The range in the ETH/BTC pair continues for another week. On the other hand Dash continues to slowly gain ground on bitcoin.
Range in ETH/BTC Continues
The weeks-long trading range in ETH/BTC continues. We are currently quoted at 0.07304, up by few percentage points since last week. No important support/resistance points have been taken out yet.
As you can see on the chart below, the range is getting ever narrower, a good indicator that we will see a breakout soon. Will the catalyst be Metropolis, the expected protocol upgrade? If everything goes well on the testnet, Byzantium, the first part of the Metropolis upgrade, should launch around October 9th.
The two main levels to watch are 0.08423 BTC on the upside and 0.06626 BTC on the downside. A break of either of these points could lead to a prolonged move higher/lower. If everything goes well with the upgrade then ETH should clock some gains. Problems with the hard fork could lead to a loss of confidence and thereby drop in the price. Hard forks are not very risky if the overwhelming majority of the ecosystem gets behind them, which seems to be the case here.
On the longer-term charts we’re seeing a mixed picture. The weekly is range-bound as is the daily. But the monthly chart is still showing an upward trend.
Dash Slowly Moving Up
After narrowly avoiding a break of the potentially trend-ending level at 0.07 DSH/BTC continued to move higher. We are currently trading at 0.09383, a gain of over 26 percent since our last update two weeks ago. Last week we had to cover new developments in the bitcoin space, which impact all coins, including Dash.
Today DSH/BTC broke last month’s high at 0.09430 and made a new high at 0.09463 BTC. But since then the altcoin has fallen back somewhat and is currently quoted below the 0.094 handle. Important resistance levels on the upside can be found in the 0.094 – 0.095 BTC area, closely followed by the 0.1 round figure. Higher up we have more resistance at the all-time high of 0.1265 per BTC.
The rally will remain in place until the 0.07202 swing low is taken low. For a new downtrend the bears will have to take things lower and break the 0.06952 swing low as well. Both the weekly and the monthly charts for Dash continue to be bullish.