Ether, Dash Up 1 Percent

Both Ether and Dash are trading little changed compared to last week. Back then ETH/BTC was quoted at 0.03138 BTC and now it’s trading at 0.03172 BTC, a change of only 1 percent. Dash is quoted at 0.02853 BTC, up from 0.02822 BTC last week, or a gain of only 1 percent again.

Ether Little Changed

As noted above, ETH/BTC hasn’t moved much this week. The trend on the daily chart is still down but caution should be exercised. We’re already over two months into this downtrend and in the last 36 days the pair dropped by close to 50 percent before stabilizing somewhat. This makes the risk/reward ratio unattractive for shorts at these levels.

If already in, bears should pay attention to the most recent swing high at 0.03448 BTC. A decisive breakout above here could finally end the downtrend in prices. A new rally however requires a breakout above the 0.04171 BTC swing high. More resistance higher up can be found at the 0.04843 BTC swing high and the 0.05 round figure.

On the lower end there’s weak support at the most recent swing low of 0.02620 BTC, followed by the December 2017 lows at 0.02287 BTC. The 0.02 round figure could also act as temporary support. On the longer-term charts ETH/BTC is bearish on the weekly but range-bound on the monthly charts.

Dash Still in Uptrend

The tentative uptrend in DSH/BTC is still in play. Similarly to Ether, the coin didn’t make much waves this week thus no important levels were broken.

The longs should look at the 0.025 BTC figure as a potential trend-ender. A decisive break below here could move us back into neutral territory on the daily charts. The bears need to break the 0.02079 BTC swing low to re-start the downtrend.

Higher up we have some resistance at 0.03240 BTC followed by a stronger level at the previous swing low at 0.03452 BTC and the 0.035 BTC round figure. The July swing highs at 0.03852 BTC and 0.03930 BTC could also act as temporary resistance levels. On the longer-term charts Dash is in the same boat as Ether, bearish on the weekly charts and neutral on the monthlies.

Open a Crypto account and start altcoin trading with FXOpen.

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.

More Posts

By with No Comments 0 215