Ethereum slumped by 41.43% in the week ending 23rd May. Following on from an 8.73% decline in the previous week, Ethereum ended the week at $2,099.58.
A mixed start to the week saw Ethereum rise to a Monday intraweek high $3,590.0 before hitting reverse.
Falling short of the first major resistance level at $4,136, Ethereum slid to a Sunday intraweek low $1,728.00.
The extended sell-off saw Ethereum fall through the week’s major support levels.
Ethereum also fell through the 23.6% FIB of $3,369 and the 38.2% FIB of $2,740.
Finding support at the 62% FIB of $1,725, Ethereum moved back through to $2,000 levels to reduce the deficit.
5-days in the red that included a 27.61% slide on Wednesday delivered the downside.
For the week ahead
Ethereum would need to move through the pivot at $2,473 to bring the 38.2% FIB of $2,740 and the first major resistance level at $3,217 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $3,000 levels.
Barring an extended crypto rally, the first major resistance level and the 23.6% FIB of $3,369 would likely cap any upside.
In the event of an extended breakout, Ethereum could test resistance at $4,000 before any pullback. The second major resistance level sits at $4,335.
Failure to move through the pivot at $2,473 would bring the 62% FIB of $1,725 and the first major support level at $1,355 into play.
Barring another extended sell-off in the week, Ethereum should steer clear of sub-$1,000 levels. The second major support sits at $611.
At the time of writing, Ethereum was up by 0.56% to $2,111.44. A mixed start to the week saw Ethereum rise to an early Monday high $2,207.00 before falling to a low $2,072.15.
Ethereum left the major support and resistance levels untested at the start of the week.