Ether Enters Downtrend

After a long period of consolidation, Ether entered a downtrend vs BTC. Meanwhile Dash continued the bearish trend from the week prior.

Ether Enters Downtrend

We finally got a decisive break of support in ETH/BTC. Earlier the pair tried to start a new downtrend but was rebuffed twice as bulls rallied us back above the 0.07 BTC mark. Yesterday we got a sharp break below the previous low at 0.06734 BTC and unlike previous times we kept going. Today a new two-month low of 0.06232 BTC was hit. We are currently quoted just above here at 0.06244 BTC.

The trend on the daily charts is now down. To end it the bears will have to push us above the 0.07168 BTC swing high. A rally beyond 0.07292 BTC is needed to push us into bullish territory.

Below there’s weak support at yesterday’s low of 0.06232 BTC. Further down we have the former swing high at 0.05906 BTC. Lower still there’s the March low at 0.05240 BTC followed by the 0.05 round figure. This is a another possible area where the downtrend may stall or stop. On the longer-term charts the picture is little changed. We are still range-bound on the weeklies but bullish on the monthlies.

Dash Still Bearish

Price action in DSH/BTC is still looking bearish. The pair rallied to a high of 0.03852 BTC few days ago but has since pulled back. We are trading at 0.03465 BTC right now, not far from this year’s low of 0.03332 BTC.

Despite the jump Dash failed to break above 0.03930 BTC. This is the level we set for the crypto as a potential trend-ender in our previous article. Therefore the pair remains in a downtrend. The bulls now need a breakout above 0.03852 BTC to end it.

A clean break above 0.04 BTC is needed to trigger a new rally. Some resistance higher up can be found at 0.4031 BTC, 0.04169 BTC, 0.04325 BTC and 0.04577 BTC. All of these were swing highs during the current downtrend. Higher still the 0.05 BTC round figure may also act as resistance to rising prices.

Below there’s some support around the 2018 low at 0.03332 BTC. Further down we have more support at 0.031 BTC, followed by the 0.03 BTC round figure. The 0.031 BTC swing high was a 2016 high for DSH/BTC that wasn’t broken until next year. Dash is also bearish on the weekly charts. The monthlies turned neutral this month.

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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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