More Problems For Ether

More problems for Ether during the last two weeks as users had to undertake yet another hard fork. Prices have broken the uptrend and look set to move lower instead. Dash on the other hand is already in a downtrend after breaking the 0.01822 swing low nine days ago.

Second Hard Fork for Ether

Ether prices suffered during the past two weeks. The developers rolled out another update due to what appears to be a persistent attack on the network. Initially the successful fork gave a boost to prices with ETH/BTC jumping 8 percent on October 18th. But as we can see on the chart below that rally quickly fizzled out as new attacks emerged. The problems may lead to yet another hard fork for Ether, the third one this year.

Hard forks are controversial in the crypto-space as they (among other risks) could lead to a splintered network. During the first Ether hard fork this year, a sizable percentage of users decided to stick with the original ETH software and called their chain ‘Etherium Classic’.

ethbtch4-oct20-copy

The technical picture for ETH/BTC is precarious for the bulls. Prices are barely holding above the 0.018 level. In the past ten days we hit a low close to 0.0183 on six separate occasions. If the 0.018 round figure breaks, a new downtrend could commence. Below here have support levels at the 0.015 round figure followed by 0.0139, 0.0123 and another round level at 0.01 BTC.

On the upper end a break above the 0.02228 swing high is needed for new uptrend. We have resistance above here at 0.024 and 0.02610 BTC.

Dash Down 17 Percent

Alternative crypto-currency Dash is down close to 18 percent compared to the 0.0197 price noted two weeks ago. We’re now in a strong downtrend that started on October 11th with the break of the 0.01822 swing low.

dshbtcdaily-oct20-copy

Below current prices, the first support can be found at the 0.015 round figure. This level is closely followed by the 0.01389 spike high and the 0.01267 swing high reached in June of this year. The medium-term picture for DSH/BTC is now neutral but long-term trend is still bullish.

On the upper end a decisive break back above the 0.01822 level will be needed to end the downtrend. A new uptrend requires a break above 0.02026 BTC. We have resistance above here at last month’s high of 0.02140 closely followed by the 0.02248 swing high and 0.02465. Higher still the 0.025 round figure, the August high at 0.02668 BTC and the all-time high at 0.028 are notable resistance levels as well.

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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