Ether Awaits Price Breakout After Bitcoin’s Record Daily Close
Ether lags bitcoin as the latter nears a record high price.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7WZWBBGQWZC3TNWTZ4HRAZBDII.png)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
Ether continues to struggle for a price breakout above key resistance even as bitcoin, the crypto market leader, looks north after record daily close.
The native token of Ethereum’s blockchain has yet to take out the falling trendline drawn from May and September highs. Bitcoin cleared similar resistance two weeks ago and ended Tuesday above $64,000 – its highest daily close ever.
- Ether’s rally from September lows has stalled near the trendline resistance (above left).
- A convincing close higher may revive the uptrend, opening doors for a re-test of May highs near $4,400.
- The relative strength index (RS) is well short of above 70 or overbought levels, implying scope for a continued move to the higher side.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/YT527KSGTZHNNDEGGIETQ7DGYY.png)
- Bitcoin narrowly missed the lifetime high of $64,801 early today and was last seen trading near $63,850.
- The immediate bias remains bullish as the uptrend line from September lows is intact.
- The daily RSI is signaling overbought conditions. So, a possibility of a temporary pullback cannot be ruled out. Below the rising trendline, support is seen at $57,800.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.