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Ether continues to struggle for a breakthrough above key resistance even as Bitcoin, the crypto market leader, looks north after a record daily close.
Ethereum’s native blockchain token has yet to eliminate the downtrend line drawn from the May and September highs. Bitcoin broke similar resistance two weeks ago and ended above $ 64,000 on Tuesday – its highest daily close on record.
- The ether rally from September lows stopped near trendline resistance (top left).
- A convincing upside close could reignite the uptrend, opening the door for a retest of May highs near $ 4,400.
- The Relative Strength Index (RS) is well below levels above 70 or overbought, implying the possibility of continued movement to the higher side.
- Bitcoin narrowly missed the lifetime high of $ 64,801 at the start of the day and was last seen trading near $ 63,850.
- The immediate bias remains bullish as the uptrend line from the September lows is intact.
- The daily RSI signals overbought conditions. Thus, a possibility of a temporary withdrawal cannot be excluded. Below the uptrend line, support is seen at $ 57,800.
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