Ether Pumps on Bitcoin’s Misfortune

The start of the year has been good to ETH investors. Prices are up by close to 47 percent right now from the January open at 0.00828. Dash is up by a substantial amount as well since the start of the year.

Ether Gains on Bitcoin’s Troubles

Ether is trading at 0.01216 BTC right now, close to 47 percent from the yearly open. Granted, this has been a rally from oversold levels. At one point prices declined by over 75 percent from the highs hit earlier this year.

ethbtcdaily-jan12-copy

Nonetheless, that’s in the past and right now ETH/BTC is in short-term rally mode. Resistance on the way up can be found at 0.01332 BTC, closely followed by the 0.01382 swing high and the 0.015 round figure.

On the lower end, we have support at the 0.01 round figure, followed by the swing highs near 0.0089 BTC. A move below 0.008 would technically end the fledgling ETH uptrend. The December low at 0.0073 is another level to take note off. The semi-round figure at 0.05 BTC may lend some support as well.

Dash Rallies by 27 Percent

It’s been a good year for Dash as well as prices rallied by 27 percent from the January open at 0.0118. We are currently trading at 0.01489 BTC per coin.

dshbtcdaily-jan12-copy

Similarly to Ether, here as well prices are in short-term rally mode. Strong resistance above can be found near the 0.015 BTC area. A breakout above here may extend the gains. Close to here we have this month’s high on most exchanges at 0.01557, followed by the FXOpen high at 0.01744 BTC.

On the lower end support can be found at the 0.01251 swing low. A breakdown below 0.0115 would end the current uptrend. Further down we have strong support at the 0.01 BTC round figure. This is near last year’s low for DSH/BTC (0.01003). A decisive break below here could resume the Dash downtrend. On the long-term charts the situation is looking murky. Both the weekly and the monthly charts are not showing any signs of trends.

Bitcoin Loses More Ground

Much of the gains behind ETH/BTC and DSH/BTC can be blamed on bitcoin’s losses. The crypto has been pummeled by repeated news of restrictions from China, the latest one of which hit the wires yesterday. Bitcoin prices have now entered a short-term downtrend. But the bears will have a hard time making serious money with the current volatility, as it requires placing the stops above this year’s peak at $1,096.40. This in turn would mean lowering the size drastically in order to accommodate a $323 dollars stoploss.

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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