Dash Rally Loses Steam

The rally in Dash prices continues to lose steam. We are currently quoted at 0.07439, down from 0.07820 last week. Ether on the other hand remains locked in its range.

Ether Still in a Range

Ether is still trading inside that month-long range. We are currently trading at 0.07158, down by over 10 percent since last Thursday. However as you can see on the chart below, this wasn’t enough enter a bear market. We simply moved from the top of the range toward the middle.

ethbtcdaily-sept7-copy

A major upgrade in the ETH network is coming at the end of September. Metropolis will decrease the mining reward but also lower the block time, leading to a slight decrease in the level of inflation. You can read more about the coming Metropolis hard fork HERE. This news event could be just what Ether needs to finally break out of its funk.

A breakout above 0.087 BTC (slightly above the 0.08621 swing high) could start a new ETH rally. Higher up the first notable resistance is at the 0.1 round figure, followed by another important level at 0.111 BTC per coin. A break of this level could lead to more gains.

On the lower end the bears are looking at 0.05875 per BTC. A breakdown below here could start a new downtrend in prices. Our chart above shows a lower low at 0.05495 but this spike low is not present on other charts.  On the weekly charts ETH/BTC is range-bound but on the monthlies the pair is still looking bullish.

Dash Rally Loses Steam

The rally in Dash continues to lose steam. We’re now quoted at 0.07439, down from 0.07820 last week. In percentage terms, this is a decline of close to 4.9%.

dshbtcdaily-sept7-copy

We narrowly avoided a break below the trend-ending level at 0.07. A move below here could terminate the fledgling rally. A new bearish market could commence if we break the 0.054 BTC level. Resistance on the way up can be found at 0.08134, followed by the 0.087 swing high and another swing high at 0.0943 BTC. The 0.1 round figure is another potential resistance level. On the weekly and monthly charts Dash is still bullish.

Bitcoin Back in Range

Bitcoin is now back in a range as reported two days ago. While BTC/USD is up to $4,630, the important levels to watch haven’t changed. We need a breakout above $5,000 to restart the rally. A move below the $3,600 swing low could begin a new downtrend in prices.

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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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