Ether Downtrend Ends

The Ether downtrend versus BTC ended yesterday as prices climbed back above the 0.037 level. Dash also clawed back a lot of the earlier losses but remains in a downtrend vs bitcoin.

Ether Downtrend Ends

The short-lived downtrend in ETH is over after prices decisively broke the previous support turned resistance at 0.03712 BTC. Yesterday we hit a high of 0.044 BTC before the pair retraced somewhat. We are currently trading at 0.03968 BTC.

ethbtcdaily-dec14-copy

With the end of the latest downtrend ETH/BTC is back in a large range. A new uptrend requires a break above the 0.05906 BTC swing high. For a restart of the downtrend the bears will have to push prices below the 0.02287 swing low.

Support on the way down can be found at the former support turned resistance now turned back to support at 0.03712. However note that this level will now act as much weaker support then it was before the break last week. On the top side we find potential resistance at the 0.044 swing high (weak) followed by 0.04661 BTC and the 0.05 round figure. On the long-term charts the picture is mixed with a bearish trend on the weekly but bullish on the monthly.

Dash Clawsback Some Losses

Since our last update Dash successfully clawed back some of the large losses. It’s now up over 37 percent since last Thursday. Still the gains haven’t been enough to end the current downtrend. For that to happen the bulls will have to push DSH/BTC above the 0.066 level. A decisive break of 0.8018 BTC swing high could start a new uptrend in prices.

dshbtch4-dec14-copy

Support below can be found at 0.05402, 0.0515 BTC and the 0.05 round figure. Lower still we find more potential levels at 0.0442, the 0.04 round figure and the most recent swing low at 0.03557. The eight-month low at 0.03452 BTC is another notable support level.

Higher up we have resistance at the most recent swing high of 0.0547 BTC (weak) followed by 0.0576 and the 0.06 round figure. Similarly to ETH/BTC, on the long-term charts the picture is mixed with a bearish trend on the weekly but a bullish trend on the monthly.

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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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