More Losses for Ether, Dash Breaks Support

While bitcoin is making new multi-year highs, the rest of the altcoin market is not doing so great. After a brief respite at the start of the month, Ether is back to making new lows on a daily basis. Dash has joined the selling party by breaking below the important support at 0.011 BTC.

More Losses for Ether

Ether investors can’t catch a break. The crypto is down almost 26 percent in the past two weeks. Out of 28 trading days this month, so far only 10 days have closed in the green, with only 3 of those making sizable gains. As you can see on the chart below, this downtrend has been unrelenting.

ethbtcdaily-dec29-copy

Yesterday we hit a new multi-month low at 0.0073, breaking below the previous monthly low at 0.00775. We have since bounced back slightly and ETH/BTC is quoted right at 0.00775. Naturally this tiny bounce is not enough to end the current trend. For that the bulls will have to break above the 0.01 round figure.

A new uptrend requires a breakout above the 0.01152 swing high as well. More resistance on the upside can be found at 0.01332, closely followed by the 0.01382 swing high and the 0.015 round figure.

On the lower end, we have some resistance at the former monthly low at 0.00775 BTC. We haven’t quite cleared this level yet, despite a break of it few days earlier. The semi-round figure at 0.05 may lend some support as well.

Dash Falls After Failed Breakout

Dash prices failed to rally above the monthly high at 0.01251. While initially DSH/BTC saw some tentative gains of 6 percent, the move higher quickly fizzled out, as can be seen below.

dshbtcdaily-dec29-copy

Only three sharp down days later and Dash broke below the monthly low at 0.011, thereby confirming a new downtrend. We haven’t made much progress on the way down either, with prices now quoted at 0.01033. Below here we have support at the 0.01 round figure. This level was confirmed as support with a bounce at 0.01003 on December 23rd. A decisive breakdown below it could exacerbate the losses.

A break of the new monthly high at 0.01332 is needed to switch the trend from down to up. Above here we find resistance levels at 0.014 and 0.01489 BTC. These are closely followed by more resistance at the 0.015 round figure and the former September lows at 0.01741 BTC.

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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  • Indeed

    Hmmm Dash is bouncing and nothing to say about ETC and Chinese interest?