The relatively long stability in the crypto market ended yesterday when prices of all major coins tumbled. Bitcoin dropped by 5.6 percent, while ETH/BTC lost 10.6 percent and Dash closed down by 7.5 percent. Yesterday’s crash was enough to put Dash into a downtrend while Ether is flirting with the support around 0.03 BTC. A break of this level could put the coin back in a bear market.
Ether on Life Support
Ether prices dropped by over 10 percent yesterday to hit a low of 0.02946 BTC at one point but quickly bounced from here. A decisive breakdown below this level could re-start the downtrend in ETH/BTC. On the lower end we have weak support at the most recent swing low of 0.02620 BTC, followed by the December 2017 lows at 0.02287 BTC. The 0.02 round figure could also act as temporary support.
To start a new rally the bulls need a breakout above the most recent swing high at 0.03617 BTC. Resistance higher up can be found in the 0.039 to 0.041 BTC area, followed by 0.04205 BTC and 0.04843 BTC. The round 0.05 milestone should also act as resistance to rising prices. On the longer-term charts ETH/BTC is bearish on the weekly but range-bound on the monthly charts.
Dash in Downtrend
With the break below 0.025 BTC yesterday DSH/BTC moved back in a downtrend. We are currently quoted at 0.02427 BTC, 2.9 percent below this level.
Below there’s support at the most recent major swing low of 0.02079 BTC, followed by the 0.02 BTC round figure. The former spike high at 0.01744 BTC could also act as temporary support, going by the principle of resistance turning into support. The late 2016 lows around 0.01 BTC is the next major support level after this.
A breakout above 0.03 BTC would end the current bear market on the daily charts. A new uptrend however requires a break above the 0.03240 BTC swing high. Higher up we have some resistance at the prior swing low at 0.03452 BTC and the 0.035 BTC round figure. The July swing highs at 0.03852 BTC and 0.03930 BTC could also act as temporary resistance levels.
On the long-term charts there’s no change for Dash. The coin is still bearish on the weekly charts and neutral on the monthlies.