Ether Sits on Support, Dash Lower

Ether is sitting on the important support around 0.07 BTC per coin. Meanwhile, Dash is making new yearly lows and is quoted at 0.03693 BTC at the moment.

Ether Sits on Support

After falling by almost 10 percent since last Thursday, Ether is back at the important support of 0.07 BTC. Yesterday we briefly dipped below this important level and traded as low as 0.06961 BTC. But as we frequently point out here we are looking for a decisive break of a level, not just a quick and shallow spike below it. There are a lot of games being played around important levels like 0.07 BTC so you shouldn’t jump the gun too quickly.

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Ether is quoted at 0.07107 BTC right now. A decisive breakdown below 0.06961 BTC is needed to finally start the downtrend on the daily charts. For now, the pair remains in a range. Support below here can be found at 0.06606 BTC followed by the former swing high at 0.05906 BTC.

On the upper side, we need a break above 0.08061 BTC to start a new rally in prices. Higher up there’s resistance at 0.08542 BTC followed by the 0.08829 swing high. Higher still we have the 0.09 and 0.1 BTC round figures as potential resistance levels. A breakout above may open to door to the 2018 high at 0.121 BTC. On the weekly charts, ETH/BTC is range-bound while the monthlies are still showing a bullish bias.

Downtrend in Dash Continues

The downtrend for DSH/BTC continues for another week. The altcoin hit a new yearly low of 0.03658 BTC yesterday. Currently, it’s trading not far from the lows at 0.03693 BTC per coin. This is lower by 5.2 percent compared to last Thursday.

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We have support on the way down at 0.03557 BTC and 0.03452 BTC. The latter level is also a 14-month low for Dash. A breakdown below here could exacerbate the losses. A breakout above 0.04169 BTC is needed to both end the downtrend and begin a new uptrend. On the longer-term charts, the picture is mixed for Dash, prices are bearish on the weekly charts but bullish on the monthlies.

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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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