Ether, Dash Crash 23 Percent

Both Ether and Dash had some large losses during the past seven days. Ether fell to a new yearly low of 0.04205 BTC. Dash also fell to a new 2018 low at 0.02186 BTC. Both coins bounced somewhat from these lows but they remain firmly in a downtrend.

Ether Crashes 24 Percent

Ether crashed by 18 percent since our last update. Measured to the lows the decline was around 24 percent. The clearing of the 0.05 – 0.0524 BTC area acted as a catalyst to further losses. We are quoted at 0.04556 BTC right now, significantly below the 0.05542 BTC price recorded last week.

Ether is still in a downtrend versus bitcoin. The number to watch is the swing high at 0.05845 BTC. A decisive breakout above here would both end the downtrend and start a new rally in prices. Below this however we have the former strong support area at 0.05 – 0.0524 BTC. This area should now turn to resistance. Other resistance levels above 0.05845 BTC can be found at 0.063 BTC, 0.06734 BTC, 0.07168 BTC and 0.07292 BTC. A break above 0.07292 BTC may lead to more gains. The 0.06 and 0.07 BTC round figures may also act as weak resistance.

On the lower end there’s not as many visible support levels. This week’s low at 0.04205 BTC may as weak support. This is followed by the 2016 high at 0.0372 BTC, which wasn’t broken until the next year. The 0.03 BTC round figure may act as some support, followed by more support around the 16-month low at 0.0237 BTC per coin. During 2017 ETH/BTC had a large rally in the span of a few weeks, leaving us with no important former lows and highs that could act as potential support/resistance levels.

On the longer-term weekly charts ETH is now bearish. The monthlies are still clinging onto a bullish bias. But as we’ve said before, these charts take a very long time to turn.

Dash Drops by 23 Percent

Similarly to Ether, DSH/BTC had large losses too. Measured from last week’s price at 0.02825 BTC the coin fell by 22.6 percent to hit a new 2018 low at 0.02186 BTC. We are currently quoted at 0.02423 BTC, a fall of ‘only’ 14 percent compared to last Thursday.

Dash remains in a downtrend on the daily charts. A breakout above the 0.03 round figure is needed to end it. Slightly below here we have a former swing high at 0.02968  BTC which may act as resistance. The bulls need a break above the next swing high at 0.03120 BTC to start a new rally.

Despite the most recent large decline in prices, there’s no change in trends on the longer-term charts. Dash is bearish on the weeklies but still neutral on the monthly charts.

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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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