The cryptocurrency hit five-month highs of over $4,200 earlier today, extending Wednesday’s 7.3% gain – the biggest since Oct. 1. The price chart shows the path of least resistance is to the higher side, and record highs could soon come into play.
-
Ether has convincingly breached the bearish trendline connecting May and September highs. Bitcoin topped similar resistance earlier this month and clocked new record highs of over $66,000 on Wednesday.
-
Ether has also flipped the September high of $4,030 into support.
-
There is little resistance overhead on the way to $4,379 – the record reached in May.
-
The relative strength index (RSI) on the 4-hour chart is signaling overbought conditions with an above-70 print. So, a pullback to former hurdle-turned-support at $4,030 may be seen before a continued rally to lifetime highs.
-
The options market is leaning bullish, with investors buying out-of-the-money or higher strike call options on expectations that U.S. regulators would soon approve an exchange-traded fund (ETF) tied to ether futures contracts.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.