Ether Teeters on Support, New Lows for Dash

Ether is desperately trying to cling on to the support around 0.07 BTC. Meanwhile Dash hit new 15-month lows today at 0.03335 BTC.

Ether Teeters on Support

Ether is quoted at 0.06946 BTC right now, desperately trying to climb back above the 0.07 BTC figure. Two days ago a new multi-week low of 0.06734 BTC was hit but as you can see on the chart below we bounced back quickly from here. While the support is now technically broken, we can’t call for a downtrend yet. For that to happen we need to see a decisive breakdown of a level not just a quick and shallow break.

ethbtcdaily-july12-copy

A break of 0.06734 BTC is now needed for a new downtrend. Weak support below here can be found at 0.06606 BTC followed by the former swing high at 0.05906 BTC.

On the upper end, we need to see a break above 0.08015 BTC for a new rally. 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 this year’s high at 0.121 BTC. On the weekly charts ETH/BTC is also range-bound. The monthlies are still looking bullish.

New Lows for Dash

Dash hit new 15-month lows today, trading as low as 0.03335 BTC before rallying higher. The crypto hasn’t been this low since March 6th, 2017.

dshbtcdaily-july12-copy

The downtrend on the daily charts is still in place here. A breakout above 0.03930 BTC is needed to end it. We need a break of 0.04031 BTC to potentially trigger a new rally in prices. Resistance higher up can be found at 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.

Below there’s support around 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 the next year in February. Resistance turns to support and this level may cushion the fall somewhat. Dash is also bearish on the weekly charts. The trend on the monthlies has turned from bullish to neutral.

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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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