Ether, Dash Mostly Range-bound

Ether and Dash have traded mostly range-bound during the previous two weeks. Ether is up by 1.8 percent since our previous update while Dash is down by 2.5 percent.

Ether Slightly Higher

Ether is quoted at 0.03972 right now, from 0.039 flat in our previous ETH article. In percentage terms, this is a move of only 1.8 percent. This is a very low price change for two weeks in the crypto-world. It underscores the current neutral state of ETH/BTC.

ethbtch1-apr20-copy

On the price chart above you can see a large 10% spike down that happened in early morning trading today. It appears that this was a market order gone wrong or a fat finger mistake. The initial crash was retraced by 5% almost instantly and the price is now down by only 2.5 percent on the day.

To start a new rally the bulls will have to push ETH above the 0.05 round figure. On the lower end the number ‘to beat’ is this month’s low at 0.03383. A decisive breakdown below here could start a new downtrend for Ether. Above here the prior swing highs at 0.0469 and 0.436 BTC could provide some resistance, as well as at the 0.0456 swing low. While the daily trend shifted in neutral, the weekly and monthly charts remain bullish for ETH/BTC.

Dash Drops by 2.5 Percent

Dash traded as low as 0.04771 since our last update. Since then the coin bounced a bit and is trading at 0.05869 BTC right now. It appears that Kraken adding it to its exchange provided a bit of a bump here. Prices advanced over 20 percent on that day. But the current price level is still down from 0.06018 two weeks ago. This is a drop of 2.5 percent. Nothing major but it continues the already established downtrend in this crypto-currency.

dshbtcdaily-apr20-copy

However, DSH/BTC is nearing a level which may end the current trend. A decisive breakout above the 0.067 BTC level could end the downtrend. A move above 0.075 is needed to start a new uptrend.

On the lower end, support can be found at the 0.05 BTC round figure, followed by a stronger level at the 0.04825 swing high and 0.04177, last month’s low for DSH/BTC. We have more support bellow here at 0.315, 0.02879 and 0.02478 BTC. The breakout point for the previous rally at 0.0175 now acts as a support to falling prices. While the daily trend is still bearish, the weekly and the monthly charts remain in bullish mode.

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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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