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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.
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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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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