Ether tops $4.2k, eyes record high
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.
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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.
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Ether has also flipped the September high of $4,030 into support.
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There is little resistance overhead on the way to $4,379 – the record reached in May.
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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.
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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.
Author
CoinDesk Analysis Team
CoinDesk
CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.
