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Ether Awaits Price Breakout After Bitcoin’s Record Daily Close
Ether lags bitcoin as the latter nears a record high price.
Updated May 11, 2023, 6:43 p.m. Published Oct 20, 2021, 11:22 a.m.
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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.
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- 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.
- 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.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Bitcoin stuck near $88,000 as gold's and silver's record-breaking rallies show exhaustion signs
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What to know:
- Bitcoin is off its worst levels of the weekend, but still near the year's low at $87,700.
- Facing the same news cycle as crypto, precious metals continued to surge higher, but a quick retreat from their highs on Monday suggested a bit of exhaustion was setting in.
- Analysts remain dour on the outlook for crypto prices given the looming government shutdown as well as delays in passage of the Clarity Act.
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