to a Friday intraweek low $2,050.00.
Finding support at the first major support level at $2,057, Ethereum revisited $2,190 levels before easing back.
4-days in the red that included an 8.63% tumble on Thursday delivered the downside for the week.
For the week ahead
Ethereum would need to move through the pivot at $2,201 to bring the first major resistance level at $2,351 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $2,300 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended breakout, Ethereum could test the second major resistance level at $2,562. Ethereum would need plenty of support, however, to breakout from last week’s high $2,411.19.
Failure to move through the pivot at $2,201 would bring the first major support level at $1,990 into play.
Barring another extended sell-off in the week, Ethereum should steer clear of sub-$1,900 levels. The second major support sits at $1,839.
At the time of writing, Ethereum was up by 0.39% to $2,149.22. A mixed start to the week saw Ethereum fall to an early morning low $2,126.69 before rising to a high $2,150.77.
Ethereum left the major support and resistance levels untested at the start of the week.