Ether, Dash Back in Rally Mode

Both Ether and Dash and now back in rally mode versus bitcoin. The two altcoins had nice gains since our last update.

Ether Back in Rally Mode

Ether prices are back in an uptrend vs bitcoin. Since last Thursday we’ve gone up from 0.03968 to 0.04702 BTC, a gain of 18 percent.

ethbtcdaily-dec24-copy

To end the current rally the bears will have to push ETH/BTC below the 0.03256 swing low. A new downtrend requires a break below this month’s low at 0.02287 BTC. Due to the high volatility in this crypto pair prudent traders would keep sizes much lower then usual.

We have resistance around the 0.05 round figure, closely followed by the former swing highs at 0.05410, 0.05545 and 0.05906. A breakout above here could lead to accelerated gains. On the way down we find weak support at 0.04661 and 0.04440, followed by stronger levels at the former 0.03712 and 0.03256 swing lows. The round figure at 0.03 and the multi-month low at 0.02287 BTC round off the important levels for ETH/BTC.

On the long-term charts the picture is mixed. The weekly charts are looking bearish but the monthlies still exhibit a slight bullish bias.

Dash Surges Higher

Dash prices surged higher versus bitcoin. One Dash is currently selling for 0.08085 BTC, up from 0.05495 BTC last week. This is a gain of 47 percent. Naturally this shifted the trend from down to up in DSH/BTC.

dshbtcdaily-dec24-copy

Two days a go a high of 0.9099 was hit, which may act as resistance going forward. Higher up we have more resistance at the 0.09720 swing high followed by the 0.1 round figure. Further up the all-time high at 0.1265 BTC as another notable level for Dash. A breakout above it may extend the gains.

On the lower end we find support around the 0.075 semi-round figure, followed by the 0.07040 BTC spike down and the 0.05760 swing low. To end the uptrend the bears will have to push the pair below the 0.04447 swing low. A new downtrend requires a break below 0.03557 BTC although cautious traders may want to wait for a break below the 0.03452 swing low as well. A clearing of this support area may lead to further losses in DSH/BTC.

Similarly to Ether, on the longer-term charts we have a mixed bag. Dash is looking bullish on the monthly but range-bound on the weekly chart.

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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