Dash, Ether Double in Price

Both Dash and Ether more than doubled in price since our update 14 days ago. One Dash is now selling for 0.096 BTC or over $100 a piece.

Dash Hits Over $100 Per Coin

Dash prices hit the 100 mark versus the US Dollar last week. We are currently trading at $103 dollars per coin. The move has been equally violent in the DSH/BTC pair we follow, with prices surging to a high of 0.01265 on March 18th before crashing down to a low of 0.08024 BTC few days later.

dshbtcdaily-mar23-copy

That large correction didn’t take out any important support levels thus the trend remains up. To end it, the bears will have to push Dash back below the 0.058 swing low. Above here support can be found near the 0.08 BTC area, while obvious resistance is the 0.1 BTC round figure. Further up we have one more potential resistance at the 0.01265 BTC swing high. But because we’re trading near all-time highs, above here no more levels can be found.

A breakdown below 0.315 is needed to switch the trend from up to down. Below here we have two untested support levels at the 0.02879 swing low and 0.02478. The breakout point for the current rally at 0.0175 should now act as support as well. All three trends for DASH (short-term, medium-term and long-term) continue to point upward.

Ether Doubles in Price

Ether is currently trading at 0.04017 BTC per coin, more than doubled from the 0.0147 price noted in our previous article. Back then we said that ETH/BTC is back in bullish territory. This remains to be true until we get a decisive break below the 0.02 round figure. A move below 0.014 is needed to start a new Ether downtrend.

ethbtch4-mar23-copy

On the upper end, we have some resistance at the 0.0469 and 0.436 swing highs while below there is support at 0.034, last year’s high for this pair. Lower still there are weaker support levels at 0.0324 followed by the 0.031 swing low and the 0.03 round figure. All three trends for Ether (short-term, medium-term and long-term) are bullish as well.

What we wrote in our previous update about Dash now applies to Ether as well. While the trend is undoubtedly up unless you’re already long from a lower base finding a good entry here will be difficult. Volatility in ETH/BTC, as measured by the 14-day Average True Range, is up from 0.0006 at the start of this month to 0.0058 right now, a near ten-fold increase. This means that stops must be placed much further away to avoid getting shaken out by the volatility. This, in turn, translates into a lower trading size and thus lower potential returns.

Petar Kotevski

Petar is a forex trader and writer with 9 years of experience in financial markets. He has been following bitcoin since 2010. A year ago, as the BTC market matured, he started getting more involved by writing articles on bitcoin and other alternative currencies.

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