Ether Loses Momentum, Dash Up

FXOpen

Ether has lost the upward momentum versus BTC. While a new swing high was made today, the coin has made meager gains in the past two weeks.

Ether Loses Momentum

Ether prices have lost the positive momentum vs bitcoin. We are currently quoted at 0.08414 BTC, below the highs hit back on May 6th.

ethbtcdaily-may17-copy

Nonetheless, ETH/BTC remains in an uptrend on the daily charts. To end it the bears will have to make a decisive push below the 0.07703 BTC swing low. A breakdown below 0.07413 BTC is needed for a new downtrend.

Higher up there’s weak resistance above the 0.085 BTC round figure. This is followed by the 0.08829 swing high and the 0.09 and 0.1 BTC round figures. A decisive breakout above here may open to door to this year’s high at 0.121 BTC. On the longer-term weekly charts Ether is range-bound. The trend is bullish on the monthly charts, which take a longer time to turn.

Dash Slightly Higher

Dash is trading slightly higher compared to our last update. We are quoted at 0.04945 BTC at the moment, up by close to 7 percent.

dshbtcdaily-may17-copy

Still, the downward trend on the daily charts is not yet broken. For that we will need a decisive breakout above the new swing high at 0.05161 BTC. A breakout above 0.05437 BTC is needed for a restart of the rally. On the longer-term weekly charts DSH/BTC is also range-bound. The monthly charts are still looking bullish.

Bitcoin Down by 5 Percent

Bitcoin is down by close to 5 percent since our last article two days ago. We are trading at $8,260 dollars right now, compared to $8,683 on Tuesday. The end of the Consensus conference yesterday may lead to some traders closing their speculative longs and thus exacerbating the losses.

For BTC/USD the trend on the daily charts remains down. To end it we need to see a breakout above the $9,500 level. Support below can be found at around the $8,000 round figure. Yesterday we bottomed out close to here at $8,094 dollars. Further down we have the $7,821 dollars swing low. A strong support area below can be found in the $6,420 to $6,600 dollars range. This is where we bottomed out during the last major selloff. A move below could open the door for a break of the year’s low at $5,980 dollars.

The bulls need to take us beyond $10,000 in order to trigger a new BTC rally. The situation for bitcoin on the longer-term charts is the same as the other two coins we covered today, range on the weekly and bullish on the monthly chart.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

BTC/USD Analysis: Bears Have Become More Active Near the $70,000 Level Today Is an Ethereum Update. ETH/USD Is Above $4,000 After Updating the Historical High, the Price of Bitcoin Collapsed by 14% BTC/USD Price Exceeds $60,000 Per Coin Bitcoin Price Risks Not Staying above $50k

Latest articles

Forex Analysis

US Dollar Shows Record Weekly Gain Since Mid-January

The US dollar strengthened on Friday ahead of a series of highly anticipated central bank meetings next week, including the US Federal Reserve. The dollar rose 1.3% for the week, its biggest gain since mid-January, after a mixed batch

Shares

Tesla Stock Hits a Low Point as Musk Sues Openai - Is This Year a Total Write-Off?

Occasionally during the course of industrial progress, there is a maverick; a voice that is known for continual disruption and maintaining a high-profile position whilst engaging in such disruption. The figure of this decade is Elon Musk, a self-starter whose

Trader’s Tools

Analytical Forecasts: How Much AAPL Stock May Cost in the Next 10 Years

In today’s tech landscape, Apple Inc. has consistently been at the forefront, shaping the future with its innovative products and services. As investors and enthusiasts alike ponder the future value of Apple stock, particularly looking ahead to the next

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.