Ether continues to struggle for a breakout above key resistance even as bitcoin, the crypto market leader, looks north after record daily close.
The native token of Ethereum’s blockchain is 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.
- 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.